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Forget about drones and armies of people driving Amazon trucks. One big Wall Street firm thinks Amazon's plan to build up its air freight delivery service may be what really winds up hurting UPS and FedEx.Morgan Stanley analyst Ravi Shanker said in a report Tuesday that both delivery giants could lose 10% of their revenue to Amazon Air by 2025. Shanker cut his price targets on UPS (UPS) and FedEx (FDX) and both stocks plunged more than 6% as a result.It was a particularly gruesome day for transportation stocks due to worries about the broader economy and confusion about the status of US-China trade talks.The Dow Jones Transportation Average, which includes FedEx and UPS as well as leading airlines, truckers and railroads, fell 4.4% -- its worst drop since June 2016.But Shanker paints a picture that should be extremely worrisome to UPS and FedEx.He notes that Amazon (AMZN), which currently is leasing 40 cargo jets, could eventually have 100 planes running and estimates that the planned Amazon Air routes could overlap with more than two-thirds of the volume flown by UPS and FedEx.That's bad news for both companies since Shanker said that UPS and FedEx each generate nearly 20% of their overall revenue from US air deliveries.Amazon has made big investments to bulk up Amazon Air. In the past few years, it has bought stakes in two freight delivery airlines -- Air Transport Services Group (ATSG) and Atlas Air Worldwide Holdings (AAWW).It also announced plans to invest .5 billion in order to build an Amazon Air hub on more than 900 acres of land that it is leasing near the Cincinnati/Northern Kentucky International Airport. Amazon bought an additional 210 acres earlier this year.There's a simple reason why Amazon will want to handle more of its own air deliveries. According to Shanker, Amazon could save between billion and billion next year. That works out to about 3% to 6% of its global shipping costs.But on a day when the broader market was tanking, investors didn't seem too enthusiastic about Shanker's thoughts on Amazon either. Shares of Amazon fell nearly 6%. 2113

Former television anchor and Democrat Chris Hurst, whose girlfriend Alison Parker was killed on live television in 2015, has won the race for the 12th district of Virginia's House of Delegates.Hurst had received 53.51% of the votes as of 9:04 p.m. Tuesday night, with 97.14% -- or 34 of the 35 of precincts -- reporting, according to the Virginia Department of Elections. In a February op-ed for The Daily Beast, Hurst announced he was leaving his job as a TV journalist to run for office. 497

Former Sheriff Joe Arpaio, who served as sheriff of Arizona's Maricopa County’s from 1993 to 2017, filed a libel lawsuit against The New York Times and a member of its editorial board Tuesday evening. Court documents obtained by show Arpaio is suing The Times and Michelle Cottle for the publication of Cottle’s August 2018 op-ed titled, “Well, at Least Sheriff Joe Isn’t Going to Congress - Arpaio’s loss in Arizona’s Senate Republican primary is a fitting end to the public life of a truly sadistic man.” In the opinion piece, Cottle calls Arpaio’s “24-year reign of terror” “medieval in its brutality,” and makes reference to the former Sheriff’s controversial practices, which include the creation of Tent City, the implementation of chain gangs, and forcing prisoners to wear pink underwear. The Times published Cottle’s op-ed after Arpaio was defeated by Martha McSally in the primary race for Jeff Flake's Senate seat.In the complaint, filed with the U.S. District Court for the District of Columbia, Arpaio’s team noted,  “While the Defamatory Article is strategically titled as an opinion piece, it contains several false, defamatory factual assertions concerning Plaintiff Arpaio.”A complaint within the lawsuit states Arpaio plans to run for Senate in 2020. The publication of Cottle's op-ed may prevent a successful run for Arpaio, according to court documents. "Plaintiff Arpaio’s chances and prospects of election to the U.S. Senate in 2020 have been severely harmed by the publication of false and fraudulent facts in the Defamatory Article," the lawsuit notes. "This also harms Plaintiff financially, as his chances of obtaining funding from the Republican establishment and donors for the 2020 election have been damaged by the publication of false and fraudulent representations in the Defamatory Article."Arpaio is seeking 7,500,000 in damages, as well as attorneys’ fees and costs. He is being represented by Larry Klayman, the chairman and general counsel for Freedom Watch, a conservative watchdog group.  2088

Former Vice President Joe Biden said he hopes Democrats do not impeach President Donald Trump right away if they take control of the House, arguing they should wait until the conclusion of special counsel Robert Mueller's investigation to determine their approach."I hope they don't. I don't think there's a basis for doing that right now," Biden said in an interview with "CBS This Morning" co-host Nora O'Donnell. "I think we should wait until the report comes out."Asked if Mueller should release his report before the midterm elections, Biden said, "I think it should be issued when they finish the investigation. I've been around a long time. You wait until the investigation's finished. You don't put an arbitrary end to it. You wait till it's finished, and let's see what it has to say."While some Democrats, including billionaire donor Tom Steyer, are pushing for impeachment, House Minority Leader Nancy Pelosi, who could become speaker if Democrats win back control, has tried to quiet impeachment speculation."Our priority (is) unifying. Impeachment is a very divisive approach. Elections should determine who is in office," Pelosi told CNN last month. "If the President has broken law, he's not above the law, but that remains to be seen."A CNN poll conducted by SSRS last month found that nearly half of Americans in the poll -- 47% -- said Trump should be impeached and removed from office. That figure was up from a June poll that found 42% said Trump should be removed from office.In the same interview, the former vice president also criticized Trump's handling of the disappearance of Washington Post columnist Jamal Khashoggi, a critic of Saudi Arabia's government, in the Saudi consulate in Istanbul."I'm very worried that the President seems to have a love affair with autocrats," Biden said. "The idea that he's already making excuses before the facts are known ... it's typical but it hurts us internationally."Biden said his doubts about Saudi Crown Prince Mohammed Bin Salman have "been confirmed.""My doubts are that there is very little sense of rule of law, respect for human rights, dignity and you know, the allegations that are made so far -- I don't know yet -- are not inconsistent with the way the kingdom would act," he said.The former vice president argued there should "absolutely positively" be consequences if it is found the crown prince ordered Khashoggi's apparent murder and floated the cancellation of US arms sales to Saudi Arabia as a possible retaliatory measure.Asked to explain Trump's behavior, Biden said, "I don't want to speculate on my worst fears but either he doesn't know what he's doing or he has an absolutely convoluted notion of what allows America to lead the world." 2762

France is bracing for yet another weekend of protests that could rock Paris and other parts of the country.Prime Minister Edouard Philippe said the government was deploying 89,000 security force members across France -- including 8,000 in the capital -- in case the demonstrations turn violent again.Many of the capital's famed sites -- including the Louvre, the Eiffel Tower, the Musée Delacroix and the Paris Opera -- will close over the weekend in advance of the protests, organized by the "gilets jaunes," or "yellow vest" movement. Their name comes from the high-visibility yellow vests that drivers are required to keep in their vehicles for safety reasons.Interior Minister Christophe Castaner vowed Friday to deploy all the means available to ensure the latest "yellow vest" protests are not hijacked by what he said were "10,000" people, "a small minority" of the movement who have been "radicalized and fallen into violence and hate.""We have to guarantee the safety of protesters and the right of citizens to move around freely," Castaner told a news conference.Nationwide, some 630 people were arrested and more than 260 were injured, including 81 police officers, during last weekend's protests, the third consecutive week of such demonstrations.There have also been four accidental deaths, according to officials. Three of them resulted from traffic accidents related to the blockades and the fourth was an 80-year-old woman who died in Marseille after being hit by a tear gas canister that came through her window.The demonstrations began as a form of grassroots opposition to rising gas prices and planned increases in taxes on polluting forms of transport, but they have since evolved into broader demonstrations against the government of President Emmanuel Macron.Macron appeared to back down Wednesday, announcing that the fuel tax planned for January -- as part of measures to combat climate change -- would not be introduced in 2019. But the movement now appears to be about more than just taxes; it's exposed the growing divide between Paris' metropolitan elite and the country's rural poor.Maxime Nicolle, a member of the gilets jaunes from rural Brittany, told CNN: "I'm definitely not backing down now. The moratorium is useless. The people want a referendum, a referendum on Macron, the senate and the national assembly."Street furniture, such as railings around trees and benches, will be removed from parts of Paris ahead of the expected protests.Paris Mayor Anne Hidalgo said municipal services were "mobilized and determined to ensure everyone's protection." In particular, she said, about 2,000 items of street furniture, including 58 public bike stations, are being removed so "troublemakers" cannot use the objects as weapons. Municipal buildings will be closed, she said.In an appeal to protesters, the mayor said: "Please take care of Paris, because Paris belongs to all the French people."  2939