The New York Stock Exchange reopened yesterday for the first time since last week's attack on the nearby World Trade Center, with trucking stocks faring poorly while one manufacturer's stock rose on expectations of military expenditures.
According to Bloomberg, United Parcel Service and FedEx shares fell, with investors worried that shippers will choose to send packages by ground rather than air. FedEx dropped 4.2 percent, while UPS dropped 5.1 percent.
Shares of some trucking companies also dropped. Some are worried that the terrorist attack will put a dent in consumer spending, which has been propping up the economy, and that will mean less freight. Higher oil prices, which could result from unrest in the Middle East as the U.S. promises retaliation, are another concern.
Swift Transportation, for instance, lost 6.6 percent. Simon Transportation plunged more than 30 percent. Knight Transportation, which has done very well in the market, fell more than 9 percent. Boyd Bros. dropped 10.4 percent. J.B. Hunt slid 3.7 percent. Covenant Transport dropped 7.8 percent. Marten Transport fell nearly 14 percent. Yellow Corp. dropped 3.7 percent.
On the other end of the scale, Oshkosh Truck's shares rose 5.9 percent, while other publicly traded U.S. heavy truck makers saw their stock prices drop. The specialty truck and chassis manufacturer supplies the defense, fire and emergency markets along with concrete placement and refuse hauling. Oshkosh is the major supplier of trucks to the U.S. military, and some investors are speculating that the military will want Oshkosh to accelerate production and shipments as it gears up for the war against terrorism.
According to Bloomberg, United Parcel Service and FedEx shares fell, with investors worried that shippers will choose to send packages by ground rather than air. FedEx dropped 4.2 percent, while UPS dropped 5.1 percent.
Shares of some trucking companies also dropped. Some are worried that the terrorist attack will put a dent in consumer spending, which has been propping up the economy, and that will mean less freight. Higher oil prices, which could result from unrest in the Middle East as the U.S. promises retaliation, are another concern.
Swift Transportation, for instance, lost 6.6 percent. Simon Transportation plunged more than 30 percent. Knight Transportation, which has done very well in the market, fell more than 9 percent. Boyd Bros. dropped 10.4 percent. J.B. Hunt slid 3.7 percent. Covenant Transport dropped 7.8 percent. Marten Transport fell nearly 14 percent. Yellow Corp. dropped 3.7 percent.
On the other end of the scale, Oshkosh Truck's shares rose 5.9 percent, while other publicly traded U.S. heavy truck makers saw their stock prices drop. The specialty truck and chassis manufacturer supplies the defense, fire and emergency markets along with concrete placement and refuse hauling. Oshkosh is the major supplier of trucks to the U.S. military, and some investors are speculating that the military will want Oshkosh to accelerate production and shipments as it gears up for the war against terrorism.
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