Dow transports get a boost from Matson, Expeditors stock rallies on earnings beats
Shares of Matson Inc. shot up 11.1% in morning trade Tuesday, enough to pace the Dow Jones Transportation Average's gainers, after the ocean transportation, rail and trucking services company reported late Monday third-quarter earnings and revenue that rose above expectations and raised his fourth-quarter outlook. The price gain, which would be stretch its win streak to seven sessions, was adding about 25 points to the Dow transports' price, which was up 47 points. The next biggest gainer in the Dow transports was Expeditors International of Washington Inc.'s stock , which rallied 4.2% after the air and ocean freight company reported early Tuesday earnings and revenue that beat expectations, and added about 17 points to the index. The biggest weight on the transports tracker was Avis Budget Group Inc.'s stock , which tumbled 5.6% to shave about 11 points off the transports after the car rental service reported late Monday earnings and revenue that missed expectations. The Dow transports have now shed 6.6% over the past three months while the Dow Jones Industrial Average has inched up less than 0.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.