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Swift Transportation (SWFT) Shares Up, Company Confirms 3rd Quarter Outlook

swift transportationSwift Transportation Co. (NYSE: SWFT) closed up nearly 10% to $20.98 after the company said Thursday that is comfortable with its previously provided third quarter 2014 adjusted earnings guidance of $0.33 to $0.37 per share. Analysts surveyed by Thomson Reuters expect earnings of 35 cents a share for the third quarter.

Swift Transportation President and COO Richard Stocking said, “We are pleased with the results we are experiencing thus far from the over-the-road driver wage increases that went into effect on August 4th. Although this increase has only been in place for a couple of months, the feedback we have received to date from drivers has been very positive. Equally important is the impact it has had thus far on our operational results. Currently, our driver academies are full, and we are experiencing record recruiting weeks.

On Wednesday shares of Swift Transportation Co (NYSE: SWFT) entered into oversold territory, hitting an RSI reading of 29.8, after changing hands as low as $19.09 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 55.1. A stock is considered to be oversold if the RSI reading falls below 30.

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