Why Forward Air Stock Was Grounded Today
Shipping company Forward Air (NASDAQ: FWRD) reported a disappointing quarter, weighed down by market conditions and a controversial acquisition. Investors are taking the exit ramp, sending Forward shares down as much as 40% for the day and down 25% as of 2:15 p.m. ET.
Forward is an asset-light provider of transportation services. In January, the company completed a deal for Omni Logistics over the objections of an activist investor who feared Forward was overpaying.
The latest results do not paint a good picture. Forward lost $0.64 per share in the quarter on $541.8 million, well below the $0.11-per-share loss on revenue of $604 million that Wall Street had expected.
Source Fool.com
