Rochester,NY 7/24/2009 08:38 PM GMT (TransWorldNews)
Shares of trucking operator Con-way Inc. raises on Friday after the company reported that they got a profit which is better than expected and a JPMorgan analyst upgraded the stock.
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The shares gained $5.03, or 14 percent, to $40.99 while trading in the morning .
JPMorgan has raised its rating to "Overweight" from "Neutral," saying the second-quarter results indicated Con-way could be poised "for a significant turn" in earnings per share even if rival YRC Worldwide Inc. doesn't file for bankruptcy protection.
Analyst Thomas R. Wadewitz said if YRC survives but if its market share fall to 10 percent from 20 percent then it would free up about $2.7 billion of freight for other trucking companies "and it will give a strong support for Con-way growth.
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