ArcBest (ARCB) shares rallied 9.1% in the last trading session to close at $121.78. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.6% gain over the past four weeks.

The upside resulted in the stock attaining a 52-week high. The buoyancy was owing to the optimism surrounding the trucking industry. With supply chain woes persisting and demand at elevated levels, trucking rates are increasing. This bodes well for trucking stocks including ArcBest.

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This freight transportation and logistics company is expected to post quarterly earnings of $2.19 per share in its upcoming report, which represents a year-over-year change of +125.8%. Revenues are expected to be $1.09 billion, up 33.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For ArcBest, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ARCB going forward to see if this recent jump can turn into more strength down the road.