Packaging and shipping company United Parcel Service (UPS) isn't doing much for the broader stock market today.
While investors cheered UPS's third-quarter earnings, sending the stock up more than 2% Tuesday, it wasn't enough to offset the other dismal earnings reports coming out. U.S. stocks have sold off all day after Dow components DuPont (DD), United Technologies (UTX) and 3M (MMM) issued disappointing reports.
UPS took the middle road, not really delivering reasons to think the economy is improving (or for that matter getting worse).
That certainly seems to be the line towed by UPS CFO Kurt Kuehn, who said in a statement that the company's performance "reflects the ability of our global network to adapt to soft macro conditions."
UPS and rival FedEx (FDX) are considered bellwethers because of their size and reach. But mum's the word today.
Still, after an earnings season filled with a lowering of forecasts, investors are heartened when a company, particularly one completely connected to the global economy, can simply keep its forecasts in place.
And speaking of the global economy, UPS's report painted a mixed view.
While U.S. sales increased slightly from last year, global revenue declined. But the bright spot was Asia, where deliveries surged.
Not sure that UPS buried the lede. But the company admitted that the surge in volume in Asia came from new product launches there and relatively easy comparisons.
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