DIRS.INFO The most relevant business & tech news

☆ Trucking firm XPO to buy bankrupt Yellow's service centers for $870 mln
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Yellow Corp. trailers sit idle at a YRC shipping facility in North Reading, Massachusetts, U.S., August 16, 2023. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsDec 5 (Reuters) - Trucking company XPO Inc (XPO.N) won a bid to buy 28 service centers of bankrupt Yellow Corp for $870 million in a closely watched auction of the nearly 100-year-old firm's assets. Yellow, formerly known as YRC, filed for Chapter 11 bankruptcy protection in August after blaming the International Brotherhood of Teamsters union for its demise. The U.S. Bankruptcy Court in Delaware will hold a hearing on Dec. 12 to approve the bids. Yellow's bankruptcy process was closely watched after its demise potentially saddled U.S. taxpayers with losses stemming from a government rescue.

Persons: Brian Snyder, XPO, Jonathan Chappell, XPO's, Aishwarya Jain, Pooja Desai, Krishna Chandra Organizations: Yellow Corp, REUTERS, Trucking, XPO Inc, International Brotherhood of Teamsters, Walmart, Evercore ISI, Estes Express Lines, Swift Transportation Holdings, U.S, Bankruptcy, Thomson Locations: North Reading , Massachusetts, U.S, North America, Delaware

☆ New Offer Seeks to Revive Collapsed Trucker Yellow
▼ + stars: | 2023-11-30 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Yellow was the third-largest carrier in trucking’s less-than-truckload sector, in which freight from multiple customers is combined in a single trailer. Photo: Charlie Riedel/Associated PressBankrupt trucker Yellow is considering an offer to revive the carrier and rehire thousands of its former workers as it weighs competing bids at a court-supervised auction that would disperse its nationwide network of truck terminals to rivals. Sarah Riggs Amico, executive chair of auto carrier Jack Cooper Transport, is leading a bid that would replace Yellow, which shut down over the summer, with a smaller, leaner trucking company that aims to win back some of the billions of dollars worth of freight business that has shifted to a range of other carriers.

Persons: Charlie Riedel, Sarah Riggs Amico, Jack Cooper Organizations: Associated Press Locations: trucking’s

☆ The global freight recession will continue in 2024: CNBC Supply Chain Survey
▼ + stars: | 2023-11-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

watch nowThe global shipping industry has been mired in a freight recession this year and the challenging economic conditions will continue into 2024, according to a new CNBC Supply Chain Survey. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. "Without more freight moving, 2024, and potentially 2025, will continue to see soft pricing as capacity outstrips demand," he said. Freight trucking will remain soft Trucking companies get paid per load, and low expectations for orders imply potentially lower revenue this holiday season. A slightly better second half 2024 outlook The survey shows expectations for a slight turnaround in freight volume in the second half of 2024.

Persons: Robinson, Kuehne, Nagel, Zhang Jingang, Alan Baer, Noah Hoffman, Jeff Bezos, Uber, Tim Robertson, Robertson, Brian Bourke Organizations: CNBC Supply Chain Survey, CNBC, Chain Survey, SEKO Logistics, DHL Global, USA, ITS Logistics, Getty, Logistics, C.H, Surface Transportation, Convoy, Tank Transport Locations: Qingdao, Shandong province, China

☆ The holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Survey
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

Photographer: Christopher Dilts/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAs holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak, according to a new CNBC Supply Chain Survey. At the CNBC Evolve Global Summit last Thursday, Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Lunar New Year and order volumes The CNBC Supply Chain Survey underscores an overall climate of uncertainty that is defining the market right now. The freight trucking recession Trucking companies get paid per load, and the low expectations for orders imply potentially lower revenue this holiday season.

Persons: Christopher Dilts, Robinson, Noah Hoffman, Hoffman, Jeremy Barnum, Brian Cornell, Raj Subramaniam, restocking, Kuehne, Nagel, Paul Brashier, Tim Robertson, Robertson, Brian Bourke, Elmer Buchta, Jeff Bezos, Uber, Brashier, Berkshire Hathaway, Alan Baer Organizations: Bloomberg, Getty Images Bloomberg, Getty, CNBC Supply Chain Survey, North American Surface Transportation, CNBC, Global, FedEx, Chain Survey, SEKO Logistics, USA, ITS Logistics, Amazon, Maersk, Logistics, Convoy, Tank Transport, U.S ., Union Pacific, BNSF, Norfolk Southern, CSX Locations: Chicago , Illinois, C.H, U.S, China, United States, Montana, Indiana, Panama, West Coast, U.S . West Coast, Los Angeles, Berkshire, West, East Coast

☆ Police found $130,000 of Legos in a meth lab and say they need a truck to take it all away
▼ + stars: | 2023-11-02 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

Police carted off a truckload of Legos after a drugs raid on an Australian home, reports said. Police say the Legos were worth $130,000 and were bought with drug money. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementPolice carted away a truckload of Legos after a drugs raid on a suburban Australian home, The Australian Associated Press (AAP) reported.

Persons: —, Anthony Vella, Vella Organizations: Police, Service, Australian Associated Press, . Police, AAP, AAP . Police Locations: Australian, 9News, Botany, Melbourne, Australia

☆ Yellow’s Rivals Are Getting a Boost From the Trucker’s Demise
▼ + stars: | 2023-10-31 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Freight carrier Yellow shut down operations after 99 years in business. Here’s how ballooning debt and a standoff with the Teamsters union led to Yellow’s downfall. Photo: George Walker IV/Associated PressThe collapse of one of the largest U.S. trucking companies is propping up competitors in a lean freight market. XPO , ABF Freight and Saia are among the carriers reporting strong growth in pricing power, shipment volumes and other key measures during the most recent quarter in trucking’s less-than-truckload sector, a high-stakes corner of the market in which carriers combine freight from multiple customers in a single trailer.

Persons: George Walker IV Organizations: Teamsters, Associated Locations: trucking’s

☆ Here are Monday's biggest analyst calls: Nvidia, Tesla, Apple, AbbVie, Chevron, Krispy Kreme, Roku and more
▼ + stars: | 2023-10-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are the biggest calls on Wall Street on Monday: JPMorgan upgrades Eastman Chemical to overweight from neutral JPMorgan said it sees an earnings rebound for Eastman Chemical. Bank of America reiterates Roku Bank of America said it's standing by its buy rating heading into earnings later this week. JPMorgan downgrades Olin to neutral from overweight JPMorgan downgraded the chemical company citing concerns about reduced product demand. " JPMorgan downgrades Valley National to neutral from overweight JPMorgan downgraded the regional bank mainly on valuation. Bank of America initiates Cooper Companies as buy Bank of America said the contact lens company is well positioned. "

Persons: Bernstein, Tesla, underperform Bernstein, Morgan Stanley, Apple, it's, Pinterest, Raymond James downgrades, Raymond James, TD Cowen, Decker, Baird downgrades Datadog, Baird, JPMorgan downgrades Newell, JPMorgan downgrades Olin, Olin, Harris, Hess, Truist, Piper Sandler, Piper, Oppenheimer, Goldman Sachs, Okta, Goldman, Wolfe Organizations: JPMorgan, Eastman Chemical, Barclays, Bank of America, Roku Bank of America, Apple, Citi, Raymond James downgrades Cisco, Cisco, Stanley Black, JPMorgan downgrades, JPMorgan downgrades Newell Brands, Newell Brands, UBS, East West Bancorp, Chevron, of America, Cooper Companies, Microsoft, MSFT, Deutsche Bank, Nvidia, Deutsche, Broadcom Locations: China, Okta

☆ A welding business that tried to pay a $23,500 bill with coins is being blasted by a Colorado judge for acting in 'bad faith'
▼ + stars: | 2023-10-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A Colorado welding company tried to pay $23,500 to a subcontractor in coins, CBS reported. A judge said the payment made with 6,500 pounds — or 3 tons — of coins was malicious and "in bad faith." AdvertisementAdvertisementA Colorado welding company that tried to make a $23,500 payment in coins has been blasted by a judge for acting "maliciously and in bad faith," CBS News Colorado reported. He also ordered JMF to pay Fired Up Fabrication's lawyer fees and costs. The two companies then went to mediation to settle the dispute in July and JMF agreed to pay Fired Up Fabrication $23,500.

Persons: —, Joseph Findley, Findley, JMF, John Frank, nickels, Danielle Beem, Beem, Frank, Giovanni Camacho, Camacho Organizations: CBS, Service, CBS News Colorado, JMF Enterprises Locations: Colorado, Larimer County

☆ Morgan Stanley's stock playbook for this slowing, 'late-cycle' economy
▼ + stars: | 2023-10-25 | by ( Pia Singh | ) www.cnbc.com time to read: +6 min

To play this market, the firm recommended a "barbell" of traditional defensive stocks, some select growth opportunities and late-cycle cyclical names. Take a look below for some of Morgan Stanley's favorite stocks in this slow-growth environment. 1) Traditional Defensives Despite its year-to-date underperformance against the broader market, health care remains Morgan Stanley's preferred defensive sector. Still, popular consumer food companies Yum Brands and McDonald's are considered growth stocks based on their market cap and volatility. 3) Late-Cycle Cyclicals Several energy companies — including Marathon Oil , Valero Energy and ConocoPhillips — can shine in a late-cycle market environment, according to Morgan Stanley.

Persons: Morgan Stanley, Andrew Pauker, Pauker, Morgan Stanley's, Fisher, Dr Pepper, Eli Lilly, Devin McDermott, Ravi Shanker Organizations: Walmart, Fisher, " Beverage, CenterPoint Energy, Costco, Colgate, Palmolive, Yum Brands, UnitedHealth, Marathon Oil, Valero Energy, ConocoPhillips, Swift Transportation, Defense, Northrop Grumman, Howmet Aerospace, Delta Airlines

Theft of 2 Million Dimes From Truckload of Coins From US Mint Leaves Four Facing Federal ChargesFederal authorities have unsealed charges against four men in the theft earlier this year of more than 2 million dimes from a tractor-trailer that had picked up the coins from the U.S. Mint in Philadelphia

Organizations: U.S . Mint Locations: Philadelphia

☆ Stocks making the biggest moves midday: SolarEdge, Regions Financial, Merck and more
▼ + stars: | 2023-10-20 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Schlumberger — The oilfield services stock dropped 2.9% after third-quarter revenue missed Wall Street expectations. Revenue came in at $15.38 billion, versus the $15.36 billion expected. Late Thursday, SolarEdge slashed guidance for third-quarter revenue, gross margin and operating income. Net interest also fell short at $1.29 billion, versus the $1.32 billion expected. Revenue came in at $1.74 billion, versus the $1.77 billion expected from analysts polled by LSEG.

Persons: Schlumberger, SolarEdge, Sunnova, Sunrun, KeyCorp, Swift, David Jackson, —, Alex Harring, Samantha Subin, Hakyung Kim, Michelle Fox Organizations: Schlumberger, LSEG, American, American Express, LSEG . Revenue, Merck — Merck, UBS, Enphase Energy, StreetAccount, Comerica, Swift, Revenue Locations: Zions

☆ Stocks making the biggest premarket moves: SolarEdge, Intuitive Surgical, Knight-Swift and more
▼ + stars: | 2023-10-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading: SolarEdge Technologies — The solar stock tumbled nearly 29% after the company lowered its third-quarter guidance post market Thursday. Revenue came in at $1.74 billion, versus the $1.77 billion expected from analysts polled by LSEG. Net interest also fell short at $1.29 billion, versus the $1.32 billion expected. Analysts surveyed by LSEG expected 36 cents per share and $1.89 billion of revenue. Analysts polled by LSEG expected a profit of $2.94 per share on revenue of $15.36 billion.

Persons: SolarEdge, Zvi Lando, Sunnova, Swift, LSEG, David Jackson, —, Jesse Pound Organizations: Technologies, Deutsche Bank, Enphase Energy, Schlumberger, Revenue, LSEG, StreetAccount, American Express Locations: SolarEdge

Operating income in the FedEx unit, which delivers packages for retailers like Walmart (WMT.N), jumped 59% for the quarter ended Aug. 31. Analysts expect customer gains from UPS to be less durable than those from Yellow. "UPS will likely be able to regain much of its lost market share," Edward Jones analyst Matt Arnold said. Without offering a specific forecast, FedEx said it was "well-positioned" for the upcoming holiday season, when volume typically doubles due to e-commerce sales. FedEx tempered its full-year revenue forecast on Wednesday.

Persons: Raj Subramaniam, Edward Jones, Matt Arnold, D.E, Shaw, Lisa Baertlein, Priyamvada, Bill Berkrot, Leslie Adler Organizations: FedEx, UPS, Wall, United Parcel Service, Walmart, FedEx Freight, Thomson Locations: Memphis , Tennessee, Los Angeles, Bengaluru

☆ FedEx raises lower end of full-year adjusted profit forecast
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 20 (Reuters) - FedEx (FDX.N) raised the lower end of its full-year adjusted profit forecast on Wednesday as it benefited from problems experienced by rivals UPS (UPS.N) and Yellow (YELLQ.PK). As one of the largest providers of less-than-truckload shipping, FedEx also was in prime position to benefit from last month's demise of Yellow, one of that sector's dominant players. The global shipping downturn which has hurt margins for the sector has pushed several companies to adopt a balancing act of matching costs and capacity to lower demand. The fall in demand comes against the backdrop of a decline in e-commerce volumes as the pandemic-driven online shopping bubble burst. FedEx now expects adjusted full-year earnings per share between $17.00 and $18.50, compared with its prior forecast of $16.50 to $18.50 per share.

Persons: Mike Blake, Priyamvada Organizations: Federal Express, REUTERS, FedEx, UPS, Brotherhood of Teamsters, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ These are the hottest Nasdaq stocks of the summer. Where analysts see them going next
▼ + stars: | 2023-08-22 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

The tech-heavy Nasdaq Composite has climbed about 4% since Memorial Day. CNBC Pro screened for the top 10 stocks in the Nasdaq when looking between Memorial Day and Monday's close. The former, which has seen huge gains this year as an artificial intelligence darling, has gained 20.6% since Memorial Day. More than seven out of 10 analysts rate the stock a buy, with an average upside implying another 14.5% could be ahead. About three out of 10 analysts hold buy ratings, with an average price target signaling an upside of nearly 10% over the next year.

Persons: FactSet, Brandon Oglenski, ODFL, Oglenski, Baker Hughes, Tesla, —, Fred Imbert, Michael Bloom Organizations: Nasdaq, industrials, CNBC Pro, Barclays, Dominion, Energy, Nvidia Locations: FactSet, Dominion, China

☆ The Teamsters and the Yellow Road to Bankruptcy
▼ + stars: | 2023-08-18 | by ( ) www.wsj.com time to read: 1 min

Yellow Corp. trailers sit idle at a YRC shipping facility in North Reading, Mass., Aug. 16. Photo: BRIAN SNYDER/REUTERSRegarding “Troubled Yellow Files for Bankruptcy” (Business and Finance, Aug. 7): As the trucking company’s chairman and CEO, my father led a talented group of executives and managers who linked together 34 acquisitions and built the largest less-than-truckload motor carrier in America. Two hallmarks of his leadership are worth noting: Maintaining a healthy balance between growth, profitability and debt, and attaining consensus among senior officers before moving forward with strategic plans and major capital commitments. This approach benefited customers, employees and shareholders for 42 years.

Persons: BRIAN SNYDER Organizations: Yellow Corp, REUTERS, Finance Locations: North Reading, America

Two long-time industry executives told Reuters that Yellow's rates were roughly 10% to 20% below those of rivals. Loads in the so-called LTL market do not trade on the spot market and they vary based on the type and size of shipments, they said. "Yellow was way below" market rates, said Ken Adamo, chief of analytics at DAT Freight and Analytics, which operates one of North America's largest truck freight marketplaces. Unlike the highly fragmented trucking market, LTL is dominated by about a dozen players. Some providers are already raising rates, which could send LTL rates up 10% to 15% from current levels, Pickett said.

Persons: Mike Blake, Ken Adamo, Chris Pickett, Pickett, Adamo, Thomas Schmitt, Schmitt, Lisa Baertlein, Marguerita Choy Organizations: U.S, Rivals, Reuters, Analytics, Flock, Walmart, International Brotherhood of Teamsters, Forward, Forward Air, Thomson Locations: Mexico, San Diego , California, U.S, North, Los Angeles

“As I said back in the summer of 2020, in my judgment, the loan was inadequately secured to the taxpayers,” he said. Yellow has paid about $67 million in interest on its $700 million loan and just $230 of the principal owed. Yellow owes more than $700 million because, under the terms of the loan, some of the interest is not paid annually but gets added to the principal. Yellow used the first portion of its federal loan, about $300 million, to pay for operational expenses, including labor costs and to lease equipment. Bankruptcy experts said it would be very hard for the Treasury to find collateral that could be sold to repay this part of the loan.

Persons: Hill, ” Organizations: Republican, International Brotherhood of Teamsters, Treasury Locations: Arkansas, Nashville

☆ Yellow Corp asset sale could surpass $1.4 bln - Fox Business
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

That means stock holders will get a payday if significant unsecured debt creditors do not emerge, Fox Business reporter Charles Gasparino said in a post on X social media platform, formerly known as Twitter. Yellow, a dominant player in the "less-than-truckload" segment, filed for Chapter 11 bankruptcy protection on Monday, leaving some 30,000 workers looking for new jobs. read moreThe company blamed the International Brotherhood of Teamsters for the bankruptcy filing. Gasparino said that bidders were lining up for Yellow's assets because the company would be free of Teamsters membership in bankruptcy. Yellow is also likely to seek damages representing its entire enterprise value of $1.5 billion from the Teamsters, Gasparino said.

Persons: Mike Blake, Charles Gasparino, Gasparino, Ananta Agarwal, Shinjini Organizations: U.S, Fox Business, Twitter, International Brotherhood of Teamsters, Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Bengaluru

☆ A Trucking Giant Is Bankrupt, and Finger-Pointing Begins
▼ + stars: | 2023-08-07 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

ArcBest, he said, took in $529 per shipment in the first quarter, versus $339 at Yellow. Mr. Jindel said Yellow was a laggard “largely because of mismanagement.”Yellow did not respond on Monday to a request to speak about its management record. One company hoping to pick up business from Yellow is Saia, a less-than-truckload company near Atlanta. The company’s stock has more than doubled this year, and is up 25 percent just since the end of June. The trucking industry plays a critical role in the U.S. economy, transporting nearly three-fourths of all freight tonnage in the United States, according to the American Trucking Associations, a trade group.

Persons: Satish Jindel, Jindel, “, ” Frederick Holzgrefe Organizations: Yellow’s, SJ Consulting, American Trucking Associations Locations: Atlanta, U.S, United States

☆ Trucking Firm That Got $700 Million U.S. Bailout Declares Bankruptcy
▼ + stars: | 2023-08-07 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Yellow, which formerly went by the name YRC Worldwide, received the $700 million loan during the summer of 2020 as the pandemic was paralyzing the U.S. economy. As of the end of March, Yellow’s outstanding debt was $1.5 billion, including about $730 million that it owes to the federal government. Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year. The White House did not respond to a request for comment ahead of the bankruptcy filing, and the Treasury Department declined to comment. Yellow is the third-largest small-freight-trucking company in a part of the industry known as “less than truckload” shipping.

Organizations: Treasury Department

☆ Trucking giant Yellow declares bankruptcy after nearly 100 years in business
▼ + stars: | 2023-08-07 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Trucking giant Yellow declared bankruptcy and will shut down. The company received a $700 million loan from the federal government in 2020. Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide. The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. The Teamsters supported the $700 million loan when it was first announced.

Persons: Darren Hawkins, Sean O'Brien, Yellow, Trump, Bruce Chan Organizations: Teamsters, Morning, Yellow Corp, New England Motor, Former, FedEx, ABF, YRC, Inc, Street, Central States Health, Welfare Fund, U.S, Bankruptcy, Treasury Department, Treasury, Defense Locations: U.S, Nashville , Tennessee, Delaware

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

☆ Trucking firm Yellow considers asset sale through bankruptcy filing, Bloomberg reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rebecca Cook/File PhotoAug 4 (Reuters) - Trucking firm Yellow (YELL.O) is considering a sale of assets and real estate through a bankruptcy filing, which may come as soon as this weekend, Bloomberg News reported on Friday, citing people with knowledge of the situation. The company's assets have attracted the interest of a potential financial bidder, the report said adding that the bankruptcy filing could turn into a liquidation. The stock has risen about 253% since the news of a potential bankruptcy that has been driving a retail investor fueled 'meme-stock' rally. The cash-strapped U.S. trucking company had ceased operations and was planning to file for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Reporting by Manya Saini and Ananta Agarwal in Bengaluru;Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Manya Saini, Ananta Agarwal, Arun Koyyur Organizations: REUTERS, Bloomberg, Teamsters Union, YRC, U.S, Thomson Locations: Detroit , Michigan, Bengaluru

☆ Laid off Yellow drivers are going to have a tough time finding similar quality jobs
▼ + stars: | 2023-08-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

Roper, who turns 59 in October, said he’s not ready to retire and has already started applying for jobs elsewhere. He’s worked 28 years at Holland Freight, which Yellow bought in 2005. In contrast, less-than-truckload carriers have relatively low driver turnover, an average of 18% to 20%, according to Jindel, which means those jobs, already less numerous than truckload jobs, are open far more rarely. He said he’s already gotten some positive response from some of the LTL carriers he’s applied to, so he’s hopeful. But if that doesn’t work out, he said, he’ll consider looking at jobs in the truckload sector.

Persons: Mark Roper, Roper, he’s, hasn’t, He’s, “, ”, they’re, ” Roper, Satish Jindel, he’ll, Covid, Tom Nightingale Organizations: New, New York CNN, Holland Freight, CNN, UPS, ABF, Drivers, AFS Logistics, Teamsters Locations: New York, truckload

Search resuls for: "truckload"

25 mentions found