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Markets II - USA - Sector Wrap: Trucking Companies
NEW YORK,NY,USA -The Associated Press, by JAMES AMEND -Sept. 1, 2006: -- Trucking stocks bounced slightly higher this week as investors recognized undervalued names and oil price pressures eased, but leading analysts remained mixed over the sector's near-term fortunes as its busiest season approaches... On Monday, names like J.B. Hunt Transport Services Inc., Celadon Group Inc., Covenant Transport Inc., Arkansas Best Corp., and Old Dominion Freight Line Inc. rallied to finish the day ahead by as much as 8 percent. The group held on to much of those gains by midday Friday... The activity capped another volatile month with overall downward pressure on truckers, a sector where investors often rotate in and out over the latest bit of economic news... According to a research note on Friday from Jon Langenfeld, an analyst at R.W. Baird & Co., truckload carriers were down 4 percent versus the S&P 500 in August, after falling behind by 15 percent in July. Less-than-truckload carriers trailed the index by 3 percent after giving back 10 percent in the previous month...
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