NEW YORK (Thomson Financial) - The transportation sector fell Thursday,
underperforming the broader equity market by a wide margin, as weakness in
trucking stocks helped trigger a pullback from 8-month highs seen in the
previous session.
The iShares Dow Jones Transportation Average Index ETF (IYT) shed 1.9% to
$88.87, with 15 of 20 components trading lower, but is still up 9.4% since the
end of 2007.
The Dow industrials "Diamonds" ETF (DIA) was down 0.1% at $126.46 and the
S&P 500 Index "Spiders" ETF (SPY) was 0.2% lower at $136.62.
The tracking stock for the Dow transports had hit a high of $90.87 in
intraday trading on Wednesday, the highest price seen since Aug. 8, and 36%
above the Jan. 22 intraday low of $66.95.
Con-way Inc.'s stock was the biggest percentage loser within the ETF,
shedding 12% to $44.32 after the trucking company reported first-quarter
earnings that missed expectations and cut its full-year outlook. The stock hit a
3-month low of $43.62 in intraday trading.
Among other trucking sector components, Landstar Systems Inc. slid 5.5% to
$50.50, J.B. Hunt Transport Services dropped 5% to $30.75, YRC Worldwide gave up
2% to $13.84, Ryder System traded 4.4% lower at $63.73 and C.H. Robinson
Worldwide was 2.3% lower at $58.41.
Among other more-active IYT components, CSX Corp. shed 25 to $58.69, AMR
Corp. slumped 4.3% to $8.54, Southwest Airlines advanced 1% to $12.63, Norfolk
Southern eased 0.8% to $59.61, JetBlue Airways was unchanged at $4.91 and
Burlington Northern Santa Fe was down 1.5% to $97.77.
Tomi Kilgore
tk1
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