Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of YRC Worldwide, (NASDAQ:YRCW) wend on a wild ride today, climbing 10.5% in early trading and plunging as much as 13.4% late in the day.
So what: The moves all came after YRC and the Teamsters union ratified a contract extension to its collective bargaining agreement that will last until March 2019. This will allow refinancing to go through that will reduce debt and improve the company's balance sheet.
Now what: This is good news for the long-term, but the stock has more than tripled since hitting a low in November, and investors may be taking some profits. Volume spiked late in trading when shares were falling so someone was ready to get out. This will be good for the company, although I don't see it as a situation to buy considering the huge losses expected again this year.
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