Why ArcBest Stock Is Soaring Today
A Canadian transportation and logistics specialist disclosed an investment in U.S. trucking company ArcBest (NASDAQ: ARCB), and some investors are betting it is a precursor to a buyout. Shares of ArcBest jumped as much as 20% on Tuesday morning after the stake was disclosed.
ArcBest specializes in truckload and less-than-truckload freight transport, logistics, and brokerage operations, with a focus on the central United States. The company is a solid performer, but not the sort of stock usually subject to major single-day price moves.
On Monday, TFI International (NYSE: TFII) disclosed it has built a 4% stake in ArcBest, leading to some speculation about a potential deal between the two companies. TFI is a Canadian transportation giant that has been looking to expand in the U.S., in 2021 acquiring the freight operation of United Parcel Service for $800 million.
Source Fool.com
