Broad selling in the transportation sector is being taken by some market watchers as a leading indication of weakening investor sentiment on stocks as a whole.
While FedEx (FDX -5.8%), UPS (UPS -6.2%) and trucking stocks were hit by biting analyst commentary this morning (Amazon Air impact, intermodal pricing) - railroad and airline stocks are also seeing some selling pressure.
Notable decliners include American Airlines Group (AAL -4.8%), Delta Air Lines (DAL -4.2%), United Continental (UAL -3.4%), Mesa Air (MESA -4.1%), Southwest Airlines (LUV -2.5%), Allegiant Travel (ALGT -3%), Greenbrier (GBX -2.8%), FreightCar America (RAIL -2.6%), Genesee & Wyoming (GWR -2.4%), Canadian Pacific (CP -2.5%), Trinity Industries (TRN -1.8%), Ryder (R -5.1%), Avis Budget (CAR -3.5%) and Landstar System (LSTR -4.5%). In the trucking sector, some names such as Knight-Swift Transportation (KNX -8.3%), Werner Enterprises (WERN -4.7%), Old Dominion Freight (ODFL -4.1%) and Schneider National (SNDR -6.9%) have extended on their early declines.
It's not a surprise give the widespread sector weakness that the iShares Transportation Average (BATS:IYT) is down 3.15% on the day.
Previously: UBS sees pricing headwind for trucking sector (Dec. 4)
Previously: UPS and FedEx slide on Amazon Air anxiety (Dec. 4)
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