Trucking stocks ride higher on JB Hunt's robust forecast

Covenant Logistics

16/07/2019 16:22

** U.S. transport stocks advance after JB Hunt  JBHT.O 
allays concerns of declining freight demand 
    ** JBHT's outlook for positive load growth in 2H19 will ease
widespread fears over falling freight activity and support
entire sector in near term - JPM analyst Brian Ossenbeck
 urn:newsml:reuters.com:*:nL4N24H2S2
    ** JB Hunt rises 8.6%, with fellow truckers Covenant
Transportation  CVTI.O , Knight-Swift Transportation  KNX.N ,
Schneider National  SNDR.N  and Ryder Systems  R.N  up 4.3%-6%
    ** Dow Jones Transport Index  .DJT  up 2.4% - highest in two
months; Dow Jones U.S. Trucking index  .DJUSTK  rises 4.3%  
    ** Two major U.S. railroads Union Pacific  UNP.N  & Kansas
City Southern  KSU.N  set to post Q2 earnings this week, with
investors watching out for commentary on the U.S.-China trade
war 
    ** Railroad operator Canadian Pacific Railway  CP.TO 
earlier in the day beat expectations on higher commodity
shipments  urn:newsml:reuters.com:*:nL4N24H2EW
    ** Broader transport index has risen 18.5% this year,
slightly ahead of Dow Jones' 17.4% gain

 (Reporting by Divya R in Bengaluru)
 ((divya.renganathan@thomsonreuters.com))