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Why Shares of C.H. Robinson and Other Transports Are Soaring Today

TheMotleyFool

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Why Shares of C.H. Robinson and Other Transports Are Soaring Today

It's a good day for the shipping sector, with stronger-than-expected earnings reports and analyst upgrades fueling strong gains for transportation stocks.

Shares of U.S. Xpress Enterprises (NYSE: USX) were up 23% as of 1 p.m. EDT, while C.H. Robinson Worldwide (NASDAQ: CHRW) and Genco Shipping & Trading (NYSE: GNK) each traded up more than 10% apiece.

There was a lot of uncertainty surrounding transport stocks heading into this earnings season, with the second quarter marred by COVID-19 pandemic-related economic disruption and slowdowns. But so far those who have reported are holding up better than expected.

Source Fool.com

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