United Parcel Service’s business is getting hit from all sides. The company cut its sales outlook after revenue slipped in the third quarter because of a slowdown in global shipping demand. The WSJ’s Will Feuer reports the package carrier is being hurt in the U.S. by the shift in consumer spending from goods to services while trade between China and the U.S. hasn't improved as fast as the company had anticipated. At the same time, UPS is still coping with the loss of business during contentious labor talks over the summer, when an average of 1.5 million packages a day were diverted to other carriers. UPS says it has recaptured about 40% of that volume. But domestic package volume fell 11.5% from last year, signaling the company still has a gap in its pipeline that makes it more complicated to plan capacity for the holiday peak period.

• Amazon’s profit tripled to nearly $10 billion in the September quarter on strong sales in its cloud-computing, advertising and retail units. (WSJ)

Forward Air has moved from battling with its shareholders to a potential fight with its proposed acquisition target. The expedited trucker says it may withdraw its planned takeover of freight forwarder Omni Logistics, a controversial acquisition that had sent Forward Air’s stock into a tailspin and prompted a shareholder lawsuit. The WSJ’s Robb M. Stewart reports the company’s shares rallied on the news, and activist investor Ancora applauded the move after calling this month for a management change at Forward Air. Omni Logistics is pushing back, saying Forward Air’s claim that the company hasn’t complied with certain requirements is “unfounded” and that the deal should go through. The potential combination has raised concerns among Forward Air’s freight forwarder customers since it would bring the carrier a company that competes with their businesses.

• TFI International is pressing its TForce Freight trucking terminal managers to cut costs. (Trucking Dive)
• Third-quarter profit at trucker Landstar System fell 39% to $206.4 million as revenue per load fell 12%. (Business Journals)

Two e-commerce companies with roots in China are getting the maximum benefit from a gap in U.S. customs law. Lawmakers and some U.S. businesses say Shein and Temu are using what is known as the de minimis exemption to fuel their breakneck growth, and they are looking to close what they call a loophole. The WSJ’s Yuka Hayashi, Shen Lu and Richard Vanderford report the exemption allows shipments valued at under $800 to enter the U.S. duty free and with little scrutiny. A record of more than one billion packages entered the U.S. in the past year under the de minimis exemption—twice the 2019 level. A congressional study concluded that Shein and Temu account for about one in three of those packages, a sign of their rapid growth in the U.S. market. Kim Glas of the National Council of Textile Organizations calls de minimis “the world’s greatest black market."

The U.S. economy surged 4.9% in the third quarter, as strong consumer spending offset stalled business investment. (WSJ)

The European Central Bank held interest rates steady, ending a historic run of 10 consecutive rate increases. (WSJ)

The UAW’s tentative contract agreement with Ford would raise workers’ wages 25% over 4½ years, boosting the top pay to $40 an hour. (WSJ)

Chrysler owner Stellantis is spending about $1.6 billion to buy a roughly 20% stake in China’s Zhejiang Leapmotor Technology. (WSJ)

Ford swung to a $1.2 billion net profit in the third quarter. (WSJ)

Honeywell CEO Vimal Kapur says a strengthening supply chain is driving significant sales growth at the industrial manufacturer. (WSJ)

Toyota supplier Denso will invest about $3.3 billion to expand into the semiconductor business. (Nikkei Asia)

Shanghai-based Asian delivery company J&T Global Express expects to raise $520 million from an initial public stock offering. (South China Morning Post)

Airbus is taking three wind-powered vessels to transport aircraft parts from Europe to the U.S. (The Loadstar)

Qatar Energy ordered 17 large liquefied natural gas carriers from South Korea’s HD Hyundai Heavy Industries. (ShippingWatch)

Höegh Autoliners says a third of China’s automotive exports are being shipped in containers because of the lack of car carrier capacity. (Lloyd’s List)

• Americans still have a gnawing fear of inflation and what it can do to their personal finances.
• LinkedIn is using generative AI to respond to questions from employees and suppliers on cybersecurity. Its success rate is 90% in early testing. 
• A tax code change that affects how companies account for R&D costs is walloping businesses of all sizes.
• Detroit scored an unusual win. Its ranking as a venture-capital destination is soaring.

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.