Forward Air - Sharply Lower After Lower Q3 Guidance

Forward Air

shares are trading lower by $2.10 at $43.56 in Tuesday's session. The catalyst for the decline is that the company has cut it Q3 EPS, citing lower revenue from lower freight volumes. The issue, which has been in a trading range since July 25 between $44.40 and $47.45, has resolved the consolidation period to the downside. Following a lower open, it continued in that direction until it finally made a low at $42.17, before staging a rebound. That low coincides with its May 19 low ($42.25) and is comfortably above its May 18 low ($41.49). The ensuing rally came up shy of lower-end the former trading range, only reaching $44.02, before falling back into the mid $43 handle.