Shares of Cargojet Inc. (CJT-T) are down by about 15 per cent from their record high on Monday after Air Canada signalled plans to expand its cargo business. Analysts say Cargojet’s stock also tapered off alongside other names that benefitted from a surge in e-commerce during the pandemic, amid rising hopes for a COVID-19 vaccine.
Cargojet shares hit a record $250.01 on the Toronto Stock Exchange early Monday, but then ended the day down 13 per cent from Friday’s close of $242.55. The stock closed down about 3 per cent on Tuesday to $204.39. The shares have dropped by about 15 per cent over the past five days but have doubled over the past year.
The stock soared last weekafter the company reported earnings that beat expectations and amid high expectations for a continuation of the online shopping trend. However, Monday’s news of a potential vaccine on the horizon dulled some of …