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Long Play Updates

Arkansas Best - ABFS - close: 43.22 chg: +1.82 stop: 40.75

News this morning that Yellow-Roadway (YELL) was buying USF Corp (USFC) in a $1.37 billion deal sent the transportation sector higher, especially the truckers. This fueled new speculation that the whole industry could see more consolidation in the next few months. Shares of ABFS gapped open above technical resistance at its 50-dma and climbed to $44.25 before succumbing to some profit taking. Volume on the breakout was huge at about five times the average volume. Our trigger to go long was $42.51 so the play is now open. Readers may want to look for a dip back toward the $42.50 level as an entry point but it may not occur. Our short-term target is the $46.00-46.50 region.


 

Picked on February 28 at $42.51
Gain since picked: + 0.71
Earnings Date 01/27/05 (confirmed)
Average Daily Volume: 259 thousand

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