NEW YORK - Shares of many trucking companies stayed in negative territory at midday Wednesday, as the broader market hung on to gains and oil prices fell.
The Energy Department said crude inventories expanded by a surprising 9.4 million barrels in the week ended Aug. 15--much more than the average analyst forecast--sending a barrel of oil down 89 cents to $113.64 on the New York Mercantile Exchange.
Trucking company shares have been lackluster in recent sessions, with investors concerned about fuel costs, weak demand and tight credit. Avondale Partners estimated that bankruptcies have taken about 88,000 trucks off the road in the first half of the year. That is around 4.5 percent of industry capacity.
Shares of Arkansas Best fell 50 cents to $35.44. Celadon Group lost 25 cents at $12.65. JB Hunt Transport Services gave up 46 cents at $36.42.
Old Dominion freight Line rose 4 cents to $34.54. Landstar System added 29 cents at $50.12. Werner Enterprise lost 28 cents at $23.95, and YRC Worldwide dropped 76 cents, or 4.1 percent, to $17.90.
NAME_Timothy F. Geithner AGE-BIRTH DATE-LOCATION-47; August 18, 1961, New York City.
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