Why Old Dominion Stock Rocketed Up at the Start of Trading Today
Old Dominion Freight Line (NASDAQ: ODFL) is feeling the pinch from global trade uncertainty, but the impact isn't as bad as investors had feared. Shares of Old Dominion were trading up 9% as of 10 a.m. ET after the company reported better-than-expected results Wednesday morning. But the stock had given all that back in the next 30 minutes. Trucking company Old Dominion earned $1.19 per share in the first quarter on revenue of $1.37 billion, beating Wall Street's $1.14 per-share consensus profit estimate and matching the top-line estimate. Revenue was down 6% year over year and net income fell by 13%, but investors had been bracing for far worse results.Old Dominion specializes in domestic less-than-truckload shipping, meaning it transports freight for multiple customers from distribution centers. CEO Marty Freeman said that the results "reflect the ongoing softness in the domestic economy."Continue reading
Old Dominion Freight Line (NASDAQ: ODFL) is feeling the pinch from global trade uncertainty, but the impact isn't as bad as investors had feared. Shares of Old Dominion were trading up 9% as of 10 a.m. ET after the company reported better-than-expected results Wednesday morning. But the stock had given all that back in the next 30 minutes.
Trucking company Old Dominion earned $1.19 per share in the first quarter on revenue of $1.37 billion, beating Wall Street's $1.14 per-share consensus profit estimate and matching the top-line estimate. Revenue was down 6% year over year and net income fell by 13%, but investors had been bracing for far worse results.
Old Dominion specializes in domestic less-than-truckload shipping, meaning it transports freight for multiple customers from distribution centers. CEO Marty Freeman said that the results "reflect the ongoing softness in the domestic economy."