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The Zacks Analyst Blog Highlights United Parcel Service, FedEx, Air Canada and Covenant Logistics

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For Immediate Release

Chicago, IL – September 28, 2023 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: United Parcel Service (UPS - Free Report) , FedEx (FDX - Free Report) , Air Canada (ACDVF - Free Report) and Covenant Logistics (CVLG - Free Report) .

Here are highlights from Wednesday’s Analyst Blog:

UPS Gets Ready to Hire 100K+ Holiday Workers

United Parcel Service has announced plans to add more than 100,000 seasonal workers throughout the United States in a bid to meet the anticipated demand swell during the upcoming holiday season. Even though demand for online shopping has slowed down from the pandemic peak with the removal of COVID-19 restrictions, it remains strong.

Moreover, additional workers are needed to ensure a repeat of UPS' buoyant performance witnessed last year with respect to timeliness. Therefore, the decision to hire additional workers to meet the anticipated annual increase in package volume, that will begin in October 2023 through January 2024, is a prudent one.

UPS has made the process of hiring employees very easy and uncomplicated. The ease with which new personnel are enrolled is evident from short (less than 20 minutes) duration of the process (in most cases), wherein an applicant can fill out an online form and land a job. Moreover, nearly 80% of seasonal workers do not need to even appear for an interview. Openings are for full and part-time seasonal positions, and will primarily attract delivery drivers, Commercial Driver's License or CDL drivers and package handlers.

In connection with new recruits, we expect UPS' rival FedEx to soon announce its plans for adding seasonal employees to its workforce. We note that UPS and FedEx hire multiple temporary workers each year to move more parcels in the October-January period.

Zacks Rank & Key Picks

UPS currently carries a Zacks Rank #4 (Sell), while FDX is presently #3 Ranked (Hold).

Investors interested in the Zacks Transportation sector may consider stocks like Air Canada and Covenant Logistics. While ACDVF currently sports a Zacks Rank #1 (Buy), CVLG carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

An uptick in passenger traffic is aiding Air Canada. Recently, management announced plans to launch a new year-round route between Montreal and Madrid. The service will commence in May of the following year as part of its expanded international summer 2024 flying schedule to cater to increased demand.

The Zacks Consensus Estimate for current-year earnings has jumped 57.1% in the past 60 days. ACDVF has outshined the Zacks Consensus Estimate in two of the past four quarters (missing the mark in the other two).

CVLG offers a portfolio of transportation and logistics services including asset-based expedited, dedicated and irregular route truckload capacity, asset-light warehousing, transportation management and freight brokerage capability.

CVLG's cost-control efforts are commendable. The Zacks Consensus Estimate for 2023 earnings has revised 7.44% upward in the past 60 days.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release.

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