Old Dominion Freight Line Surges 2.42% on $330M Volume, Climbs to 356th in U.S. Trading Activity Amid Restructuring Push

Old Dominion Freight (ODFL) closed 2.42% higher on October 8, with a trading volume of $0.33 billion—up 55.78% from the previous day. The stock ranked 356th in volume among U.S. equities, reflecting renewed investor interest following recent operational updates.

Analysts noted that the rise in volume coincided with a strategic cost-restructuring initiative announced by the company earlier in the week. The move, which includes fleet optimization and route efficiency measures, has positioned ODFL to potentially outperform peers in Q4 earnings. However, market participants remain cautious about broader economic risks, including rising fuel costs and seasonal demand fluctuations.

To run this back-test rigorously I need to pin down a few implementation details and make sure the data we need are available. Could you please confirm (or adjust) the following points? 1. Market universe: All U.S.-listed common stocks (NYSE + NASDAQ + Amex), excluding ETFs, ADRs, preferreds. 2. Ranking metric: Daily share volume, ranking each day after the close and selecting the 500 highest. 3. Trade execution convention: Buy the 500 names at next day’s open, hold for one full trading day, exit at that day’s close, with equal-weight positions. 4. Transaction costs: Assume zero costs unless specified. 5. Period: 2022-01-03 through 2025-10-08. Once these are settled, the back-test will proceed using volume and price data.