Shares in Panalpina fall 5.1 percent after a weak performance in its air freight unit and higher costs push the Swiss logistics firm to a full-year loss.
"Although expectations were low, the results still came in well below expectations. The adjusted net loss in the fourth quarter will be a disappointment to the market," Kepler Capital Markets analyst Bettina Edmondston writes in a note.
"Panalpina has started various cost cutting and restructuring programmes. However, we believe 2013 will be a transition year and would not expect any major improvement until 2014," says Edmondston who has a 'hold' rating on the stock.
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