UPS Shares Getting Crushed, Drag Down Peers

United Parcel Service, Inc. UPS shares were down 9 percent at the open after the company said EPS will miss expectations by $0.22 per share. The company now expects earnings to be at $1.25, instead of the $1.47 expectations the Street had.

The company blamed the weak U.S. market, saying that pricing strategies – not package volume and revenue – caused the impending miss. In a statement, the CEO called the performance “disappointing,” and noted that the company will “reduce operating costs and implement new pricing strategies” moving forward.

UPS’ miss is weighing on markets, with FedEx Corporation FDX down about 1.5 percent and Amazon.com, Inc. AMZN down less than 1 percent.

S&P 500 futures have declined 0.2 percent after being higher for much of the overnight trading period.