UPS stock suffers biggest selloff in 17 years as volumes were ‘significantly lower’ than expected in March

Shares of United Parcel Service Inc. took a beating Tuesday, to suffer their worst performance in 17 years, after the package delivery giant fell short of revenue expectations, as drop-off in demand late in the first quarter led to lower-than-anticipated volume.

While first-quarter profit declined in line with forecasts and consolidated operating margin was a touch above plan, the company lowered its outlook for full-year revenue and margins.

“In…