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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

Florida Gov. Ron DeSantis says he’s concerned about the accuracy of COVID-19 test results.In a news conference Monday, he said there have been several cases where people received positive results, even though they had never been tested in the first place.“For that to come back positive, when there was no specimen submitted, is problematic. So I’ve heard it enough to be concerned about it," said DeSantis.People have said they submitted their contact information at a COVID-19 testing site, but after seeing how long the line was, they decided not to wait an hour or more to get the test. Nevertheless, a few days later, they got an email or a phone call telling them that they tested positive.Representatives at the Centurylink Sports Complex testing site say false positives aren’t possible there, because of how they have it set up.The Florida Department of Health says, at Centurylink, you submit your contact information right before you get tested. So if somebody were to get out of line, they wouldn’t have had the chance to hand over their phone number or email.But not all testing sites are the same.We reached out to Lee Health, which operates several testing sites of its own. Those sites operate by appointment only, and they do take contact info beforehand, but Lee Health says it has not yet had any issues with mixed up results, and it takes several steps to make sure the results get to the right person.The health system says its sites verify the patient’s identity when they arrive. Then, the person who conducts the test signs and dates each specimen. Finally, the hospital system is in contact with the lab, which verifies correct and matching information on the swab they receive.DeSantis says his office still doesn’t have an answer as to why some mix ups are happening, but he is asking for the public’s help.“If you’re somebody that this has happened to, you’re going to come forward and give us the details, because I think that that needs to be corrected," said DeSantis.This article was written by Rob Manch for WFTX. 2054

FREDERICK, Colorado – Chris Watts, the Colorado man who is now accused of killing his pregnant wife and their two daughters, gave an interview to KMGH?television station in Denver on Tuesday, a day after the three were reported missing.In the interview, he tells a detailed version of what he claims happened when Shanann Watts and their daughters Bella and Celeste went missing, including that he and his wife “had an emotional conversation” before he allegedly last saw her. He also made a direct plea for Shanann and the girls to come home.You can watch the full interview in the players embedded above this story or below this sentence. The full transcript of the interview can be found below that. 720

Following economic shutdowns to slow the spread of the coronavirus, and with the US still dealing with the spread forthe pandemic, experts from the UCLA foresee a US economic depression into 2023.The researchers say that unemployment levels of 10% could persist into the fall, and 6% unemployment could remain through the end of 2022.US unemployment was below 4% earlier this year."To call this crisis a recession is a misnomer. We are forecasting a 42% annual rate of decline in real GDP for the current quarter, followed by a 'Nike swoosh' recovery that won't return the level of output to the prior fourth quarter of 2019 peak until early 2023," writes UCLA Anderson Forecast senior economist David Shulman in an essay titled "The Post-COVID Economy."The researchers note that the economy has already hit rock bottom. But GDP and employment levels won’t see a quick recovery.But Shulman said that the entire economic meltdown cannot be blamed on the coronavirus. Shulman and UCLA researchers say the pandemic has accelerated economic trends that were already moving toward increased digitization of business functions and online commerce. 1149

FLORHAM PARK, N.J. (AP) — The New York Jets, Indianapolis Colts, Washington Football Team, Broncos, Bears, Titans, Cardinals and Green Bay Packers all canceled practices in an apparent response to the shooting of Jacob Blake, a Black man, in Wisconsin. The Jets provided no immediate details on their decision to not practice Thursday. The Colts posted a statement on Twitter, saying they would not hold their scheduled practice session.“Instead, the team will use the day to discuss and work toward making a lasting social impact and inspiring change in our communities,” the statement said.The Denver Broncos held a team meeting and decided to not practice, and instead use the time to focus on social justice reform. Players with the Chicago Bears "decided to pause our football activities" on Thursday it discuss with each other where they stand on racial injustice.The Washington Football Team was scheduled to practice at FedEx Field. Blake was shot by police officers, apparently in the back, on Sunday as he leaned into his SUV, three of his children seated inside.The protests weren’t limited to the NFL. The Milwaukee Bucks opted not to play in their playoff game Wednesday, and two other games were postponed later in the day.Three Major League Baseball games were also postponed. Games between the Cincinnati Reds and Brewers in Milwaukee, Seattle Mariners, and Padres in San Diego and the Los Angeles Dodgers and Giants in San Francisco were called off hours before they were set to begin.Players and teams from the WNBA, MLS, and tennis also sat out their competitions Wednesday night. 1607