Market Overview

Forward Air Sharply Lower After Lower Q3 Guidance

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Forward Air Corporation (NASDAQ: FWRD) shares are trading lower by $2.10 (4.5 percent) at $43.56 in Tuesday's session. The catalyst for the decline is that the company has cut its Q3 EPS, citing lower revenue from lower freight volumes.

The issue, which has been in a trading range between $44.40 and $47.45 since July 25, 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.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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