Market Overview

At The End, These Were The Biggest Transport Losers--And Gainers--On A Rough Friday For Stocks

At The End, These Were The Biggest Transport Losers--And Gainers--On A Rough Friday For Stocks

Earlier today—see below—we highlighted some of the stocks that had performed the worst in the morning selloff on equity markets.

Now that the market has closed out the day, here are how some of those companies ended up. The benchmark comparisons would be the Dow Transport Sector, down 1.25 percent. The S&P Select Transportation Index was down 1.73 percent.

ArcBest Corp (Nasdaq: ARBC): down 2.32 percent to $35.33.

Daseke Inc (Nasdaq: DSKE): down 1.43 percent to $6.22.

Echo Global Logistics, Inc. (Nasdaq: ECHO): down 4.10 percent to $25.00.

Knight-Swift Transportation Holdings Inc​​​​ (Nyse: KNX)​​​: down 4.13 percent to $32.01

Ryder System, Inc (Nyse: R): down 6.15 percent to $57.22. The selloff came as the company released earnings, and the decline led to a note by the Deutsche Bank transportation team led by Amit Mehrotra. "The selloff in Ryder shares seems overly harsh, in our view, in light of the forward earnings outlook," Deutsche said in a note to investors. "It appears the market is discounting risks to '19 EPS from changes to lease accounting, whereby Ryder must de-couple the maintenance components from its lease payments and realize revenue when maintenance is performed (usually during the second half of the lease term). This will undoubtedly be a headwind to book earnings during times when the average age of Ryder's fleet is declining...though we note the average age of R's fleet is actually increasing this year (by a couple months) despite record new leases. We thus consider today's sell-off as a particularly attractive buying opportunity, with potential for a relief rally in '19 as more clarity is offered. "

Bucking the tide

USA Truck, Inc. (Nasdaq: USAK) ended up 4.94 percent to $18.90.

Hub Group Inc (Nasdaq: HUBG): closed up 5.5 percent to $46.21.

Forward Air Corporation (Nasdaq: FWRD) ended up 1.84 percent at $59.34 for the day though it was lower at midday.

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A quick look at how various trucking stocks are doing on the sweeping Wall Street selloff on Friday.

At the time of our 11:15 a.m. snapshot, the S&P 500 was down 2.45 percent.

Stocks performing significantly worse than that

ArcBest Corp (Nasdaq: ARCB): down 7.02 percent to $33.63. The upcoming earnings call Thursday will be the first time management will have the opportunity to publicly address with analysts the recommendation of a short seller.

Daseke Inc (Nasdaq: DSKE): down 5.23 percent to $5.98. The company has not yet reported earnings.

Echo Global Logistics, Inc. (Nasdaq: ECHO): down 7.75 percent to $24.05. The company's earnings topped consensus on earnings and revenue.

Knight-Swift Transportation Holdings Inc​​​​ (Nyse: KNX)​​​: down 4.04 percent to $32.04. Another earnings beat here as well.

Ryder System, Inc (Nyse: R): down 4.72 percent to $58.09. The company lowered its guidance slightly in its earnings report released today.

Bucking the tide

Two trucking-related stocks are up significantly Friday.

USA Truck, Inc. (Nasdaq: USAK) up 4.5 percent to $18.82. Earnings were 5 cts per share above consensus, though revenue fell short of projections.

Hub Group Inc (Nasdaq: HUBG): up 3.36% to $45.27. Another company whose earnings topped projections even as revenue fell short.

Two special mentions

Old Dominion Freight Line (Nasdaq: ODFL), which had another bangup quarter that was released Thursday with an OR well under 80 percent, was slightly outperforming the S&P 500 with a decline of 2.12 percent.

Roadrunner Transportation Systems Inc (Nyse: RRTS), which has sunk below $1 per share as it attempts to recover from an accounting scandal, was up 33 percent at noon. Of course, to do that all it had to rise was 14 cts to 57 cts.

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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: FreightEarnings News Rumors Markets General


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