Matson's Stock Plunge Turns Dow Transports Negative

By Markets MarketWatch Pulse

Matson Inc.'s stock tumbled 12% to a 16-month low in morning trade Thursday, enough to pull the Dow Jones Transportation Average down into negative territory, on the heels of the shipping company's disappointing first-quarter report and outlook. The price decline of $4.72 was shaving off about 28 points from the Dow transports index, which was down just 12 points. That compares to the 23-point gain in the Dow Jones Industrial Average . Late Wednesday, Matson reported earnings and revenue that missed expectations, and said it expected full-year 2016 ocean transportation earnings to be 15% to 20% below last year. The stock, which was trading at the lowest level since Jan. 8, 2015, has now plunged 23% year to date, while the Dow transports has lost 5.5% and the Dow industrials have gained 1.4%.

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