BUZZ-US trucking companies slip after Amazon launches LTL freight offering

Knight-Swift Transportation
XPO, Inc.
J.B. Hunt Transport Services, Inc.
United Parcel Service, Inc. Class B
FedEx Freight Holding Company, Inc.

Knight-Swift Transportation

KNX

0.00

XPO, Inc.

XPO

0.00

J.B. Hunt Transport Services, Inc.

JBHT

0.00

United Parcel Service, Inc. Class B

UPS

0.00

FedEx Freight Holding Company, Inc.

FDXF

0.00

Updates

** Shares of U.S. trucking companies down after Amazon AMZN.O launches less-than-truckload (LTL) freight offering for all businesses

** United Parcel Service UPS.N down 2.4%, Knight-Swift Transportation KNX.N drops 2.3% and J.B. Hunt JBHT.O slips ~3%

** Shares of FedEx Freight FDXF.N drop ~3%, XPO XPO.N slides ~5%, Old Dominion ODFL.O sinks 6.3%

** Amazon Freight Director Jim Ruiz said that the company's LTL service gives shippers a cost-effective freight shipping option while still offering the real-time tracking and reliability customers expect from Amazon

** Baird analysts cite "selling pressure," with LTL stocks trading at rich multiples; say "it may take time for the market to determine whether the perceived competitive threat amounts to much more than the announcement itself"


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