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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: oldirtybastard who wrote (178825)	7/10/2002 4:25:56 PM
From: oldirtybastard	Read Replies (1) of 436258

more bullish news: United Parcel 2nd-Qtr Shipments Fall Amid Labor Talks (Update3) 2002-07-10 09:28 (New York) United Parcel 2nd-Qtr Shipments Fall Amid Labor Talks (Update3) (Updates with analyst comment in fourth paragraph and company comment in sixth paragraph.) Atlanta, July 10 (Bloomberg) -- United Parcel Service Inc. carried 2.6 percent fewer U.S. packages in the second quarter as customers began moving shipments to rivals in case there's a strike at the world's largest overnight delivery company. The company still will earn the 50 to 55 cents it forecast earlier for the quarter ended June 30, United Parcel said in a statement. The Atlanta-based company will report earnings July 23, and the average forecast of analysts polled by Thomson First Call is 54 cents. United Parcel is trying to settle a Teamsters contract before July 31 to avoid a repeat of a 15-day strike in 1997 that cost the company $750 million in revenue and snarled shipments across the country. Customers have shifted goods to rival FedEx Corp., Airborne Inc. and the U.S. Post Office to avoid any potential business interruptions, analysts said. ``They wanted to make sure the investing public has a pretty good sense of how their business is developing as they are looking into the third quarter and particularly at this time with the union negotiation not yet resolved,'' said James Winchester, a Lazard Freres & Co. analyst who rates United Parcel ``buy'' and doesn't own the shares. June U.S. shipments fell by 4 percent from year-ago levels after drops of 2 percent in April and May, the company said. ``Diversion will accelerate if there's no agreement soon,'' Chief Financial Officer Scott Davis said in the statement. United Parcel is the largest employer of Teamsters, with 210,000 members working as drivers, package sorters, loaders and clerks. Shares of UPS fell 29 cents to $60.74 yesterday and have risen 11 percent this year. --Mary Schlangenstein in Dallas (214) 954 9451 or maryc.s@bloomberg.net with reporting by Alex Armitage in Princeton through the Chicago newsroom (312) 692 3720. Editor: Sabo, Miller

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