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UPS inventory is increasing after large profit and sales movements, as demand for housing has increased

Shares of United Parcel Service Inc. Ups,
+ 3.39%
skyrocketed 6.7% to a 2 1/2 year high in premarket trading Thursday, after the package delivery giant made second-quarter gains with sales well above expectations amid an increase in demand to housing and healthcare delivery as a result of the Covid19 pandemic. Net income increased to $ 1.77 billion, or $ 2.03 per share, from $ 1.69 billion or $ 1.94 per share in the prior year period. Excluding one-time items, adjusted earnings per share were $ 2.13, nearly double the FactSet consensus of $ 1.07. Revenue increased 13.4% to $ 20.46 billion, exceeding the FactSet consensus of $ 17.50 billion as domestic parcel revenues grew 17.3% to $ 13.07 billion to the highest expectations of $ 11.15 billion. In the United States, average daily volume increased by 22.8%, while demand for residential delivery grew, with business-to-consumer shipments increasing by 65.2%. The stock is up 5.7% through Wednesday, while the Dow Jones Industrial Average DJIA,
+ 0.60%
decreased 7.0%.