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Truckers tumble after Knight cuts guidance, suffers downgrade

2015-12-19 02:28:53| Trucking - Topix.net

Trucking stocks tumbled today after Knight Transportation cut its Q4 earnings guidance , citing excess capacity, a reduction in non-contract opportunities and an increase in driver pay - problems evident throughout the industry. Citi downgraded KNX to Neutral from Buy with a $25 price target today, and sees the risk of additional freight slowing as a possibility; although KNX's Q4 freight activity is similar to 2014 levels, slack capacity and less urgency from shippers is pulling volume out of lucrative seasonal trades, Citi says.

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