NEW YORK — Shares of most trucking companies soared Monday after
a Bear Stearns analyst upgraded the sector, suggesting that the stocks'
values are nearing bottoms, but warned the sector isn't out of the
woods yet.Analyst Edward Wolfe raised his rating on the trucking sector to
"Market Weight" from "Underweight." He also upgraded carriers Werner
Enterprises Inc., Heartland Express Inc., Knight Transportation Inc.,
Con-way Inc. and Arkansas Best Corp. to "Peer Perform" from
"Underperform."Wolfe said while demand remains weak, it doesn't appear to be getting
worse. He predicted 2008 will be a very volatile year for trucking
stocks, as opposed to the last several years in which the sector has
consistently underperformed the broader markets.Wolfe has held an "Underweight" rating on truckers for two and a half years.In midday trading, truckload carrier Werner Enterprises rose 92 cents,
or 5.7 percent, to $17.05. Heartland Express added 57 cents, or 4.2
percent, to $14.19, and Knight Transportation gained 83 cents, or 5.5
percent, to $15.84. J.B. Hunt Transport Services Inc. climbed 69 cents,
or 2.8 percent, to $25.25.Among less-than-truckload carriers, Con-way surged $2.49, or 6.4
percent, to $41.50, and Arkansas Best jumped $1.32, or 7.3 percent, to
$19.47.source
a Bear Stearns analyst upgraded the sector, suggesting that the stocks'
values are nearing bottoms, but warned the sector isn't out of the
woods yet.Analyst Edward Wolfe raised his rating on the trucking sector to
"Market Weight" from "Underweight." He also upgraded carriers Werner
Enterprises Inc., Heartland Express Inc., Knight Transportation Inc.,
Con-way Inc. and Arkansas Best Corp. to "Peer Perform" from
"Underperform."Wolfe said while demand remains weak, it doesn't appear to be getting
worse. He predicted 2008 will be a very volatile year for trucking
stocks, as opposed to the last several years in which the sector has
consistently underperformed the broader markets.Wolfe has held an "Underweight" rating on truckers for two and a half years.In midday trading, truckload carrier Werner Enterprises rose 92 cents,
or 5.7 percent, to $17.05. Heartland Express added 57 cents, or 4.2
percent, to $14.19, and Knight Transportation gained 83 cents, or 5.5
percent, to $15.84. J.B. Hunt Transport Services Inc. climbed 69 cents,
or 2.8 percent, to $25.25.Among less-than-truckload carriers, Con-way surged $2.49, or 6.4
percent, to $41.50, and Arkansas Best jumped $1.32, or 7.3 percent, to
$19.47.source
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