UPS to Increase Prices in the U.S.

United Parcel Service of America Inc. said it will raise prices in the U.S. between 3.3% and 3.6%, effective Feb. 7. The Atlanta-based shipping company typically raises prices in February, but there was speculation that it might hold them down next year in order to regain market share it lost after last August’s 15-day Teamsters strike in effect shut the company down. In raising rates, closely held UPS gave a boost to the stocks of several of its rivals. Shares of Federal Express Corp. and Airborne Freight Corp. were among those surging amid suggestions that UPS’ action would give those firms a pricing edge, at least temporarily. In New York Stock Exchange trading, FedEx shares rose $3.44 to close at $60.81, and Airborne shares surged $6.63 to close at $62.31.