Markets

Stamps.com shares surge on UPS partnership

A Stamps.com promotional image
Source: Stamps.com

Shares of Stamps.com surged more than 18% during extended trade after shipping giant UPS announced a partnership that will allow Stamps.com's more than 740,000 customers to access discounted UPS shipping rates.

"This new collaboration will allow us to bring the leading shipping solutions of UPS to our customer base in a simpler and more seamless fashion, and at very attractive new discounts," said Ken McBride, chairman and CEO of Stamps.com in a press release.

Stamps.com, which offers internet-based shipping services, dissolved its partnership with USPS in February in place of a big bet on Amazon gaining a larger market-share in the shipping space. 

The company has seen its shares fall more than 50% year-to-date.

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Key Points
  • UPS announces an agreement with CVS to develop a drone delivery service for prescription drugs.
  • UPS gets the first FAA approval to operate a drone delivery service earlier this month.
  • FedEx completes its first residential drone delivery under a pilot program last week.