UPS stock rallies to pace the Dow tranports’ gainers, after pay agreement reached with Teamsters Canada
Shares of United Parcel Service Inc.
UPS,
rose 1.7% in afternoon trading, after an agreement has been reached between the package delivery giant and the Teamsters Canada union. The stock was the top gainer among the Dow Jones Transportation Average’s [d: djt] components, while the Dow transports index fell 0.4%. Teamsters Canada said Friday the the final offer from UPS has been ratified by 60.8% of the union’s members who voted, leading to “immediate raises” of as much as C$2 to C$3 per hour. Union members who are already being paid the top rate will receive a $4.10 raise over the course of the five-year contract. Among other agreements, the policy on facial hair has been loosened and further improvements have been made to the pension plan. UPS’s stock has soared 42.1% year to date, while the Dow transports has gained 6.5% and the Dow Jones Industrial Average
DJIA,
has slipped 0.8%.
