Also today: going to jail for bogus CDLs; ecommerce driving the Canada Post labor dispute.
Some of the stocks that were getting hammered at midday recovered on the back of the broader market rebound by the close. One exception: Ryder.
There’s no particular pattern in seeing which stocks have declined significantly more than the drop in the overall S&P 500 index.
Knight-Swift Transportation reported strong earnings on Wednesday, and it was immediately met with praise from Morgan Stanley analyst Ravi Shanker, who wrote in a note that the company’s stock is a “relative buy, at worst, in our view.”
The investment bank issued a report this morning calling for one more spot rate peak in the fourth quarter, followed by a softer 2019 that should still be 12% above the 2012-7 cycle. New price targets were also issued.
Transportation stocks show gains ahead of Florence’s landfall
We visualized the performance metrics of the publicly-traded truckload carriers over the past six quarters, using TCA InGauge’s data.
Knight-Swift Transportation Holdings (NYSE: KNX) reported revenue growth and rising income across much of the company, with the notable exception of Swift’s refrigerated segment, during its second quarter 2018 earnings call.
There is a fear on the part of some investors in the trucking space that a peak may have been reached.
Earnings season is here; UPS posts 13th quarter of double digit growth; Knight-Swift finds synergies; Maersk trials autonomous ships; the Mustang is the last Ford car left; Barclays and Goldman Sachs collab on data standards for derivatives and blockchain; Union Pacific beats the Street.
Knight-Swift’s revenues stabilized despite fewer trucks and shorter length of haul, and the two brands managed to increase their efficiency and improve operating ratios.
Transport stocks outperforming broader economy; FedEx adds robots to distribution centers; Knight-Swift picks up a 400 truck fleet; CMA CGM turned around in 2017; Union Pacific’s drones monitoring workers cause union trouble.
The Richmond-based carrier was privately held with approximately $100 million in revenue.
Knight Trucking put 20% of its capacity on the spot market in Q4 2017 and it paid off big. Swift has also been improving its operations, and management said it will focus on fixing its reefer business in 2018.
