UPS shares drop after company issues disappointing profit outlook for 2015

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Shares of UPS fell briefly after the delivery company forecast 2015 earnings below expectations.

United Parcel Service Inc. said Thursday that it would earn between $5.45 and $5.70 per share next year. Analysts were expecting $5.71 per share, according to FactSet.

The shares fell $2.44, or 2.2 percent, after the forecast, which came during an annual investor meeting that was webcast. The shares recovered and were down just 23 cents to $107.72 late in the session.

UPS and rival FedEx Corp. are heading into the key holiday season. Atlanta-based UPS predicts December deliveries will rise 11 percent from a year earlier. It plans to hire up to 95,000 seasonal workers to avoid a repeat of last year, when some packages didn't get delivered by Christmas Eve as promised by retailers.

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