Company earningsNewsTrucking

At the end, these were the biggest transport losers–and gainers–on a rough Friday for stocks

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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%. The S&P Select Transportation Index was down 1.73%.

ArcBest (NASDAQ: ARCB) : down 2.32% to $35.33.

Daseke (NASDAQ: DSKE): down 1.43% to $6.22.

Echo Global Logistics (NASDAQ: ECHO): down 4.10% to $25.00.

Knight Swift (NYSE: KNX) : down 4.13% to $32.01

Ryder (R:NYSE): down 6.15% 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 (NASDAQ: USAK) ended up 4.94% to $18.90.

Hub Group (NASDAQ: HUBG): closed up 5.5% to $46.21.

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

Noon:

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%.

Stocks performing significantly worse than that

ArcBest (NASDAQ: ARCB) : down 7.02% 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 (NASDAQ: DSKE): down 5.23% to $5.98. The company has not yet reported earnings.

Echo Global Logistics (NASDAQ: ECHO): down 7.75% to $24.05. The company’s earnings topped consensus on earnings and revenue.

Knight Swift (NYSE: KNX) : down 4.04% to $32.04. Another earnings beat here as well.

Ryder (R:NYSE): down 4.72% 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 (NASDAQ: USAK) up 4.5% to $18.82. Earnings were 5 cts per share above consensus, though revenue fell short of projections.

Hub Group (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 (NASDAQ: ODFL), which had another bangup quarter that was released Thursday with an OR well under 80%, was slightly outperforming the S&P 500 with a decline of 2.12%.

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

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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.
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