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☆ 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

☆ US trucking firm Yellow shuts ops, to file for bankruptcy, Teamsters say
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Yellow, formerly called YRC Worldwide, did not respond to a Reuters request for comment. The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. The Wall Street Journal reported the closure of the trucking firm's operations citing notices sent to customers and employees. On Monday, another 128 union members at YRC Freight Canada, a unit of Yellow, were told not to report for work.

Persons: Sean M O'Brien, Donald Trump, Yana Gaur, Urvi, Bharat Govind Gautam, Chris Reese, Stephen Coates, Nivedita Organizations: Yellow Corp, Teamsters Union, YRC, Teamsters, Walmart, Uber, Street Journal, YRC Freight, Thomson Locations: Nashville , Tennessee, YRC Freight Canada, Bengaluru

Yellow's demise underscores the shift in the U.S. trucking industry from too few trucks and truck drivers during the pandemic to too many today. Most U.S. trucking companies have about 20% spare capacity in their networks, Stifel analyst Bruce Chan said in a client note on Monday. Yellow struggled for more than a decade after loading up on debt from acquisitions of rival trucking firms Roadway and USF. Still, it is not good news for Yellow's customers, which likely will face double-digit price increases when they turn that business over to companies, Chan said. "If you weren't prepared for this, it's probably a pretty tough day for you," Adamo said of Yellow's customers.

Persons: Bruce Chan, Chan, Stifel's Chan, Donald Trump, Ken Adamo, it's, Adamo, Lisa Baertlein, Marguerita Choy Organizations: Yellow Corp, Walmart, Teamsters, Forward, TFI, FedEx Freight, Dominion, Apollo Global Management, Analytics, Thomson Locations: ANGELES, U.S, USF, Los Angeles

☆ Yellow Corp financial woes not economy-wide issue -White House adviser
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, July 31 (Reuters) - White House economic adviser Jared Bernstein on Monday said the reported impending bankruptcy of cash-strapped U.S. trucking company Yellow Corp (YELL.O) does not indicate an economy-wide problem. "So I think that this looks like a more of a Yellow story than an economy-wide one by a long shot," Bernstein said. Yellow Corp has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. "Nobody likes to see an event like this, as you say, practically a 100-year old company and iconic American Trucking Company and the job losses that you cited."

Persons: Jared Bernstein, Monday, Bernstein, Doina Chiacu, Bernadette Baum, Mark Potter Organizations: Yellow Corp, of Economic Advisers, CNBC, Corp, Teamsters Union, Teamsters, American Trucking Company, Thomson

☆ 99-year old trucking company Yellow shuts down, putting 30,000 out of work
▼ + stars: | 2023-07-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Yellow Corp., a 99-year old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers. The unionized company has been in a battle with the Teamsters union, which represents about 22,000 drivers and dock workers at the company. This is a sad day for workers and the American freight industry,” said Teamsters President Sean O’Brien in a statement. Eventually non-union carriers came to dominate the LTL segment as well. Yellow, Roadway and a third company known as CF or Consolidated Freightways had once been known as the Big Three of the trucking industry.

Persons: Satish Jindel, ”, Sean O’Brien, Jindel, “, Consolidated Freightways Organizations: New, New York CNN — Yellow Corp, Teamsters, CF, Consolidated, Yellow Corp Locations: New York, New Penn, Holland

☆ Yellow Corp trucking company shares plunge as bankruptcy looms
▼ + stars: | 2023-07-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —The end may be close for Yellow Corp, a nearly century-old trucking company with 30,000 employees. But the company handled only about 7% of the nation’s 720,000 daily LTL shipments last year, said Jindel. Higher prices will particularly be true for Yellow customers, Jindel said. But the LTL segment requires a network of terminals on which to sort incoming and outgoing freight. But eventually non-union carriers came to dominate the LTL segment as well.

Persons: Satish Jindel, “, ”, FreightWaves, Yellow, Sean O’Brien, —, Jindel Organizations: New, New York CNN, Yellow Corp, Teamsters, CNN, Street, Industry, International Brotherhood of Teamsters, Taxpayers Locations: New York, New Penn, Holland

☆ Strike at trucking firm Yellow averted after deal
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals. Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. Competitors, who are grappling with a sharp drop in freight volume, are expected to cherry-pick the company's customers, trucking experts and analysts said. It has successfully won such concessions in the past, but this time was rebuffed by new Teamsters General President Sean O'Brien. A federal judge in Kansas on Friday rejected Yellow's request to block the Teamsters from striking over the delinquent benefit payments.

Persons: Donald Trump, Sean O'Brien, O'Brien, O’Brien, Yellow's, Lisa Baertlein, Ananta Agarwal, Mrinmay Dey, Diane Craft, Chris Reese Organizations: Teamsters, Central, U.S, Walmart, Uber, Apollo Global Management, . Company, International Brotherhood of Teamsters, United Parcel Service, Thomson Locations: U.S, Central States, Nashville , Tennessee, Kansas, Los Angeles, Bengaluru

☆ Many Walmart shoppers will soon see new packaging as retailer tries to cut waste
▼ + stars: | 2023-06-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

—‎‏ Shoppers who click the "buy" button on Walmart 's website and pick up items curbside will soon spot a difference: new packaging. "It's about making sustainability the everyday choice for our customers," said Jane Ewing, Walmart's senior vice president of sustainability. Walmart wants to reduce packaging as online sales become a bigger part of its business. Other retailers are trying to cut down on packaging and cater to customers who care about sustainability, too. Amazon has also used more made-to-fit packaging after investing two years ago in CMC, a company that makes the packaging machine.

Persons: Jane Ewing, Walmart's Organizations: Walmart, U.S, Target Locations: BENTONVILLE, Ark, U.S

☆ Why Inflation Is the Excuse for Higher Grocery Prices - The New York Times
▼ + stars: | 2023-05-29 | by ( Stacy Mitchell | ) www.nytimes.com time to read: +2 min

Food Fresh is the only grocery store in a rural stretch of southeastern Georgia. Big retailers like Walmart and Kroger “have a handle on suppliers that I can’t touch,” said Food Fresh’s owner, Michael Gay. The chains wrest deep discounts from suppliers, making it impossible for the store to come close to matching their prices. To understand why grocery prices are way up, we need to look past the headlines about inflation and reconsider long-held ideas about the benefits of corporate bigness. Major grocery suppliers, including Kraft Heinz, General Mills and Clorox, rely on Walmart for more than 20 percent of their sales.

☆ Wall Street gets bullish railroads on Monday, especially this one in particular
▼ + stars: | 2023-05-22 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Analysts on Wall Street are bullish on are bullish on a swath of railroad stocks, but one in particular stands out. Wells Fargo upgraded Norfolk Southern stock to overweight on Monday, with a $250 per share price target. NSC YTD mountain Norfolk Southern stock. Citi also upgraded Norfolk on Monday, as broader U.S. rail firms start to operate similar to "more cyclical companies" that are "likely to react more positively to improving TL [truckload] dynamics," wrote analyst Christian Wetherbee. Citi now has a buy rating on Norfolk stock with a $257 per share price target, or 18% upside.

☆ A downbeat economy has left truck drivers facing a slowdown that could get worse than 2008
▼ + stars: | 2023-05-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The slowing US economy is hitting truck drivers, and the sector could be heading for worse conditions than 2008. Freight demand has deteriorated over the last year, and per-mile rates for drivers have plunged since the pandemic boom in 2021. For example, drivers are commanding per-mile rates as low as $1.49 per mile, per FreightWaves. Those rates hovered at $3.01 two years ago, and are worse than the levels seen in a brutal 2019 slowdown. Meanwhile, the American Trucking Associations' advanced seasonally adjusted for-hire truck tonnage index dropped 5.4% in March, marking the largest monthly drop since April 2020.

Speakers from Walmart (WMT.N), Colgate-Palmolive (CL.N), Toyota (7203.T) and other companies will discuss their supply-chain strategies at the Reuters Events supply chain conference in Chicago on Wednesday and Thursday, as inflation and interest rate hikes threaten to tip the economy into recession. "We've still got certain sectors that are up and some that are down, which was a feature of the pandemic," Croke said. That's even true within sectors, Croke added, pointing to recent manufacturing data, which remained depressed even as segments like motor vehicles reported gains. After spending whatever it took to keep store shelves stocked during the early days of the pandemic, supply chain executives now are wringing out costs to shelter profits from eroding demand, said Alan Amling, distinguished fellow at the University of Tennessee's Global Supply Chain Institute. "That's a really good thing for the supply chain."

☆ Elon Musk is handing a truckload of mess to Twitter's new CEO
▼ + stars: | 2023-05-12 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Elon Musk is finally ready to share his Twitter mess with someone else. The billionaire has found a new CEO to succeed him, but the mess they'll need to address is huge. It's been a long time coming but Elon Musk is finally ready to do it: he's about to hand over his Twitter mess to someone else. Twitter's finances are a messThe first challenge Musk's decidedly bumpy reign has left for his successor is Twitter's financial mess. If news organizations are continuously maligned, Twitter's new CEO will need to solve an identity crisis.

☆ Opinion | Read This Before Shopping for Your Bud Light Replacement Beer
▼ + stars: | 2023-04-29 | by ( Matthew Walther | ) www.nytimes.com time to read: +3 min

In the words of a television spot from 1979: “It’s not city beer. Rather than acknowledge Bud Light’s place in a faceless globalized chain of ownership, advertisements for the beer attempt to underscore its supposedly distinctive American and working-class character. Some years ago a series of advertisements featured the Bud Knight, a character who figured in faux-medieval settings alongside a royal personage known as the Dilly Dilly King. In one spot, the king enters a tavern and orders “Bud Lights for everyone,” eliciting cries of approval from the assembled crowd. The implication is that Bud Light is for ordinary decent people who just want to have a good time with their friends, not smug effete connoisseurs.

☆ The US economy is slowing down. Just look at the freight recession that's sent diesel prices tumbling.
▼ + stars: | 2023-04-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The US is seeing a "freight recession," meaning fewer trucks delivering goods across the country. The slowdown in deliveries comes as diesel prices have dropped by roughly half since last year. The American Trucking Association's truck tonnage index dropped to the lowest since August 2021. Wholesale diesel prices in New York Harbor tumbled to $2.65 a gallon from $5.34 last May, per the Journal. And in an earnings call last week, JB Hunt executives sounded the alarm on a "freight recession" as the shipping company missed earnings views and reported across-the-board drops in volumes that sent revenue per truckload down by 17%.

☆ This transport stock got two major upgrades with analysts predicting a big rally ahead
▼ + stars: | 2023-04-21 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

A key shipping company just received two upgrades on new management additions that could underpin a strong rally. Citi upgraded shares of XPO from neutral to buy on Thursday, while JPMorgan Chase went from neutral to overweight on Friday. XPO YTD mountain Shares of transportation company XPO are heading higher Friday after two key upgrades from Citigroup and JP Morgan. XPO recently added new chief operating officer David Bates from Old Dominion, and he will assume the role on Friday. Former Old Dominion chief financial officer Wes Frye joined XPO's board of directors on March 9.

☆ Here are Thursday's biggest analyst calls: Netflix, Apple, Amazon, Microsoft, FedEx, Pinterest & more
▼ + stars: | 2023-04-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Raymond James upgrades FedEx to outperform from market perform Raymond James said and "undeniable" positive change is underway at the shipping giant. "We are initiating coverage of XPO, one of the largest less-than-truckload (LTL) carriers, in North America, with an Outperform rating and a $44 target price." "We are initiating coverage of Skyworks Solutions, with a Buy rating and $150 target price. Raymond James upgrades Wells Fargo to strong buy from outperform Raymond James said the banking giant is well positioned in the current environment. Raymond James initiates Pinterest as outperform Raymond James said it sees "steady user growth" for Pinterest.

☆ More women become truckers as the industry tries to overcome a shortage of drivers
▼ + stars: | 2023-03-25 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +10 min

She's one of many in the trucking industry leading efforts to bring more women into the fold. Associations like Women In Trucking work to increase the rate of women drivers, technicians and executives, particularly younger women or those switching careers, like Johnson. Now, with the industry facing a daunting driver shortage, initiatives to bring in women drivers from other industries have escalated. The share of women truckers has increased significantly in recent years: Women now make up almost 8% of truck drivers and sales delivery drivers, according to the U.S. Bureau of Labor Statistics. Navigating shortagesThough many women joined the industry during the pandemic, Covid-19 lockdowns stalled training and testing for truck drivers.

☆ Trucking Giant Knight-Swift Transportation to Buy U.S. Xpress
▼ + stars: | 2023-03-21 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

The addition of U.S. Xpress’s 7,200 tractors and 14,400 trailers would boost Knight-Swift’s truckload fleet to roughly 25,000 tractors and 93,000 trailers. Knight-Swift Transportation Holdings Inc. is buying rival trucker U.S. Xpress Enterprises Inc. in a deal valued at about $808 million that will bolster the scale of one of the country’s largest trucking operators. Phoenix-based Knight-Swift said Tuesday it would pay $6.15 a share in cash for U.S. Xpress, more than four times Monday’s closing price of $1.50 for the Chattanooga, Tenn.-based carrier and 13% above the stock’s 52-week high of $5.44 reached last April.

☆ Beware of these S&P 500 stocks expected to struggle
▼ + stars: | 2023-03-19 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Investors may want to consider dumping some stocks expected to underperform going forward, especially as market volatility remains elevated. Bleach maker Clorox made the list with an average analyst rating of underweight. The transportation stock has an average rating of hold, and 25% of analysts covering it rate it as sell. The average analyst price target on C.H. Other stocks that made our list are Pinnacle West Capital , Expeditors International of Washington , Consolidated Edison and T. Rowe Price .

Two of the sources linked the increased Russian interest directly with reported Turkish plans to crack down on the transit of sanctioned goods. Some Russian firms have sought to establish long-term sanction-busting partnerships, the sources said. Under Russian law, it is an offence to comply with the Western sanctions and sanctions-busting has become a profitable boom industry for some entrepreneurs. Ankara also said it would not allow Western sanctions to be violated in or via Turkey and was taking steps to prevent this. Kazakh exports to Russia rose by a quarter to $8.8 billion last year and sales of some items surged.

☆ ArcBest Rolls Out Technology to Speed Up Freight Loading
▼ + stars: | 2023-03-01 | by ( Liz Young | ) www.wsj.com time to read: +5 min

The freight-management system, called Vaux, is a steel-and-aluminum racking system that sits underneath and around cargo inside trailer beds. Warehouse workers can latch a forklift onto the Vaux platform to push freight into a trailer or pull freight out in one move, instead of having to handle pallets individually. ArcBest says loading or unloading a truck using Vaux takes less than five minutes, compared with the traditional process the company says can take 45 minutes. “What our customers have been telling us is that they are really under pressure,” ArcBest Chief Executive Judy McReynolds said. Rival trucking company TFI International Inc. recently disclosed it had taken a 4% stake in ArcBest, prompting speculation TFI is looking to buy ArcBest.

REUTERS/Miguel VidalA CORUNA, Spain/LONDON, Feb 28 (Reuters) - In Spain's A Coruna, two contrasting fashion business models collide - pitching the growing demands for the clothing industry to become more sustainable against the constant need to drive sales. This rainy, windswept, city on the rugged Atlantic coast is the unlikely headquarters of Zara-owner Inditex (ITX.MC) - the world's biggest fast fashion retailer. It also hosts small boutiques offering high quality, durable products that consider themselves an alternative to the fast and affordable fashion propelling Inditex's annual sales of 28 billion euros ($30 billion). "If you release tonnes and tonnes of clothes, textiles, shoes into the market, you will have to collect it," he said. But Circ and its competitors are only capable of producing 1% of the textiles needed to make the 109 million tonnes of clothes per year that the global fashion industry churns out.

☆ TFI Stake in Trucker ArcBest Sparks Acquisition Speculation
▼ + stars: | 2023-02-22 | by ( Liz Young | Paul Berger | ) www.wsj.com time to read: +4 min

TFI in 2021 became one of the top carriers in the U.S. less-than-truckload sector when it bought United Parcel Service Inc.’s freight business for $800 million. TFI CEO and President Alain Bédard said on the Feb. 6 earnings call that TFI is looking for opportunities to work with ArcBest. TFI executives said they see ways to save money working together with ArcBest, analysts at Cowen wrote in a Feb. 14 note summarizing a meeting they had with TFI management. The Cowen analysts wrote TFI is well placed to take over ArcBest’s unionized workforce because it already works with the Teamsters union at TForce Freight. ArcBest shares are up about 14% since TFI disclosed its stake.

☆ JPMorgan downgrades C.H. Robinson, says transportation stock is more exposed to macro risks than rivals
▼ + stars: | 2023-02-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Robinson has a tough road ahead in 2023, according to JPMorgan. Analyst Brian Ossenbeck downgraded the stock to underweight from neutral. The analyst named rail congestion fees, truckload rate cycles and coal volumes as headwinds for the company in 2023 despite an improving industry outlook. Robinson is more exposed to broader industry and macro risks than some of its competitors, notably RXO. However, JPMorgan thinks that there are still significant downside risks to the stock despite its recent gains.

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