Shares of industrial and transportation companies fell after mixed earnings.
Shares of United Parcel Service shares tumbled after the package-delivery giant posted fourth-quarter earnings shy of Wall Street estimates, and forecast surprisingly muted revenue growth.
In light of its struggles, UPS said it plans to lay off about 12,000 jobs workers this year, and mandated staff work from offices five days a week starting March 4. The firm also surprised markets with a reported plan to explore strategic alternatives for its Coyote Logistics unit.
Shares of A.O. Smith fell after the maker of water heaters and other plumbing and water-treatment supplies forecast growth short of some Wall Street targets.
Auto giant General Motors is projecting potentially stronger profit this year, as it expects to narrow losses on electric and driverless cars and rebounds from a factory strike that marred its bottom line in the fourth quarter.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-30-24 1731ET
