Transportation Stock Slides After Q2 Disappoints

Profits fell 24% due to industry headwinds

Laura McCandless

Deputy Editor

Jul 17, 2024 at 11:22 AM

JBHT

J.B. Hunt Transport Services Inc (NASDAQ:JBHT) stock is slipping today following the ground freight and logistics company's disappointing second-quarter results, with profits falling 24% due to industry headwinds. Plenty of analysts adjusted their price targets after the event, including a hike from J.P. Morgan Securities to $201 from $184, and a cut from Barclays to $160 from $170.

At last glance, JBHT was down 7.2% at $163.31, looking to snap a five-day win streak. That small rally further removed the stock from its June 14, three-year low of $153.12, though it's still down 18.3% this year.

The equity's "oversold" position could be contributing to today's negative price action. This is per JBHT's 14-day relative strength index (RSI) of 85.9.

Over in the options pits, 2,614 calls and 4,079 puts have been exchanged so far today -- already eight times the average daily options volume. The July 160 and 165 puts are the most popular contracts.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!