The United Parcel Service (UPS) reported mixed fourth-quarter earnings, missing revenue expectations for the sixth quarter in a row. The freight company also announced the cutting of 12,000 jobs in an attempt to save $1 billion in a new cost-cutting strategy. Will this be enough to offset labor costs? Citi Research Global Head of Transportation Sector Chris Wetherbee joins Yahoo Finance Live to discuss the postal operator's decisions and what impact the changes could have on the company’s growth. Wetherbee believes that this decision is “probably not quite enough,” citing UPS’ guidance coming in lower than expected. Taking a closer look at earnings season in general, Wetherbee says the first and fourth quarters tend to not be “as strong” and is not surprised at the results seen thus far. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Eyek Ntekim
The United Parcel Service (UPS) reported mixed fourth-quarter earnings, missing revenue expectations for the sixth quarter in a row. The freight company also announced the cutting of 12,000 jobs in an attempt to save $1 billion in a new cost-cutting strategy. Will this be enough to offset labor costs?
Citi Research Global Head of Transportation Sector Chris Wetherbee joins Yahoo Finance Live to discuss the postal operator's decisions and what impact the changes could have on the company’s growth.
Wetherbee believes that this decision is “probably not quite enough,” citing UPS’ guidance coming in lower than expected. Taking a closer look at earnings season in general, Wetherbee says the first and fourth quarters tend to not be “as strong” and is not surprised at the results seen thus far.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Eyek Ntekim
The Wall Street Journal
Shares of United Parcel Service fell in early trading after the company said revenue declined in the last quarter of 2023 and that it would cut 12,000 jobs this year. Volumes slid even further in its international business, driven primarily by softness in Europe. Chief Executive Carol Tomé said 2023 was a “unique and difficult year.”
Associated Press Finance
The International Monetary Fund’s chief economist has advised the U.K. government to avoid further tax cuts amid expectations Prime Minister Rishi Sunak’s battered administration will do just that to win over voters in an election year. Instead of reducing taxes, the government should ensure it is prepared to meet increasing demands for spending on the National Health Service, social care and education as Britain faces sluggish economic growth and the lingering effects of high inflation, Pierre-Olivier Gourinchas told reporters after the IMF released its latest outlook for the world economy. U.K. Treasury chief Jeremy Hunt is widely expected to cut taxes in the coming months as part of an effort to boost support for his Conservative Party, which trails badly in most opinion polls.
The Wall Street Journal
Earnings from [**Microsoft (MSFT)**](https://www.wsj.com/market-data/quotes/MSFT), Google parent [**Alphabet (GOOGL)**](https://www.wsj.com/market-data/quotes/GOOGL), [**Advanced Micro Devices (AMD)**](https://www.
Reuters
WASHINGTON (Reuters) -U.S. job openings unexpectedly rose in December and data for the prior month was revised higher, suggesting the labor market likely remains too strong for the Federal Reserve to start cutting interest rates in the first quarter. A rate cut this year, however, remains in the cards with the report from the Labor Department on Tuesday also showing Americans staying put at their current jobs, which could help to slow wage growth. Fed officials are expected to keep interest rates unchanged at the end of a two-day policy meeting on Wednesday against the backdrop of a resilient economy, which is being anchored by the labor market through consumer spending.
Bloomberg
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