MW: YRC stock drops after report congressional panel decides company isn't essential to national security

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MARKETWATCH reports:

Shares of YRC Worldwide Inc. YRCW, -27.17% sank 4.6% in midday trading Monday, after a congressional panel said the trucking company didn’t meet the test to be designated as essential to national security, The Wall Street Journal reported.

The stock has rocketed 74.6% on July 1 after YRC said it expects to receive $700 million loan from the U.S. Treasury under the Coronavirus Aid, Relief and Economic Security (CARES) Act, as the Treasury determined the company played an essential role in the nation’s supply chain. Congress had ...