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Stocks Gain 1.3% After Fed's 'Rosy' Outlook
Analyst cuts YRC rating on financial concerns
Analyst downgrades YRC Worldwide, says wage concessions won't prevent bankruptcy in long term
Workers' wage concessions won't be enough to help YRC Worldwide Inc. avoid bankruptcy in the long term, an analyst said Wednesday as he downgraded the trucker.
Analyst David Ross of Stifel Nicolaus lowered his rating on the Overland Park, Kan.-based company to "Sell" from "Hold."
Ross wrote in a client note he does not believe a plan approved last Friday by workers to cut wages and make other concessions will be a long-term fix for the company's "financial, operational and competitive problems."
Bankruptcy is not imminent, he said, "but we do believe it is becoming increasingly likely." YRC Worldwide should remain in business probably at least into this year's fourth quarter, Ross said.
"While we have tried to be more constructive on YRC, as many have piled on the bankruptcy bandwagon, and have looked for ways the company could survive, the seemingly constant need to amend its credit agreement and continued failure to meet already dismal cash flow and earnings expectations leads us to believe there is no 'turn' around the corner," he said.
Analyst cuts YRC rating on financial concerns - Yahoo! Finance
Drivers Still Unhappy With Their Jobs, Survey Says
About half of drivers said they don't feel respected in their jobs, and many feel undervalued, according to a recent survey taken at truckstops.
While more than half of respondents are happy with the job and would recommend the trucking industry, 65 percent said they would remain with their company only until something better comes along.
The survey found that 30 percent did not make enough to meet their needs, and more than half don't feel they have a well-defined future in their current jobs. Of those surveyed, 80 percent have three to 10 years of driving experience, while 55 percent have more than 10 years under their belt.
"The displeasure comes in part from distrust for their employers, a lack of respect and a desire for compensation that factors in experience and accomplishments," said Bill Kistner of Trincon Group, which conducted the survey.
TruckingInfo.com : We've got trucking covered. Your Source for Trucking News and Information
DOT Freight Transport Index Plunges 14.2%
The Department of Transportation’s freight transportation services index fell 14.2% in June from a year earlier, the largest June-to-June decline in the 20 years in which it has been calculated.
The index was unchanged from May, remaining at its lowest level in 12 years, DOT’s Bureau of Transportation Statistics said in its monthly report Wednesday.
DOT Freight Transport Index Plunges 14.2% | Transport Topics Online | Trucking, Freight Transportation and Logistics News
Heavy Truck Demand Down 45 Percent
ACT says overcapacity, rising prices will keep lid on truck market until second half of 2010
Demand for new heavy- and medium-duty trucks is expected to be down 45 percent for the full year and remain weak through the first half of 2010, ACT Research said in its latest North American Commercial Vehicle Outlook.
The research firm predicted Class 8 heavy-duty truck production will show only modest gains in the first half of 2010 before rising in a second-half rebound.
Rising equipment prices could also quell demand. 2010 model year engines that meet tougher federal emissions standards are expected to add up to $9,000 to the cost of a diesel-powered heavy truck.
Heavy Truck Demand Down 45 Percent | Journal of Commerce
Truckload Carrier Celadon Returns to Profitability
But net earnings still down 91 percent year-over-year, as weak economy, cutthroat pricing take toll
Celadon Group returned to profitability — barely — in the quarter ending June 30. The truckload carrier reported a $200,000 net profit on $116.9 million in revenue for the quarter, compared with a $2.1 million loss on $106.9 million in the quarter ending March 31.
But net profit still was down 91 percent year-over-year, and revenue was down 24.4 percent compared to a year ago, as the weak economy pushed down its average rate per loaded mile 6.5 percent.
And despite industry efforts to reduce capacity, Celadon ended the quarter with a larger fleet than it had a year ago. Its tractor fleet grew 7.5 percent year-over-year to 3,168 units — one less than it had at the end of the March 31 quarter.
Truckload Carrier Celadon Returns to Profitability | Journal of Commerce
Trade Deficit Grows as Imports Lead Recovery
U.S. trade deficit increases 3.8 percent to $27 billion
U.S. exports and imports increased in June, signaling at least some seasonal growth as well as an upturn toward recovery from the recession. The more rapid growth of imports pushed the trade deficit up 3.8 percent or $1 billion in June, according to a report released Wednesday by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
Total June exports of $125.8 billion and imports of $152.8 billion resulted in a goods and services deficit of $27 billion, up from $26 billion in May, revised, according to the report.
June exports were $2.4 billon more than May exports of $123.4 billion. June imports were $3.5 billion more than May imports of $149.3 billion.
Trade Deficit Grows as Imports Lead Recovery | Journal of Commerce
Dow...9,361.61 +120.16 +1.30%
Nasdaq...1,998.72 +28.99 +1.47%
S&P 500...1,005.81 +11.46 +1.15%
ABFS...30.07...+1.15...+3.98%
CNW...47.56...+1.60...+3.48%
ODFL...38.12...+1.13...+3.05%
UPS...54.53...+0.87...+1.62%
LSTR...38.15...+0.47...+1.25%
JBHT...30.80...+0.32...+1.05%
FDX...66.38...+0.41...+0.62%
HTLD...15.47...+0.06...+0.39%
VTNC...10.86...-0.04...-0.37%
KNX...17.97...-0.10...-0.55%
SAIA...18.80...-0.19...-1.00%
YRCW...2.05...-0.25...-10.87%
FDX--
Mean Street: Somehow, the American Dream Lives On - Deal Journal - WSJ
Quotes for FDX - Yahoo! Finance
Emerge applies for $500K in stimulus funds - Memphis Business Journal:
Obama’s Hoof-in-Mouth Disease - Money and Politics Blog - CNBC.com
UPS--
Obama’s Hoof-in-Mouth Disease - Money and Politics Blog - CNBC.com
Layoff Tracker - Forbes.com
ABFS--
ABFS: Income Statement for Arkansas Best Corporation - Yahoo! Finance
YRCW--
Quotes for YRCW - Yahoo! Finance
Analyst cuts YRC rating on financial concerns - Yahoo! Finance
Stocks Gain 1.3% After Fed's 'Rosy' Outlook
Stocks rallied Wednesday, buoyed by an improved outlook from the Fed and an encouraging housing report.
The Federal Reserve said "economic activity is leveling out" and "conditions in financial markets have improved further in recent weeks."
Stocks Gain 1.3% After Fed's 'Rosy' Outlook - Market Overview * US * News * Story - CNBC.com
'Nasty' 10-20% Pullback Possible This Fall: Investor
The stock market rally will continue—but beware of a pullback, said Jeff Krumpelman of Hilliard Lyons Capital Management and Christopher Zook at CAZ Investments.
But if stocks don’t break to the new highs and markets pull back below Tuesday’s lows, Zook told investors to brace for a “pretty nasty correction” of about 10 to 20 percent early this fall.
CNBC Stock Blog — 'Nasty' 10-20% Pullback Possible This Fall — CNBC.com Market News - CNBC Stock Blog - CNBC.com
More Workers Increasing Retirement Savings: Fidelity
More workers put more money into their retirement plans in the second quarter than reduced their contributions, according to new data from Fidelity Investments.
The figures reverse a trend from past quarters as markets rose and fit a broader pattern of increased savings by U.S. consumers amid the steepest recession in decades.
More Workers Increase Retirement Savings: Fidelity - Funds and ETFs * US * News * Story - CNBC.com
The Nation's Long-Running Health Care Debate
President Barack Obama's campaign for a health care overhaul is an intense installment in a long-running story, dating to Theodore Roosevelt in 1912.
It did not go well nearly a century ago. Roosevelt made national health insurance an issue in his last, losing campaign for the White House, and successive efforts to get it enacted have lost, too.
The basic issue, affordable health care for all Americans, has not changed. But possible solutions have not evolved either, in part because new proposals seldom build on old ones. Obama's broad, leave-the-details-to-Congress proposal has little in common with the 1,300-page measure President Bill Clinton couldn't even get to a vote in a Democratic Senate in 1993.
Analysis: Health Care Debate a Long-Running Story - Politics and Government * US * News * Story - CNBC.com
The Great Electric Car Race: Volt, Leaf, ...
Minutes after GM CEO Fritz Henderson announced the new Chevy Volt will get 230 miles per gallon, a friend of mine in the auto industry nudged me and said, "Get ready. The great electric car race is just beginning."
The Leaf is pure electric, with no gas engine to assist the electric motor. It's range is 100 miles, about a third of what the Volt is projected to get. But when Nissan plugged the Leaf's data into a formula for electric vehicles, the company calculated the car would get the equivelent of 367 miles per gallon. Take that Volt!
The Great Electric Car Race: Volt, Leaf, ... - Behind the Wheel with Phil Lebeau - CNBC.com
Obama’s Hoof-in-Mouth Disease
Does the inner Obama secretly favor private health care?
It’s hard to know why President Obama said what he said at Tuesday’s health-care town hall in New Hampshire.
He actually stated, “If you think about it, UPS and FedEx are doing just fine. It’s the Post Office that’s always having problems.”
So it’s something of a mystery why the president went down the FedEx/UPS/Post Office turnpike. Perhaps the inner Obama is a free-enterprise guy. Maybe in the heat of battle his private-sector FedEx/UPS endorsement kind of, well, slipped out unconsciously.
Obama’s Hoof-in-Mouth Disease - Money and Politics Blog - CNBC.com
Now you are up to speed and informed.
http://www.truckingboards.com/truck...ns-comments-stc-newsletter-15.html#post686813
Analyst cuts YRC rating on financial concerns
Analyst downgrades YRC Worldwide, says wage concessions won't prevent bankruptcy in long term
Workers' wage concessions won't be enough to help YRC Worldwide Inc. avoid bankruptcy in the long term, an analyst said Wednesday as he downgraded the trucker.
Analyst David Ross of Stifel Nicolaus lowered his rating on the Overland Park, Kan.-based company to "Sell" from "Hold."
Ross wrote in a client note he does not believe a plan approved last Friday by workers to cut wages and make other concessions will be a long-term fix for the company's "financial, operational and competitive problems."
Bankruptcy is not imminent, he said, "but we do believe it is becoming increasingly likely." YRC Worldwide should remain in business probably at least into this year's fourth quarter, Ross said.
"While we have tried to be more constructive on YRC, as many have piled on the bankruptcy bandwagon, and have looked for ways the company could survive, the seemingly constant need to amend its credit agreement and continued failure to meet already dismal cash flow and earnings expectations leads us to believe there is no 'turn' around the corner," he said.
Analyst cuts YRC rating on financial concerns - Yahoo! Finance
Drivers Still Unhappy With Their Jobs, Survey Says
About half of drivers said they don't feel respected in their jobs, and many feel undervalued, according to a recent survey taken at truckstops.
While more than half of respondents are happy with the job and would recommend the trucking industry, 65 percent said they would remain with their company only until something better comes along.
The survey found that 30 percent did not make enough to meet their needs, and more than half don't feel they have a well-defined future in their current jobs. Of those surveyed, 80 percent have three to 10 years of driving experience, while 55 percent have more than 10 years under their belt.
"The displeasure comes in part from distrust for their employers, a lack of respect and a desire for compensation that factors in experience and accomplishments," said Bill Kistner of Trincon Group, which conducted the survey.
TruckingInfo.com : We've got trucking covered. Your Source for Trucking News and Information
DOT Freight Transport Index Plunges 14.2%
The Department of Transportation’s freight transportation services index fell 14.2% in June from a year earlier, the largest June-to-June decline in the 20 years in which it has been calculated.
The index was unchanged from May, remaining at its lowest level in 12 years, DOT’s Bureau of Transportation Statistics said in its monthly report Wednesday.
DOT Freight Transport Index Plunges 14.2% | Transport Topics Online | Trucking, Freight Transportation and Logistics News
Heavy Truck Demand Down 45 Percent
ACT says overcapacity, rising prices will keep lid on truck market until second half of 2010
Demand for new heavy- and medium-duty trucks is expected to be down 45 percent for the full year and remain weak through the first half of 2010, ACT Research said in its latest North American Commercial Vehicle Outlook.
The research firm predicted Class 8 heavy-duty truck production will show only modest gains in the first half of 2010 before rising in a second-half rebound.
Rising equipment prices could also quell demand. 2010 model year engines that meet tougher federal emissions standards are expected to add up to $9,000 to the cost of a diesel-powered heavy truck.
Heavy Truck Demand Down 45 Percent | Journal of Commerce
Truckload Carrier Celadon Returns to Profitability
But net earnings still down 91 percent year-over-year, as weak economy, cutthroat pricing take toll
Celadon Group returned to profitability — barely — in the quarter ending June 30. The truckload carrier reported a $200,000 net profit on $116.9 million in revenue for the quarter, compared with a $2.1 million loss on $106.9 million in the quarter ending March 31.
But net profit still was down 91 percent year-over-year, and revenue was down 24.4 percent compared to a year ago, as the weak economy pushed down its average rate per loaded mile 6.5 percent.
And despite industry efforts to reduce capacity, Celadon ended the quarter with a larger fleet than it had a year ago. Its tractor fleet grew 7.5 percent year-over-year to 3,168 units — one less than it had at the end of the March 31 quarter.
Truckload Carrier Celadon Returns to Profitability | Journal of Commerce
Trade Deficit Grows as Imports Lead Recovery
U.S. trade deficit increases 3.8 percent to $27 billion
U.S. exports and imports increased in June, signaling at least some seasonal growth as well as an upturn toward recovery from the recession. The more rapid growth of imports pushed the trade deficit up 3.8 percent or $1 billion in June, according to a report released Wednesday by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
Total June exports of $125.8 billion and imports of $152.8 billion resulted in a goods and services deficit of $27 billion, up from $26 billion in May, revised, according to the report.
June exports were $2.4 billon more than May exports of $123.4 billion. June imports were $3.5 billion more than May imports of $149.3 billion.
Trade Deficit Grows as Imports Lead Recovery | Journal of Commerce
Dow...9,361.61 +120.16 +1.30%
Nasdaq...1,998.72 +28.99 +1.47%
S&P 500...1,005.81 +11.46 +1.15%
ABFS...30.07...+1.15...+3.98%
CNW...47.56...+1.60...+3.48%
ODFL...38.12...+1.13...+3.05%
UPS...54.53...+0.87...+1.62%
LSTR...38.15...+0.47...+1.25%
JBHT...30.80...+0.32...+1.05%
FDX...66.38...+0.41...+0.62%
HTLD...15.47...+0.06...+0.39%
VTNC...10.86...-0.04...-0.37%
KNX...17.97...-0.10...-0.55%
SAIA...18.80...-0.19...-1.00%
YRCW...2.05...-0.25...-10.87%
FDX--
Mean Street: Somehow, the American Dream Lives On - Deal Journal - WSJ
Quotes for FDX - Yahoo! Finance
Emerge applies for $500K in stimulus funds - Memphis Business Journal:
Obama’s Hoof-in-Mouth Disease - Money and Politics Blog - CNBC.com
UPS--
Obama’s Hoof-in-Mouth Disease - Money and Politics Blog - CNBC.com
Layoff Tracker - Forbes.com
ABFS--
ABFS: Income Statement for Arkansas Best Corporation - Yahoo! Finance
YRCW--
Quotes for YRCW - Yahoo! Finance
Analyst cuts YRC rating on financial concerns - Yahoo! Finance
Stocks Gain 1.3% After Fed's 'Rosy' Outlook
Stocks rallied Wednesday, buoyed by an improved outlook from the Fed and an encouraging housing report.
The Federal Reserve said "economic activity is leveling out" and "conditions in financial markets have improved further in recent weeks."
Stocks Gain 1.3% After Fed's 'Rosy' Outlook - Market Overview * US * News * Story - CNBC.com
'Nasty' 10-20% Pullback Possible This Fall: Investor
The stock market rally will continue—but beware of a pullback, said Jeff Krumpelman of Hilliard Lyons Capital Management and Christopher Zook at CAZ Investments.
But if stocks don’t break to the new highs and markets pull back below Tuesday’s lows, Zook told investors to brace for a “pretty nasty correction” of about 10 to 20 percent early this fall.
CNBC Stock Blog — 'Nasty' 10-20% Pullback Possible This Fall — CNBC.com Market News - CNBC Stock Blog - CNBC.com
More Workers Increasing Retirement Savings: Fidelity
More workers put more money into their retirement plans in the second quarter than reduced their contributions, according to new data from Fidelity Investments.
The figures reverse a trend from past quarters as markets rose and fit a broader pattern of increased savings by U.S. consumers amid the steepest recession in decades.
More Workers Increase Retirement Savings: Fidelity - Funds and ETFs * US * News * Story - CNBC.com
The Nation's Long-Running Health Care Debate
President Barack Obama's campaign for a health care overhaul is an intense installment in a long-running story, dating to Theodore Roosevelt in 1912.
It did not go well nearly a century ago. Roosevelt made national health insurance an issue in his last, losing campaign for the White House, and successive efforts to get it enacted have lost, too.
The basic issue, affordable health care for all Americans, has not changed. But possible solutions have not evolved either, in part because new proposals seldom build on old ones. Obama's broad, leave-the-details-to-Congress proposal has little in common with the 1,300-page measure President Bill Clinton couldn't even get to a vote in a Democratic Senate in 1993.
Analysis: Health Care Debate a Long-Running Story - Politics and Government * US * News * Story - CNBC.com
The Great Electric Car Race: Volt, Leaf, ...
Minutes after GM CEO Fritz Henderson announced the new Chevy Volt will get 230 miles per gallon, a friend of mine in the auto industry nudged me and said, "Get ready. The great electric car race is just beginning."
The Leaf is pure electric, with no gas engine to assist the electric motor. It's range is 100 miles, about a third of what the Volt is projected to get. But when Nissan plugged the Leaf's data into a formula for electric vehicles, the company calculated the car would get the equivelent of 367 miles per gallon. Take that Volt!
The Great Electric Car Race: Volt, Leaf, ... - Behind the Wheel with Phil Lebeau - CNBC.com
Obama’s Hoof-in-Mouth Disease
Does the inner Obama secretly favor private health care?
It’s hard to know why President Obama said what he said at Tuesday’s health-care town hall in New Hampshire.
He actually stated, “If you think about it, UPS and FedEx are doing just fine. It’s the Post Office that’s always having problems.”
So it’s something of a mystery why the president went down the FedEx/UPS/Post Office turnpike. Perhaps the inner Obama is a free-enterprise guy. Maybe in the heat of battle his private-sector FedEx/UPS endorsement kind of, well, slipped out unconsciously.
Obama’s Hoof-in-Mouth Disease - Money and Politics Blog - CNBC.com
Now you are up to speed and informed.http://www.truckingboards.com/truck...ns-comments-stc-newsletter-15.html#post686813
