Why Is Logistics Company ArcBest Stock Plunging Today?
Portfolio Pulse from Lekha Gupta
ArcBest Corp (NASDAQ:ARCB) reported Q2 FY24 revenue of $1.08 billion, beating the consensus of $1.06 billion. Despite this, the stock plunged 10.9% due to a miss on adjusted EPS ($1.98 vs. $2.06 consensus) and declines in key metrics such as total tonnage and shipments per day. Investors can gain exposure to ArcBest through Tidal ETF Trust Aztlan North America Nearshoring Stock Selection ETF (NYSE:NRSH) and SPDR S&P Transportation ETF (NYSE:XTN).
August 02, 2024 | 3:49 pm
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NEGATIVE IMPACT
ArcBest Corp reported Q2 FY24 revenue of $1.08 billion, beating the consensus of $1.06 billion. However, the stock plunged 10.9% due to a miss on adjusted EPS ($1.98 vs. $2.06 consensus) and declines in key metrics such as total tonnage and shipments per day.
Despite beating revenue estimates, ArcBest missed on adjusted EPS and reported declines in key operational metrics, leading to a significant drop in stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Investors can gain exposure to ArcBest through Tidal ETF Trust Aztlan North America Nearshoring Stock Selection ETF (NYSE:NRSH). The ETF may be impacted by ArcBest's stock performance.
NRSH holds ArcBest among its assets, and the significant drop in ArcBest's stock price could negatively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Investors can gain exposure to ArcBest through SPDR S&P Transportation ETF (NYSE:XTN). The ETF may be impacted by ArcBest's stock performance.
XTN holds ArcBest among its assets, and the significant drop in ArcBest's stock price could negatively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50