CH Robinson Worldwide (CHRW) NewsBite - CHRW Profit Rises but Misses Estimates

Posted on Wednesday, July 23, 2008 1:39 PM

CH Robinson Worldwide Inc. (CHRW) opened at 51.53. So far today, the stock has hit a low of 49.16 and a high of 51.63. CHRW is now trading at 50.13, down 8.62 (-16.73%). The stock hit its 52 week high of 67.36 in May and set its 52 week low of 45.01 in November. CHRW has been rising for most of the past year. C.H. Robinson Worldwide announced yesterday evening its second-quarter profit rose 10% to $90.4 million as volumes and rates increased. The trucking, shipping and logistics company reported earnings of 52 cents per share on sales of $2.32 billion, while analysts predicted profit of 55 cents per share on revenue of $2.19 billion. On the news, a JP Morgan analyst downgraded the stock this morning to "Neutral" from "Overweight." Technical indicators for the stock are bearish but slightly improving while S&P gives CHRW a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $55 range. CHRW stock could rise up to 9.7% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]