ODFL - Why Old Dominion Freight Line Stock Is Falling Today
2024-04-17 13:22:00 ET
J.B Hunt Transport sounded the alarm on weakness in the trucking business, and Old Dominion Freight Line (NASDAQ: ODFL) is taking notice. Shares of Old Dominion are down 5% as of 12:30 p.m. ET following J.B. Hunt's worse-than-expected earnings report.
Investors in trucking companies have been on a wild ride in recent years. The pandemic initially wiped out demand, but the e-commerce boom that followed created a significant need for trucks to restock inventories and make deliveries. In 2023, companies saw demand weaken as customers pulled back on expansion due to questions about the economy.
If J.B. Hunt is to be believed, things didn't improve in the first three months of 2024. On Wednesday, the company reported first-quarter results that fell short of top-line and bottom-line expectations due to soft demand and higher costs.
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Why Old Dominion Freight Line Stock Is Falling Today