Latest Business News: UPS Profit Falls as Customers Use Cheaper Shipping

Wochit 1:14 mins

United Parcel Service Incorporated posted a smaller quarterly profit as customers, especially on international routes, chose slower, cheaper shipping services. A weak industrial economy in the United States and overcapacity in the global air freight market also weighed on the package delivery company's results. U.S. stock index futures rose, helped by China's efforts to avoid a hard landing for its slowing economy, but gains were likely to be capped as the S&P 500 notched a third consecutive record closing high. Attorneys for hedge-fund manager Steven A. Cohen are disputing federal civil charges that he failed to prevent insider trading at SAC Capital Advisors, saying he didn't read an email at the center of the allegations. The SEC says Cohen failed to prevent the two managers from illegally reaping profits and avoiding losses of more than $275 million. Rather than raise any red flags, Cohen praised one of the managers and rewarded the other with a $9 million bonus.

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