Shares of Overland Park-based transportation giant YRC Worldwide Inc. were down almost 2 percent in premarket trading today after a Wachvoia Securities analyst downloaded the trucker’s shares.
Wachovia analyst Justin B. Yagerman downgraded YRC Worldwide, which operates in the less-than-truckload sector, to “market perform” from “outperform.”
In premarket trading, YRC shares were down 72 cents, or 1.86 percent, at $37.95 after closing at $38.67 Monday on the Nasdaq.
On Friday, Stifel, Nicolaus & Co. analyst John G. Larkin lowered his second-quarter earnings per share estimate for YRC from $ to 87 cents.
Yagerman said the full-truckload hauling sector is likely to recover faster than the less-than-truckload sector.
He upgraded Knight Transportation Inc. and Werner Enterprises Inc. to “outperform” from “market perform.”
He said he expects improvement in freight because the weak dollar will drive exports as buyers in other countries use their stronger currencies to buy more U.S. goods. Plus, retailers and manufacturers will ship more once they clear their overstocked inventories.
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