UPS Takes a Deep Cut
UPS (UPS) shares are taking a deep cut. The transport giant began the session with a huge gap-lower open that dropped the stock nearly 2%. After a brief bounce in the early going, UPS stabilized just below $80 in late-morning trading. Volume pacing the flush is running very heavy and this will likely be the stock's heaviest downside session since September. It certainly looks as though there's more downside ahead for UPS.UPS (UPS) Source: TradeStation View Chart » View in New Window »
Driving the aggressive selling is this morning's fourth-quarter report. Investors are having a strong reaction to a rather weak outlook regarding economic growth in 2013. Considering the powerful run UPS, and transports in general, have had since the November bottom, the stock was not set up for disappointment. Last week, shares moved past the 2012 highs on relatively heavy trade. That level, near $82.75, was matched again this week leaving behind what now looks like an ominous double top....178 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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