Swift Transportation shares fall in debut on NYSE (AP)
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NEW YORK – Shares of trucking company Swift Transportation Co. are sliding in their debut on the New York Stock Exchange.
The stock of Phoenix-based Swift lost 4 cents to $10.96 in afternoon trading. Swift priced 73.3 million shares in an initial public offering at $11 apiece, below its estimated range of $13 to $15 each.
Swift is the biggest truckload carrier in North America, and operates 16,200 tractors, most of them company-owned. It is run by founder and CEO Jerry Moyes, who took it private in 2007.
Trucking companies have been struggling during the recession. Swift booked a net loss of $77.1 million through the first nine months of this year, but the company said the freight market is improving.
The stock trades on the NYSE under the symbol "SWFT."
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