Shares of Kirby Corp. KEX, +6.54% shot up 7.4% in afternoon trade Friday, putting them on track for the biggest one-day gain since July 26, 2012, following bullish comments from Stifel Nicolaus analyst Benjamin Nolan. The stock was the biggest gainer in the Dow Jones Transportation Average DJT, +0.95% which reached an all-time intraday high of 11,623.58 earlier in the session. Kirby’s stock price gain was adding 34 points to the Dow transports, which was up 77 points, or 0.7%, while the Dow Jones Industrial Average DJIA, +0.03% was down 47 points. Kirby’s stock had tumbled 12% month to date through Thursday, with Stifel’s Nolan attributing the weakness to concerns over slowing in the fracking market. “Yesterday, we toured the company’s United Manufacturing facility in Oklahoma and turns out market fears are not only overblown but the business is actually improving,” Nolan wrote in a note to clients. “Given this misunderstanding by the market leading to a much more attractive entry point, we would be buyers of the shares at current levels.”
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