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News Breaks
February 11, 2013
06:35 EDTKNXKnight Transportation upgraded to Buy from Hold at KeyBanc
KeyBanc upgraded Knight Transportation based on increased confidence in low-single digit industry rate increased, expectations for a re-accelerating in freight activity, limited industry capacity expansion, and valuation. Price target is $19.
News For KNX From The Last 14 Days
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October 13, 2015
11:42 EDTKNXRyder sinks after cutting Q3, FY15 profit outlook
Shares of transport company Ryder System (R) are sinking after the firm lowered its profit outlook for the third quarter and fiscal year2015. WHAT'S NEW: On Monday after the close, Ryder cut its Q3 comparable earnings per share view to $1.72-$1.74 from $1.82-$1.87, well below analysts' consensus estimates of $1.86. The also cut its FY15 comparable EPS outlook to $6.17-$6.29 from $6.45-$6.55, far short of analysts' consensus estimates of $6.49. Looking ahead to the fourth quarter, the company forecast comparable EPS of $1.72-$1.82, compared to analysts' consensus estimates of $1.89. WHAT'S NOTABLE: Ryder said it slashed its earnings guidance for Q3 and FY15 due to lower than expected earnings growth in its Fleet Management Solutions business segment. The company noted that the lowered guidance is due to "a temporary execution issue," related to record fleet growth, which the company expects to resolve during Q4, as well as less robust demand conditions in used vehicle sales. The company noted that while commercial rental demand remained robust and rental revenue grew by 7% in Q3, earnings were impacted by "a greater than planned" number of out-of-service vehicles during the quarter, which resulted in lower than expected rental utilization. The company anticipates rental demand in Q4 to be "generally consistent" with prior expectations, the company said, but added that it expects earnings to be impacted as the company resolves the out-of-service vehicle issue. Ryder said it expects Q4 results to continue to be impacted by reduced used truck sales volumes and lower price expectations "that are now consistent with prior-year pricing." ANALYST REACTION: This morning, analyst commentary was mixed. Stifel said it's still upbeat on Ryder's outlook because the company continues to grow. The firm thinks that the company should benefit from continued positive truck outsourcing trends. The firm cut its price target on Ryder to $94 from $103, but kept a Buy rating on the shares. Wells Fargo said the company's lease and rental businesses remain strong. The firm cut its price target on the name to $91-$94 from $108-$111 but kept an Outperform rating on the shares. Stephens analyst Justin Long lowered his price target on Ryder shares to $86 from $110. Long noted that the impact of risk in the used market appears to have been felt sooner than anticipated, prompting him to take a "much more conservative" view on gains on sale in the next year. However, the analyst kept an Overweight rating on Ryder, citing strong trends in the core business and a risk/reward in shares that he viewed as attractive. PRICE ACTION: In late morning trading, Ryder fell $6.71, or about 9%, to $68.90 on more than three times its average daily trading volume. Including today's pull back, the shares have lost approximately 10% over the past 12 months. OTHERS TO WATCH: Other companies in the transport industry include J.B. Hunt Transportation (JBHT), down 1.6%, Hub Group (HUBG), down 1.9%, Swift Transportation (SWFT), down 3.4%, Knight Transportation (KNX), down 3.2%, and USA Truck (USAK), down 0.2%.
October 12, 2015
05:19 EDTKNXCorrection: Knight Transportation not initiated today at Northcoast
October 7, 2015
14:19 EDTKNXTruck inventory levels point to lower freight-hauling demand, WSJ says
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