Transportation stocks took a deep dive on Wall Street on Monday, riding a huge selloff in response to the downgrading of U.S. debt that sent the Dow Jones Industrial Average down 635 points, the Journal of Commerce reported.
The Dow Jones transportation index fell at a faster rate than the rest of the market, sliding 330 points, or 7 percent, against the 5.6 percent plunge in the overall average.
The decline hit markets around the world and looked to take a big toll on cyclical stocks, including transportation operators already bracing for a slow peak shipping season.
A.P. Moller-Maersk shares fell some 6 percent in Copenhagen, but trucking stocks on Wall Street took some of the greatest punishment, with several big names falling at a double-digit pace.
Tanker carrier Quality Distribution was among the biggest losers, falling $2.09 a share, or 16.5 percent. Con-way fell $3.56 a share, or 12.4 percent, despite a strong earnings report last week, and shares in manufacturer Navistar International plunged $6.34, or 14.7 percent. Truckload carrier Knight Transportation lost $5.20 a share, or 9.8 percent, while shares in Arkansas Best fell just under 10 percent.
Parcel carriers and railroads held up relatively well by comparison. FedEx and UPS shares both lost less than 6 percent and UPS was one of the few transportation companies to beat the overall market, with its shares off only $3.29, or 5 percent.
Union Pacific also beat the market, if flight, with a 5.4 percent drop, while share prices in Norfolk Southern and CSX were shaved a little more than 6 percent.
The maritime world took deeper cuts, however. NYSE-listed Diana Shipping lost 9.6 percent on Monday and shares in Horizon Lines, its shares already cut steeply because of the carrier¹s financial woes, lost 13.2 percent on Monday.
The Dow Jones transportation index fell at a faster rate than the rest of the market, sliding 330 points, or 7 percent, against the 5.6 percent plunge in the overall average.
The decline hit markets around the world and looked to take a big toll on cyclical stocks, including transportation operators already bracing for a slow peak shipping season.
A.P. Moller-Maersk shares fell some 6 percent in Copenhagen, but trucking stocks on Wall Street took some of the greatest punishment, with several big names falling at a double-digit pace.
Tanker carrier Quality Distribution was among the biggest losers, falling $2.09 a share, or 16.5 percent. Con-way fell $3.56 a share, or 12.4 percent, despite a strong earnings report last week, and shares in manufacturer Navistar International plunged $6.34, or 14.7 percent. Truckload carrier Knight Transportation lost $5.20 a share, or 9.8 percent, while shares in Arkansas Best fell just under 10 percent.
Parcel carriers and railroads held up relatively well by comparison. FedEx and UPS shares both lost less than 6 percent and UPS was one of the few transportation companies to beat the overall market, with its shares off only $3.29, or 5 percent.
Union Pacific also beat the market, if flight, with a 5.4 percent drop, while share prices in Norfolk Southern and CSX were shaved a little more than 6 percent.
The maritime world took deeper cuts, however. NYSE-listed Diana Shipping lost 9.6 percent on Monday and shares in Horizon Lines, its shares already cut steeply because of the carrier¹s financial woes, lost 13.2 percent on Monday.