Tuesday August 18, 07:07 PM
STOCKS NEWS US-RBC starts coverage on shipping companies
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Real (Frankfurt: BJU.F - news) -time Equity news
U.S. stock market report
1349 ET 18Aug2009-RBC (
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| href="http://uk.finance.yahoo.com/q?s=RBCI.PK">RBCI.PK - news) starts coverage on shipping companies
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RBC Capital Markets initiated coverage of package delivery giant FedEx Corp (NYSE: FDX - news) and truck brokerage company Landstar System Inc (NASDAQ: LSTR - news) with an
'outperform' rating, and said it appears volumes have likely bottomed and a
further drop in demand is unlikely.
The brokerage also started coverage of United Parcel Service Inc
and global logistics service provider Expeditors International of Washington
Inc with a 'sector perform' rating.
It initiated coverage of No. 1 U.S. trucking company YRC Worldwide Inc with an 'underperform' rating.
'We do not necessarily believe we are standing at the precipice of a
pronounced freight rebound, but we do not think we are staring into the abyss
anymore,' RBC said in a note to clients.
For details, see
Shares of FedEx gained 2.4 percent to $65.40.
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