Transports On The Move (IYT, UNP, UPS)
July 22, 2010 9:43 AM
The Dow Transports are getting a boost today on the back of solid earnings from Union Pacific (NYSE: UNP) and UPS (NYSE: UPS). The iShares Dow Jones Transportation Average Index Fund (NYSE: IYT) is up $2.92, or 3.90%, to $77.70.
Union Pacific this morning reported record earnings for its second quarter that beat Wall Street expectations. CEO Jim Young said that although the recovery is uncertain, slow improvement is expected and hiring is likely to pick up in the fourth quarter and into 2011. Shares of Union Pacific are higher by 4.93% this morning.
United Parcel Service (NYSE: UPS) beat consensus revenue and earnings estimates for the second quarter. The company raised earnings guidance for 2010 saying it sees EPS of $3.35-3.45 versus the $3.27 consensus. UPS shares are higher by 6.05% this morning.
