Frozen Food Express drops 10% on rising fuel costs
Frozen Food Express Industries Inc. (Nasdaq:FFEX) fell 11% on Wednesday as the price of crude oil moved to more than $142 per barrel. Frozen Food Express, a Dallas-based company, transports temperature-controlled products and perishable goods. Higher gas prices have cut into shares of the food transporter, forcing it in May to reduce the top speeds for its trucks from 65 miles per hour to 62. Frozen Food Express shares have lost 5% since January and on Wednesday shares fell to $5.58 apiece, down $0.70 from Tuesday’s close.
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