As troubled U.S. trucker YRC Worldwide fights to stay afloat, investors scooped up stocks in its rivals on Tuesday in anticipation of a bankruptcy.
YRC, the largest U.S. trucking firm handling smaller, or less-than-truckload shipments, said it was again extending a key debt-for-equity offer that it needs in order to stay solvent but was still short of the needed threshold.
The turbulence at YRC was observed by investors but also by customers and for that reason other industry participants are positioned to benefit, said Lawrence Creatura, portfolio manager at Federated Investors in Rochester, New York.
Midcap trucking and logistics company Con-Way Inc
The S&P MidCap 400 index <.MID> slipped 0.1 percent and the S&P SmallCap 600 index <.SML> shed 0.05 percent. In comparison, the benchmark S&P 500 <.SPX> dipped 0.05 percent.
Smallcap United Community Banks Inc
Jefferies Group Inc
(Editing by Andrew Hay)