- Truckload freight carriers fell sharply today after Stifel analysts downgraded several operators, saying they foresee weak pricing for long-haul trucking services for the rest of the year.
- Shares of most trucking companies have been rising since mid-January, but several trucking industry research groups have said capacity in the market remains relatively plentiful, giving shipping customers more leverage.
- Shares of USA Truck (NASDAQ:USAK), which was cut to Sell from Hold ended -11.1%; Hub Group (HUBG -4.6%), Marten Transport (MRTN -6%) and Universal Truckload (UACL -5.2%) were downgraded to Hold from Buy.
- Other stocks in the sector also fell, including KNX -2.4%, SWFT -3.8%, WERN -2.5%, HTLD -1.8%, CVTI -3.6%, RRTS -2.8% and CGI -2.1%.
- Now read Caution raised on the trucking sector by Avondale Partners