NEW YORK (AP) — Shares of Ryder System Inc. are losing more than any stock in the S&P 500 as investors react to the truck leasing company's lower earnings forecast for the second quarter and full year.
Ryder is down $5.18, or 12.7 percent, to $35.57 in afternoon trading Friday. It is nearing its 52-week low of $34.28 set in early October.
The Miami company late Thursday cut its expectations for the second quarter and full year mostly due to reduced commercial truck rental demand. Ryder has over 25,000 late-model vehicles for rent including vans and trucks.
The slowdown in this business highlights the still-fragile state of the U.S. economy, because it shows that companies don't need the trucks to haul freight. Ryder expects slower demand to continue through the year.