Why Old Dominion Freight Line Stock Hit the Accelerator in July
The trucking recession isn't over, but Old Dominion Freight Line (NASDAQ: ODFL) provided a reminder last month that it is a best-in-class operator able to navigate through the slowdown.
Shares of Old Dominion climbed 19% in July, according to data provided by S&P Global Market Intelligence, after the company generated a better-than-expected second-quarter profit.
It has been a tough year for trucking companies. A post-pandemic surge in shipping faded in 2023 as large companies grew cautious about where the economy was heading. Even with the bankruptcy of Yellow, previously one of the largest operators in the less-than-truckload (LTL) segment of the business, supply has outstripped demand, and pricing power has been nonexistent.
Source Fool.com
