NEW YORK (
) -TheStreet Ratings' stock model upgraded
Old Dominion Freight Line
to 'Buy' from 'Hold'. This $1.5 billion, less-than-truckload, freight delivery company doubled its second quarter net income to $21.5 million versus the second quarter 2009.
TheStreet Ratings released rating changes on 30 additional U.S. common stocks for July 28, 2010. In total, just 11 stocks were downgraded and 20 stocks have been upgraded by our stock model. The number of upgrades exceeding downgrades by a two-to-one margin today can be credited to a positive second quarter earnings season being seen in our stock model results.
Quarterly revenue at Old Dominion Freight Line reached $368 million, or 16.5% above its second quarter 2009 performance. Old Dominion President & CEO, David Congdon, cited improving trends in revenue and tonnage in the outlook for his company.
Another company being upgraded by TheStreet Ratings' stock model is
, which moved to 'Buy' from 'Hold'. This oil & gas services company swung from a quarterly loss a year ago to a profit of $32 million in the second quarter. The company raised its dividend by 50% to 6 cents a share.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.