Despite losers topping winners in August, the WorkBoat Composite Index was still able to post a slight gain of just over 1 percent. The Index rose 20 points as 22 of the 37 stocks that make up the Index lost ground.
Winners included American Commercial Lines . Big percentage losers were all operators, including K-Sea Transportation Partners .
ACL gained over 16 percent in August. The barge and shipyard operator’s board approved a $150 million stock buyback. The company completed a $200 million repurchase program in July that represented about 7.8 million shares. ACL has over 54 million shares outstanding.
K-Sea shares lost over 14 percent in August despite improved second-quarter results. In the quarter ended June 30, K-Sea posted net income of 37 cents a share compared to 30 cents a share a year earlier.
– David Krapf