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Amazon Expands Trucking Services to All Businesses; Freight Stocks Fall Up to 6% on Wednesday

GateNews
Stocks

According to CNBC, on Wednesday (June 10), shares of major freight carriers fell after Amazon announced expansion of its less-than-truckload (LTL) shipping services to all businesses, not just Amazon sellers. Old Dominion Freight Line's stock tumbled more than 6%, while ArcBest dropped 4%. Saia and XPO Logistics each fell 5%, and FedEx Freight declined 3%.

Amazon said the service will now move freight to any destination across the U.S. for businesses of all sizes, as part of its Amazon Supply Chain Services program. Jim Ruiz, director of Amazon Freight, stated in a statement that Amazon selling partners requested broader access to the company's LTL technology.

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