What Happened:

Shares of freight transportation and logistics provider Saia (NASDAQ:SAIA) fell 18.6% in the afternoon session after the company reported second quarter earnings results. Its EPS missed, and its revenue fell short of Wall Street's estimates. The CFO's comments pointed to uncertain macro on the freight side of the business, a trend also observed in the previous quarter. However, there seem to be signs of light at the end of the tunnel as management added that "we believe our operating trends support the continued execution of our long-term growth strategy." Overall, this was not a great quarter.

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What is the market telling us:

Saia's shares are quite volatile and over the last year have had 12 moves greater than 5%. But moves this big are very rare even for Saia and that is indicating to us that this news had a significant impact on the market's perception of the business.

Saia is down 7.6% since the beginning of the year, and at $395.24 per share it is trading 34.8% below its 52-week high of $605.92 from March 2024. Investors who bought $1,000 worth of Saia's shares 5 years ago would now be looking at an investment worth $5,767.

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