Why Old Dominion Freight Line Stock Gained 19% in June

Shares of Old Dominion Freight Line (NASDAQ: ODFL) were moving higher last month after the company benefited from news that rival Yellow could soon declare bankruptcy, putting market share up for grabs in the less-than-truckload (LTL) transportation industry.

Old Dominion also announced a second-quarter update, which showed that the business was still dealing with industry and macroeconomic headwinds.

According to S&P Global Market Intelligence, the stock finished the month up 19%. The chart below shows how the transportation stock moved over the course of the month.

Source Fool.com