Originally published Tuesday, June 30, 2009 at 9:38 AM
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American Commercial Lines shares fall on downgrade
Shares of barge shipper American Commercial Lines Inc. plunged Tuesday after an analyst downgraded the company's stock due in part to continued weakness in the company's transportation business.
Shares of barge shipper American Commercial Lines Inc. plunged Tuesday after an analyst downgraded the company's stock due in part to continued weakness in the company's transportation business.
Morgan Keegan & Co. downgraded shares of American Commercial Lines from outperform to market perform. It said it is concerned about barge orders.
The firm also lowered its second-quarter 2009 and full-year 2009 and 2010 earnings per share estimates.
"We expect the inland barge market will lag a general recovery in the economy with excess capacity chasing weak volumes," a research note from the firm said.
American Commercial Lines shares fell $1.48, or 8.9 percent, to $15.17 in early afternoon trading Tuesday.
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