Matson's Stock Tumble Pressures Dow Transports To a Triple-digit Loss

Shares of Hawaii-based ocean shipping company Matson Inc. tumbled 10% toward a 7 1/2-month low in morning trade Wednesday, pressuring the Dow Jones Transportation Average to underperform the broader stock market by a wide margin, after a disappointing fourth-quarter report and outlook. Matson reported late Tuesday revenue that topped expectations but missed on profit, and said first-quarter ocean transportation income is expected to be less than half of what it was a year ago. The stock's price drop of $3.63 shaved about 22 points off the Dow transports. The index was down 100 points, with 19 of 20 components losing ground, compared with a 2-point, or less than 0.1% decline, in the Dow Jones Industrial Average . Among the other biggest decliners within the Dow transports, shares of United Parcel Service Inc. slid 1.7%, of JetBlue Airways Corp. shed 1.6% and of CSX Corp. gave up 1.4%. The lone gainer was Expeditors International of Washington Inc.'s stock , which tacked on 0.5%.