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ArcBest

ArcBest Corp is engaged in logistics operations. The company operates in two operating segments, The Asset-Based segment includes the results of operations of ABF Freight System, Inc. and certain other subsidiaries. The segment operations include national, inter-regional, and regional transportation of general commodities through standard, expedited, and guaranteed LTL services. The services including freight transportation related to managed transportation solutions and other services. The Asset-Light segment includes the results of operations of the Company's service offerings in truckload, ground expedite, dedicated, intermodal, household goods moving, managed transportation, warehousing and distribution, and international freight transportation for air, ocean, and ground.

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ARCB

ARCB shares up 1.80% on better-than-expected Q4 2024 results, with revenue beating consensus and adjusted EPS surpassing expectations.

ArcBest Delivers A Mixed Q4: Revenue Down, EPS Up But Outperforms Estimates

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Old Dominion Freight Line reaffirmed its status as the gold standard in LTL freight, with strong performance and a substantial lead over competitors.

Old Dominion Sets Freight Standard As Rivals Trail Behind

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Mercury Systems Posts Strong Results, Joins ArcBest, Tesla, Kennametal, Qualys And Other Big Stocks Moving Higher On Wednesday

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ARCB shares trading lower after reporting worse-than-expected Q3 2024 results. Revenue declined 5.8%, tonnage and shipments decreased, pricing rational.

ArcBest Shares Fall On Q3 Revenue Miss, Productivity Gains Can&#39;t Offset Shipment Decline

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Wells Fargo To Rally Around 16%? Here Are 10 Top Analyst Forecasts For Monday

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This Chewy Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Wednesday

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$21M Bet On Coupang? Check Out These 3 Stocks Insiders Are Buying

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These Analysts Revise Their Forecasts On ArcBest Following Q2 Results

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ArcBest reported Q2 FY24 revenue of $1.08B, beating consensus of $1.06B. Asset-based business total tonnage per day decreased by 20.3%, and total shipments per day fell by 4.8% Y/Y.

Why Is Logistics Company ArcBest Stock Plunging Today?

Small Cap

ADNT

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

Adient plc (NYSE: ADNT) is an automotive seating supplier. The Zacks Consensus Estimate for its current year earnings has been revised 10.7% downward over the last 60 days.

New Strong Sell Stocks for July 1st

ArcBest Corp

Arcblock - United States Dollar

ArcBest Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) shares are trading higher after the company reported <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43379618/arcbest-announces-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener">better-than-expected fourth-quarter 2024 results</a>.
The company reported a fourth-quarter revenue decline of 8.1% year over year to $1.001 billion, beating the consensus of $994.994 million.
The operating income declined 40.6% YoY to $38.16 million
Sales by segments: Asset-Based $656.22 million, down 7.6% YoY (per-day decrease of 7.6%) and Asset-Light $375.43 million, down 9.2% YoY (per-day decrease of 9.2%).
Asset-based business total tonnage per day decreased by 7.3%, and total shipments per day fell by 1.1% YoY. Pricing rose 4.5% on renewals, but lower fuel costs limited overall gains, keeping LTL pricing stable.
Meanwhile, asset-light revenues declined due to lower shipment rates and a higher mix of smaller managed transportation shipments. Daily shipments fell 2.1%.
Fourth-quarter shipments fell 1.4% from the third quarter, but daily revenue rose 0.6% as revenue per shipment increased by 2%. Higher transport costs compressed margins, driving a $2 million operating loss increase.
Adjusted EBITDA from continuing operations declined to $73.99 million from $113.567 million a year ago, and the margin contracted by 304 bps to 7.4% for the quarter.
Adjusted EPS was $1.33 compared to $2.47 a year ago, beating the consensus of $1.04.
ArcBest&#8217;s operating cash flow for fiscal 2025 totaled $285.846 million, compared to $322.167 million a year ago. As of the end of December, the company held cash and equivalents of $127.44 million.
ArcBest returned over $85 million to shareholders in 2024 through buybacks and dividends while investing in growth. As of January 29, 2025, $48.7 million remained for repurchases.
Price Action: ARCB shares traded higher by 1.80% at $94.51 premarket at the last check Friday.
Photo: Shutterstock

ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) reported quarterly earnings of $1.33 per share which beat the analyst consensus estimate of $1.04 by 27.88 percent. This is a 46.15 percent decrease over earnings of $2.47 per share from the same period last year. The company reported quarterly sales of $1.002 billion which beat the analyst consensus estimate of $994.994 million by 0.70 percent. This is a 8.07 percent decrease over sales of $1.090 billion the same period last year.

Earnings Beats

ArcBest Q4 2024 Adj. EPS $1.33 Beats $1.04 Estimate, Sales $1.002B Beat $994.994M Estimate

<h3>Companies Reporting Before The Bell</h3>
• Novartis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) is estimated to report quarterly earnings at $1.79 per share on revenue of $12.77 billion. 
• Zapp Electric Vehicles (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZAPP#NASDAQ">ZAPP</a>) is projected to report earnings for its Fiscal Year 2024. 
• Dorian LPG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPG#NYSE">LPG</a>) is estimated to report quarterly earnings at $0.70 per share on revenue of $89.89 million. 
• Piper Sandler (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PIPR#NYSE">PIPR</a>) is projected to report quarterly earnings at $3.96 per share on revenue of $452.49 million. 
• WisdomTree (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WT#NYSE">WT</a>) is projected to report quarterly earnings at $0.18 per share on revenue of $111.06 million. 
• RBC Bearings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBC#NYSE">RBC</a>) is estimated to report quarterly earnings at $2.20 per share on revenue of $394.43 million. 
• OneMain Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMF#NYSE">OMF</a>) is projected to report quarterly earnings at $1.15 per share on revenue of $1.20 billion. 
• W.W. Grainger (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>) is likely to report quarterly earnings at $9.74 per share on revenue of $4.24 billion. 
• Virtus Inv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRTS#NYSE">VRTS</a>) is likely to report quarterly earnings at $7.66 per share on revenue of $214.69 million. 
• Eaton Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>) is expected to report quarterly earnings at $2.82 per share on revenue of $6.36 billion. 
• Imperial Oil (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/IMO#AMEX">IMO</a>) is likely to report quarterly earnings at $2.02 per share on revenue of $13.18 billion. 
• First Hawaiian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FHB#NASDAQ">FHB</a>) is estimated to report quarterly earnings at $0.41 per share on revenue of $203.83 million. 
• Broadridge Financial Soln (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BR#NYSE">BR</a>) is estimated to report quarterly earnings at $1.35 per share on revenue of $1.57 billion. 
• Vestis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTS#NYSE">VSTS</a>) is likely to report quarterly earnings at $0.12 per share on revenue of $688.89 million. 
• Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is expected to report quarterly earnings at $1.79 per share on revenue of $88.23 billion. 
• Revvity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVTY#NYSE">RVTY</a>) is expected to report quarterly earnings at $1.38 per share on revenue of $730.10 million. 
• Janus Henderson Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHG#NYSE">JHG</a>) is projected to report quarterly earnings at $0.97 per share on revenue of $683.02 million. 
• Church &amp; Dwight Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHD#NYSE">CHD</a>) is estimated to report quarterly earnings at $0.76 per share on revenue of $1.57 billion. 
• Aon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) is estimated to report quarterly earnings at $4.26 per share on revenue of $4.21 billion. 
• Badger Meter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMI#NYSE">BMI</a>) is expected to report quarterly earnings at $1.07 per share on revenue of $201.60 million. 
• Franklin Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) is likely to report quarterly earnings at $0.56 per share on revenue of $2.73 billion. 
• Autoliv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>) is expected to report quarterly earnings at $2.85 per share on revenue of $2.73 billion. 
• LyondellBasell Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>) is likely to report quarterly earnings at $0.95 per share on revenue of $9.49 billion. 
• Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) is likely to report quarterly earnings at $0.94 per share on revenue of $35.07 billion. 
• Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) is expected to report quarterly earnings at $2.40 per share on revenue of $48.68 billion. 
• Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) is estimated to report quarterly earnings at $9.18 per share on revenue of $13.89 billion. 
• Brookfield Business (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBUC#NYSE">BBUC</a>) is likely to report earnings for its fourth quarter. 
• Brookfield Bus Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBU#NYSE">BBU</a>) is estimated to report earnings for its fourth quarter. 
• Brookfield Renewable (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEPC#NYSE">BEPC</a>) is likely to report quarterly loss at $0.36 per share on revenue of $2.01 billion. 
• Brookfield Renewable (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEP#NYSE">BEP</a>) is expected to report quarterly loss at $0.35 per share on revenue of $1.53 billion. 
• ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) is estimated to report quarterly earnings at $1.12 per share on revenue of $1.01 billion. 
• Gentex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNTX#NASDAQ">GNTX</a>) is likely to report quarterly earnings at $0.48 per share on revenue of $598.58 million. 
• AbbVie (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) is estimated to report quarterly earnings at $2.98 per share on revenue of $14.81 billion. 
• Banco De Chile (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCH#NYSE">BCH</a>) is projected to report quarterly earnings at $0.53 per share on revenue of $804.00 billion. 
• Booz Allen Hamilton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) is expected to report quarterly earnings at $1.51 per share on revenue of $2.86 billion. 
• Colgate-Palmolive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) is likely to report quarterly earnings at $0.90 per share on revenue of $5.05 billion. 
<h3>Companies Reporting After The Bell</h3>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Earnings Scheduled For January 31, 2025

Stifel analyst J. Bruce Chan maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Buy and raises the price target from $109 to $125.

Stifel Maintains Buy on ArcBest, Raises Price Target to $125

Stifel analyst J. Bruce Chan maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Buy and lowers the price target from $114 to $109.

Stifel Maintains Buy on ArcBest, Lowers Price Target to $109

Wells Fargo analyst Christian Wetherbee maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Equal-Weight and lowers the price target from $115 to $105.

Wells Fargo Maintains Equal-Weight on ArcBest, Lowers Price Target to $105

Citigroup analyst Ariel Rosa maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Neutral and raises the price target from $110 to $127.

Citigroup Maintains Neutral on ArcBest, Raises Price Target to $127

Old Dominion Freight Line Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) just reaffirmed its status as <a href="https://www.benzinga.com/topic/shipping">the gold standard</a> in less-than-truckload (LTL) freight, according to JPMorgan analyst Brian Ossenbeck, who recently pored over insights from the 2024 Mastio Survey.
<h2 class="wp-block-heading">Old Dominion's Playbook: The Industry's Gold Standard For 15 Years</h2>
The survey, with feedback from roughly 1,600 shippers, showcases Old Dominion's dominance in an industry where rivals are scrambling to catch up.
Despite the buzz around newer strategies, Ossenbeck's analysis indicates that Old Dominion still has a substantial lead. Peers like XPO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>) and Saia Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) may be adopting aspects of Old Dominion's "playbook". They&#8217;ve been prioritizing service, improving network efficiency, and leveraging pricing power. But even after implementing these strategies, they've only narrowed the gap by 7%. 
Ossenbeck puts it simply—executing Old Dominion's playbook is easier said than done.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41487850/old-dominion-freight-line-q3-misses-on-earnings-and-revenue-as-economic-headwinds-weigh">Old Dominion Freight Line Q3: Misses On Earnings And Revenue As Economic Headwinds Weigh</a>
<h2 class="wp-block-heading">ArcBest, XPO Make Gains, While TForce, Saia Lag</h2>
Among the pack, ArcBest Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) and XPO made notable strides in 2024. 
ArcBest showed the largest service improvement, with strong gains in on-time pickup and delivery, key metrics for shippers. 
XPO, with its LTL 2.0 strategy, also achieved robust performance gains, especially with smaller shippers. Meanwhile, Estes held steady, maintaining a high service level but not outpacing peers in improvement.
At the other end of the spectrum, TForce Freight is struggling with cost efficiencies and service expectations. Saia, despite a network expansion, saw its service performance slip, a trend Ossenbeck expects to stabilize in the coming year.
And then there's FedEx Freight – which has the second-slowest performance improvement among national carriers.
For 15 years running, Old Dominion has been the reigning champ in LTL freight, while peers have been taking notes. According to Ossenbeck, OD's mastery in service, pricing, and network efficiency keeps it miles ahead – leaving everyone else playing catch-up.
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Photo: Jon Tetzlaff/Shutterstock.com

U.S. stocks were higher, with the Dow Jones index gaining around 1,300 points on Wednesday.
Shares of Mercury Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRCY#NASDAQ">MRCY</a>) rose sharply during Wednesday's session after the company reported better-than-expected <a href="https://www.benzinga.com/quote/MRCY/earnings">quarterly financial results.</a>
Mercury Systems reported quarterly earnings of 4 cents per share which beat the analyst consensus estimate of a loss of 8 cents per share. The company reported quarterly sales of $204.431 million which beat the analyst consensus estimate of $181.772 million.
Mercury Systems shares jumped 16.7% to $39.90 on Tuesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>The GEO Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEO#NYSE">GEO</a>) shares jumped 36.2% to $20.60.</li>
<li>CoreCivic, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXW#NYSE">CXW</a>) shares gained 28.2% to $17.47.</li>
<li>Cytek Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTKB#NASDAQ">CTKB</a>) jumped 28% to $6.96 following upbeat quarterly results.</li>
<li>Treace Medical Concepts, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMCI#NASDAQ">TMCI</a>) shares gained 26.3% to $7.22 following strong quarterly results.</li>
<li>United Fire Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UFCS#NASDAQ">UFCS</a>) surged 23.3% to $24.58 following upbeat quarterly earnings.</li>
<li>Revolve Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVLV#NYSE">RVLV</a>) gained 19.8% to $31.18 following third-quarter results.</li>
<li>Rayonier Advanced Materials Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RYAM#NYSE">RYAM</a>) rose 19.8% to $9.75 after posting third-quarter results.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) gained 18.3% to $229.39.</li>
<li>ArcBest Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) rose 16.6% to $121.35 following quarterly results.</li>
<li>Kennametal Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMT#NYSE">KMT</a>) gained 16.3% to $30.91 following better-than-expected quarterly earnings.</li>
<li>Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) gained 16.2% to $66.03.</li>
<li>Evercore Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVR#NYSE">EVR</a>) rose 15.4% to $313.80.</li>
<li>Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) surged 15.2% to $166.57.</li>
<li>Piper Sandler Companies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIPR#NASDAQ">PIPR</a>) rose 15.1% to $334.57.</li>
<li>Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) surged 14.9% to $28.68.</li>
<li>Qualys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QLYS#NASDAQ">QLYS</a>) gained 13.6% to $145.65 after the company reported better-than-expected third-quarter financial results and raised its FY24 guidance.</li>
<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) gained 12.8% to $187.38.</li>
<li>Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) surged 12.8% to $153.07.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 12.6% to $282.93 following Trump win.</li>
<li>The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) gained 12.4% to $592.23.</li>
<li>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) surged 10.7% to $61.26 following strong quarterly revenue.</li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41744659/jim-cramer-says-he-cant-recommend-this-major-automaker-ceva-is-way-too-high">Jim Cramer Says He Can&#8217;t Recommend This Major Automaker, Ceva Is &#8216;Way Too Hig</a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41744659/jim-cramer-says-he-cant-recommend-this-major-automaker-ceva-is-way-too-high">h</a>&#8216;</li>
</ul>

UBS analyst Thomas Wadewitz maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Neutral and lowers the price target from $111 to $110.

UBS Maintains Neutral on ArcBest, Lowers Price Target to $110

JP Morgan analyst Brian Ossenbeck maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Neutral and lowers the price target from $130 to $117.

JP Morgan Maintains Neutral on ArcBest, Lowers Price Target to $117

Wells Fargo analyst Christian Wetherbee maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Equal-Weight and lowers the price target from $112 to $105.

Morgan Stanley analyst Ravi Shanker maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Overweight and lowers the price target from $175 to $170.

Morgan Stanley Maintains Overweight on ArcBest, Lowers Price Target to $170

ArcBest Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) shares are trading lower after the company reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41678433/arcbest-announces-third-quarter-2024-results" rel="noreferrer noopener">worse-than-expected third-quarter 2024 results</a>.
The company reported a third-quarter revenue decline of 5.8% year over year to $1.06 billion, missing the consensus of $1.07 billion.
Sales by segments: Asset-Based $707.7 million (per-day decrease of 5.8%), and Asset-Light $385.3 million (per-day decrease of 9.6%).
Asset-based business total tonnage per day decreased by 11.3%, and total shipments per day fell by 0.7% Y/Y.
Pricing momentum continued in the quarter, driven by a 5.9% general rate increase on Sept. 9, and contract renewal increases of 4.6%. Overall, LTL industry pricing remains rational.
Meanwhile, Asset-Light revenues fell due to lower shipment rates and a higher mix of smaller managed transportation shipments. Shipments per day dipped, but productivity rose, with shipments per employee up 19.5% year over year. Soft freight and excess capacity continue to weigh on results.
Adjusted EBITDA from continuing operations declined to $86.404 million from $101.59 million a year ago.
Adjusted EPS was $1.64 compared to $2.31 a year ago, missing the consensus of $1.83.
ArcBest's operating cash flow for the nine months totaled $229.05 million, compared to $194.76 million a year ago. The company held cash and equivalents of $150.46 million as of the end of September.
"Over the past year, we have made substantial strides in controlling costs, improving productivity, and enhancing our service quality. These efforts contributed to ABF once again being recognized by Mastio for exceeding the industry benchmark for service," said Judy R. McReynolds, ArcBest chairman and CEO
Price Action: ARCB shares traded lower by 5.22% at $98.96 premarket at the last check Friday.
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ArcBest Shares Fall On Q3 Revenue Miss, Productivity Gains Can't Offset Shipment Decline

ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) reported quarterly earnings of $1.64 per share which missed the analyst consensus estimate of $1.83 by 10.38 percent. This is a 29 percent decrease over earnings of $2.31 per share from the same period last year. The company reported quarterly sales of $1.06 billion which missed the analyst consensus estimate of $1.07 billion by 0.54 percent. This is a 5.76 percent decrease over sales of $1.13 billion the same period last year.

Earnings Misses

ArcBest Q3 2024 Adj EPS $1.64 Misses $1.83 Estimate, Sales $1.06B Miss $1.07B Estimate

Stifel analyst J. Bruce Chan maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Buy and lowers the price target from $131 to $119.

Stifel Maintains Buy on ArcBest, Lowers Price Target to $119

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Evercore ISI Group raised JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) price target from $217 to $230. Evercore ISI Group analyst Glenn Schorr maintained an Outperform rating. JPMorgan shares closed at $222.29 on Friday. <a href="https://www.benzinga.com/quote/jpm/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital cut the price target for Nurix Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRIX#NASDAQ">NRIX</a>) from $27 to $26. RBC Capital analyst Gregory Renza maintained an Outperform rating. Nurix Therapeutics shares closed at $23.63 on Friday. <a href="https://www.benzinga.com/quote/nrix/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel raised the price target for V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) from $21 to $25. Stifel analyst Jim Duffy maintained a Buy rating. V.F. Corporation shares closed at $20.33 on Friday. <a href="https://www.benzinga.com/quote/vfc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wedbush raised Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) price target from $25 to $45. Wedbush analyst David Chiaverini upgraded the stock from Underperform to Neutral. Affirm shares closed at $47.08 on Friday. <a href="https://www.benzinga.com/quote/afrm/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel cut Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) price target from $13 to $11. Stifel analyst Mark Kelley maintained a Hold rating. Snap shares closed at $11.13 on Friday. <a href="https://www.benzinga.com/quote/snap/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group raised Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) price target from $68 to $71. Evercore ISI Group analyst John Pancari maintained an Outperform rating. Wells Fargo shares closed at $60.99 on Friday. <a href="https://www.benzinga.com/quote/wfc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JMP Securities raised the price target for Benitec Biopharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTC#NASDAQ">BNTC</a>) from $16 to $18. JMP Securities analyst Silvan Tuerkcan maintained a Market Outperform rating. Benitec Biopharma settled at $10.86 on Friday. <a href="https://www.benzinga.com/quote/bntc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler raised Boot Barn Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) price target from $147 to $179. Piper Sandler analyst Peter Keith maintained an Overweight rating. Boot Barn shares closed at $159.36 on Friday. <a href="https://www.benzinga.com/quote/boot/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird raised the price target for Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) from $67 to $80. Baird analyst David Manthey maintained a Neutral rating. Fastenal shares closed at $76.82 on Friday. <a href="https://www.benzinga.com/quote/fast/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen cut ArcBest Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) price target from $131 to $114. TD Cowen analyst Jason Seidl downgraded the stock from Buy to Hold. ArcBest shares rose 1.4% to close at $105.95 on Friday. <a href="https://www.benzinga.com/quote/arcb/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying WFC stock? Here&#8217;s what analysts think:

TD Cowen analyst Jason Seidl downgrades ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) from Buy to Hold and lowers the price target from $131 to $114.

Downgrades

TD Cowen Downgrades ArcBest to Hold, Lowers Price Target to $114

Jefferies analyst Stephanie Moore maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Buy and lowers the price target from $140 to $130.

Jefferies Maintains Buy on ArcBest, Lowers Price Target to $130

Goldman Sachs analyst Jordan Alliger maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Neutral and lowers the price target from $133 to $125.

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