How did FWRD's Q4 earnings surprise impact investor sentiment?

**Forward Air's (FWRD) Q4 earnings surprise had a negative impact on investor sentiment**, as evidenced by the following points:

1. **Earnings Per Share (EPS) Surprise**: The EPS in Q4 was -1.11, which is significantly below the expected EPS of 0.56 for the current year. This indicates a substantial shortfall in earnings, leading to concerns among investors about the company's financial performance.
2. **Revenue and Profitability**: The company's revenue for the quarter was $338.43 million, which is below analyst estimates of $406.96 million. Additionally, the net margin stood at 10.58% and the return on equity at 15.30%. These figures suggest that while the company has some profitability, it is not meeting market expectations, further dampening investor confidence.
3. **Analyst Ratings and Sell-Offs**: There have been downgrades and sell-offs by various analysts and investors. For instance, Natixis Advisors L.P. sold 6,680 shares, and Swiss National Bank decreased its stock holdings. These actions reflect a lack of confidence in the company's future prospects, which can lead to a decline in investor sentiment.
4. **Market Reaction**: The stock price of Forward Air has experienced a significant drop, with a last price of $14.95, representing a 27.92% change. This decline is a direct response to the earnings surprise and the broader negative sentiment surrounding the company.

In conclusion, the Q4 earnings surprise has contributed to a negative sentiment towards Forward Air, with investors concerned about the company's financial performance and uncertain prospects.