During the internet bubble, logistics stocks were seen as one of the old economy's bigger winners. Somebody, after all, would have to deliver all those goods ordered online. Compared with most dotcom growth stories, that thesis has shown remarkable staying power until now. Take United Parcel Services, whose shares fell by as much as 16 per cent yesterday, the largest slump since it floated in 1999.
On the face of it, this appears a little harsh. UPS missed second-quarter earnings estimates by about $30m and now expects profits in the third quarter to be about $90m lower than analysts had hoped. Meanwhile, its market capitalisation has shrunk by almost $13bn.
