Why Landstar System Stock Flopped on Friday

Logistics specialist Landstar System (NASDAQ: LSTR) wasn't looking like such a special company to investors as the trading week came to a close. Its share price decelerated by almost 4% on Friday on news of a reporting delay. That decline was particularly noticeable given that the benchmark S&P 500 index increased on the day, rising by 0.6%.That morning Landstar announced that its first-quarter earnings release, scheduled for publication next Tuesday, April 29, has been shifted forward. The company said it will instead unveil those results on May 13, again a Tuesday. Accordingly, it will file an official notification of late filing with the U.S. Securities and Exchange Commission. By way of explanation, Landstar wrote in its press release on the matter that it "identified a supply chain fraud that does not involve its core North American truckload services." It did not elaborate on this somewhat alarming development, but said the delay was connected to evaluating its impact.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool