Shares of logistics major United Parcel Service (NYSE:UPS) are under pressure today as clouds of a workers’ strike continue to brew over the company.
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The head of the 340,000-member strong workers’ union had earlier noted that a strike was “imminent” and UPS has until Friday to better its offer. The union, The International Brotherhood of Teamsters, had walked away from negotiations last week and asked for a “last, best and final offer” from UPS.
Further, the Union’s head has accused the company’s top brass of focusing on profits instead of sharing them with its members. UPS, on its part, has noted that a consensus necessitates a give-and-take approach. The current contract is set to expire on July 31.
The workers’ union represents over 50% of UPS’ workforce and 97% of its members are in favor of a strike. At the same time, the union has also accused UPS of walking away from negotiations.
Overall, the Street has a $185.18 consensus price target on UPS alongside a Moderate Buy consensus rating. Despite today’s drop, UPS shares still remain 6.6% higher over the past month.
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