Strength Seen in ArcBest (ARCB): Can Its 6.0% Jump Turn into More Strength?
ArcBest (ARCB) shares ended the last trading session 6% higher at $146.23. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.7% loss over the past four weeks.
Shares of this transportation company have performed well lately, gaining 21.7% on a year-to-date basis. The company's efforts to automate the supply chain are praisworthy. Operational efficiencies roo bode well. According to Baird analysts, companies like ARCB are witnessing pricing gains that remain durable and a tonnage trajectory that continues to slowly improve.
This freight transportation and logistics company is expected to post quarterly earnings of $1.66 per share in its upcoming report, which represents a year-over-year change of +5.1%. Revenues are expected to be $1.04 billion, down 5.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For ArcBest, the consensus EPS estimate for the quarter has been revised 1.1% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ARCB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
ArcBest is part of the Zacks Transportation - Truck industry. Saia (SAIA), another stock in the same industry, closed the last trading session 0.8% lower at $601.36. SAIA has returned 13% in the past month.
Saia's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $3.38. Compared to the company's year-ago EPS, this represents a change of +18.6%. Saia currently boasts a Zacks Rank of #3 (Hold).
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ArcBest Corporation (ARCB) : Free Stock Analysis Report
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