Forward Air Corp (FWRD -9.1%) takes a hit after BofA Merrill downgrades the shares to underperform and cuts its price target on a diminished macro outlook. BofA says cargo trends will likey remained constrained through the end of FY11, and has reduced estimates for a number of other air-freight carriers as well, including FedEx (FDX -9.4%) and United Parcel (UPS -2.6%).
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