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OPTIMISM * USA - Good news for trucking stocks
Truckers are considered bellwethers for the nation's growth because they generally see recovery before the larger economy
New York,NY,USA -Associated Press/FORBES , by SAMANTHA BOMKAMP -4 April 2008: -- A gloomy manufacturing report could turn out to be good news for trucking stocks, according to one analyst... Wachovia Capital Markets analyst Justin Yagerman said the Institute for Supply Management index has proven to be a "fairly reliable indicator" of stock movements across the truckload and less-than-truckload sectors. Shares of truckload carriers have gained an average of 44 percent in the five months after two or three consecutive months of ISM readings below 50. Less-than-truckload carrier stocks have climbed an average of 29 percent during the same period, he said, while the S&P 500 has risen an average of 14 percent... Truckers are considered bellwethers for the nation's growth because they generally see recovery before the larger economy... Robert W. Baird & Co. analyst Jon Langenfeld predicts trucking stocks will likely pull back before they recover, as investors digest first-quarter earnings reports that are largely expected to be weak... The analyst noted that share prices in recent months have risen on expectations for stronger freight demand in the second half of this year...
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