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☆ Stock market today: Indexes gain after strong retail sales data
▼ + stars: | 2024-10-17 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Stocks rose Thursday as investors digested strong retail sales data and more earnings. Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%. AdvertisementUS stocks climbed on Thursday as traders saw better-than-expected retail sales data and continued to digest strong corporate earnings reports. September's retail sales report showed consumer spending remains strong, with monthly spending up 0.4% from August, just above a Dow Jones consensus estimate of 0.3%. And almost every AI innovator is working with TSMC," TSMC chairman and CEO C.C.

Persons: Stocks, ASML, —, C.C, Wei, TSMC, Morgan Stanley, JB Hunt Organizations: Service, Dow Jones, Commerce Department, Federal Reserve, Labor Department, chipmaker Taiwan Semiconductor Manufacturing Company, Nvidia, AMD, chipmakers, United Airlines, Netflix, Caixin Global, JB Locations: Wednesday's, Here's, China

☆ Stocks like American Express may benefit as higher-income consumer remains strong
▼ + stars: | 2024-10-17 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +2 min

(This is a wrap-up of the key money moving discussions on CNBC's "Worldwide Exchange" exclusive for PRO subscribers. Worldwide Exchange airs at 5 a.m. "This is a time when markets are distorted… the October period before US elections have usually been distorted," Wieting said on Worldwide Exchange. He says Home Depot (HD) and American Express (AXP) are stocks that will benefit from continued spending of higher income earners. "The higher end consumer is where you want to be right now," said Zaman on Worldwide Exchange.

Persons: Patience Steven Wieting, Wieting, Aadil, JB Hunt Organizations: PRO, Worldwide, U.S, Citi Global Wealth Investments, American Express, Wall Street Alliance, Vanguard, Big Tech, US Freight, American Trucking Association, East, CSX Locations: U.S, East Coast

☆ The US freight recession is showing early signs of recovery
▼ + stars: | 2024-10-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

JB Hunt beat earnings estimates for the first time in two years. AdvertisementTrucking company JB Hunt earned the approval of stock investors on Wednesday after a stronger-than-expected earnings report showed demand is coming back. AdvertisementThese struggles have translated into weak market performance for JB Hunt and other freight carriers. AdvertisementGoing beyond JB Hunt, there has been other data suggesting better prospects ahead. DAT Freight & Analytics' trucking volume index rose year-over-year for all three different categories of freight equipment for the 12 months ended in September.

Persons: JB Hunt, —, It's, Shelley Simpson, Nicholas Hobbs, Ken Adamo Organizations: Service, JB, DAT, Analytics

☆ From bankruptcies to price wars, the US freight recession is reshaping the industry
▼ + stars: | 2024-07-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The freight recession will likely remain drag on into a sixth quarter, according to AFS Logistics. Bankruptcies and aggressive competition have defined the industry downturn, the firm told Business Insider. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere's no end in sight for the freight recession, and the downturn is reshaping dynamics in the industry. This story is available exclusively to Business Insider subscribers.

Persons: Tom Nightingale, —, Cowen Organizations: AFS Logistics, Business, Service

☆ America's freight recession is showing no signs of ending
▼ + stars: | 2024-07-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Accuride, a truck-parts company, faces elevated default risk, S&P Global Ratings said. The situation is indicative of a broader US freight recession that's showing few signs of abating. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The latest example of the industry's struggles came on Monday, when S&P Global Ratings cut to negative its outlook on Accuride, a commercial-truck-parts manufacturer. The agency cited weak sales and negative free operating cash flow as reasons the company is at risk at default next year.

Persons: — Organizations: Service, Business

☆ The US freight recession keeps getting deeper
▼ + stars: | 2024-04-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

J.B. Hunt stock slid as much as 13% on Wednesday after an earnings report that missed estimates. Demand for its freight services was weaker than expected in the first quarter. The firm is a bellwether for the freight industry, which has been mired in a post-pandemic recession. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA leading freight company is seeing its stock tank after weak trucking volumes led to a first-quarter earnings miss on both profit and sales.

Persons: Hunt, —, JB Hunt Organizations: Service, Business

☆ German startup Fernride raises $50 mln for self-driving freight trucks
▼ + stars: | 2023-09-20 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 20 (Reuters) - German self-driving startup Fernride said on Wednesday that it has raised $50 million in Series A funding to increase the use of its "human-assisted" autonomous freight trucks in customer's logistics yards. The Munich-based startup had initially closed the funding round with $31 million, but had extended it due to high investor interest, the company said. New investors include Munich Re's venture capital arm Munich Re Ventures, Bavarian venture capital firm Bayern Kapital and former Siemens Klaus Kleinfeld, who will become chairman of the board at Fernride. Existing investors, including strategic investors HHLA (HHFGn.DE) and Deutsche Bahn (DBN.UL) unit DB Schenker also participated in the funding round. Fernride's trucks currently operate autonomously around 80% of the time, then remote human operators to step in to help the remainder of the time.

Persons: Siemens Klaus Kleinfeld, Hendrik Kramer, DB, Kramer, Nick Carey, David Evans Organizations: Munich Re Ventures, Bayern Kapital, Siemens, Deutsche Bahn, DB Schenker, Volkswagen, Thomson Locations: Munich, Bavarian, Fernride, Hamburg

☆ TuSimple to restructure US business, lay off 30% staff
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - TuSimple Holdings Inc (TSP.O) said on Thursday it will cut 30% of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector. The move comes days after the firm received a delisting notice from Nasdaq for not filing its quarterly report on time. TuSimple said following restructuring it would continue to retain its level 4 technology development capabilities and focus on autonomous freight transportation technology. It follows a restructuring the company announced in December and cut about 350 jobs. Reporting by Akash Sriram in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Continental, Aurora to jointly develop self-driving systems for trucks
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - German automotive parts company Continental AG (CONG.DE) and U.S.-based self-driving technology firm Aurora Innovation said on Thursday they would jointly design and develop autonomous systems for the trucking industry. Investors and industry executives have been concerned about heavy investments going into self-driving technology and the protracted timelines to develop it. Continental, which will manage the lifecycle of the hardware kits it supplies for the Aurora Driver technology platform, said it expects production to begin in 2027. The companies also said Aurora Horizon is expected to be launched next year. The autonomous freight truck subscription service is based on the technology that Continental will help develop and build.

☆ The US still waits for its high-speed rail revolution
▼ + stars: | 2023-04-18 | by ( Ben Jones | ) edition.cnn.com time to read: +15 min

So why doesn’t the United States have a high-speed rail network like those? Many Americans have no concept of high-speed rail and fail to see its value. William C. Vantuono, editor-in-chief of Railway Age“Many Americans have no concept of high-speed rail and fail to see its value. Corridors for the greatest potentialBrightline West and CHSR offer templates for the future expansion of high-speed rail in North America. “Where those conditions apply in Europe and Asia, high-speed rail reduces air’s share of the market from 100% to near zero.

☆ Norfolk Southern is giving over a thousand times more money to shareholders than to derailment victims
▼ + stars: | 2023-02-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company spent $3.4 billion on share repurchases last year, and $3.1 billion in 2021, bringing its recent share repurchases to $6.5 billion. Billions to shareholdersIn March 2022, Norfolk Southern (NSC) announced a new $10 billion share repurchase plan. Norfolk Southern did not respond to questions Wednesday on whether it expects to change its share repurchase plans in the wake of the derailment. Other freight railroads are also reporting improving profits, and have joined Norfolk Southern in massive share repurchases. Like Norfolk Southern, both UP and CSX spent more on share repurchases than they did on total employee compensation.

☆ Truckers over a billion hours sitting in traffic every year, making shipping even more expensive. See the 10 worst bottlenecks.
▼ + stars: | 2023-02-17 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: 1 min

As the transportation system works to become more sustainable, low-carbon fuels for cars and trucks, get a lot of attention. But there's a big, old problem that's costing the country money, time, and carbon dioxide emissions: traffic. Chicago is considered one of the most congested cities for trucks, with two bottlenecks in the top 10 most congested bottlenecks in the US, and five in the top 100. Patrick Gorski/NurPhoto via Getty ImagesHighway congestion adds tens of billions of dollars to the cost of freight transportation each year — nearly $75 billion in 2016, and over $42 billion in 2019, according to the most recent available data. Truck drivers, who move more than 70% of US freight, sit in traffic for over 1 billion hours per year, burning fuel, and emitting carbon dioxide.

☆ Two rail unions reach deal with CSX railroad for paid sick time
▼ + stars: | 2023-02-08 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

CNN —CSX Transportation announced Tuesday that it had reached a deal with two railroad unions regarding paid sick leave. It also allows members to use up to three personal leave days for sick leave, the two unions said. Eight unions voted to accept the tentative agreement negotiated by the Biden administration with no paid sick leave, while four voted it down. The unions asked for ten paid sick days initially — whittling down their ask to four. The three other major freight railroads — Union Pacific, BNSF and Norfolk Southern — do not currently have paid sick leave in place.

☆ American truckers' wages have dropped by more than $50,000 since 1980, creating one of the industry's biggest problems
▼ + stars: | 2023-01-23 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +4 min

The deregulation of the trucking industry in the 1980s led to wages being slashed by almost half. A high turnover rate — around 90% for large fleets — is considered a big problem of the industry. The change is tied to the Motor Carrier Act of 1980, which deregulated the trucking industry. Along with depressed wages, truckers face a dangerous job: In the US, one in 6 workers killed on the job is a trucker, according to Levy. That contributes to a high turnover of over 90% for large fleets.

☆ Incoming Petrobras CEO Prates rules out fuel price interventions
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - The incoming chief executive of Brazil's oil company Petrobras (PETR4.SA) said on Wednesday there will be no interventions in fuel prices, and shares of the state-run firm rose. Jean Paul Prates, handpicked by President Luiz Inacio Lula da Silva to lead the company, told journalists he does not intend to unlink Petrobras' fuel prices from those of international markets, but "will unlink them from import parity." Without forcing, without imposing a tariff, with absolutely no direct intervention in the market," Prates explained. His remarks, which echoed comments he made after his appointment as CEO, boosted Petrobras' share price, said Reach Capital's investment head, Ricardo Campos. Reporting by Marta Nogueira and Paula Arend Laier; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ The busiest port in America is no longer on the West Coast
▼ + stars: | 2022-12-09 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

Since August, imports into the two major West Coast ports – Los Angeles and Long Beach – have declined. That cargo is now flowing into Gulf Coast ports like Savannah and New Orleans, and East Coast ports in New York and New Jersey. Around 20,000 dockworkers at West Coast ports, including Los Angeles and Long Beach, have been working without a contract since July 1. The jam at the West Coast ports delayed Americans getting goods and sent prices higher as demand outpaced supply. But until the labor dispute is resolved on the West Coast, it will be a challenge to lure importers back.

☆ America may dodge a crippling rail strike. Here’s how we got here
▼ + stars: | 2022-11-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The House approved two pieces of legislation Wednesday, one to impose the tentative agreements that members of four of the unions have already rejected, keeping 115,000 rail workers on the job and averting a strike. More than just sick daysThe fact that this is still an issue more than two months after an 11th-hour tentative deal was reached goes beyond the issue of paid sick days. All 12 rail unions agreed to the tentative deals that generated so much opposition. But he said the issue of sick days will not be going away. Senator Bernie Sanders, a close ally of the labor movement, tweeted “At a time of record profits in the rail industry, it’s unacceptable that rail workers have ZERO guaranteed paid sick days.

☆ Bank of America CEO predicts two years of pain ahead in the housing market
▼ + stars: | 2022-11-29 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN Business —The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But Moynihan told Harlow that the worst-case fears for the economy may not materialize — thanks to the continued resilience of American shoppers. Still, Moynihan is concerned that there could be more tough times ahead for the housing market. And the way you do that is raising interest rates,” Moynihan said. “The intended outcome of [the Fed’s] policies doesn’t feel good when you are trying to buy a home.”Moynihan told Harlow that there could be two years of pain in the housing market before activity returns to normal.

☆ US Freight rail strike could cost US economy $1 billion in first week
▼ + stars: | 2022-11-23 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +2 min

CNN —A US freight rail strike could cost the US economy $1 billion in the first week of the strike, according to a new analysis from the Anderson Economic Group. In the first three days alone, US workers and consumers could see potential losses of a quarter billion dollars as a transit strike involving rail is one of the most expensive and disruptive events that can happen to the economy. It does not include indirect effects or losses on other industries or income losses for rail company investors and managers. Second and third day strike losses would increase to $91 billion per day because of lost agricultural goods and food spoilage. The four rail unions who voted down the tentative agreement with US freight railroads have set a joint strike date of December 9 if they do not reach a deal on a new contract.

New York CNN Buiness —With a crippling freight rail strike looming in two weeks, leaders of four railroad unions and management of the major US freight railroads are due back at the negotiating table Tuesday afternoon. It will be the first joint negotiating session for the four unions, whose rank-and-file members rejected the five-year labor agreements similar to deals accepted by the eight other rail unions in recent months. If any one of the unions goes on strike, it would be honored by all 12 unions, which would bring US freight rail service to a halt. Union members also would receive cash bonuses of $1,000 a year. All told, the backpay and bonuses would give union members an average payment of $11,000 per worker once the deal is ratified.

New York CNN Business —A third railroad union has rejected a tentative labor deal, a move that further raises the odds that America’s 110,000 freight railroad workers will go on strike early next month. It is the smallest of 13 unions that represent more than 100,000 union members at the nation’s major freight railroads. The union’s brief statement on the vote said it “fully expects to continue negotiating further toward a satisfactory contract” with railroad management. A freight railroad strike would create massive problems for the US economy, snarling still-struggling supply chains and triggering widespread bottlenecks and shortages. Congress can also prevent or end a strike by extending a cooling-off period during which the unions cannot strike, or by imposing a contract on union members.

☆ What the wave of tech layoffs tell us about the economy
▼ + stars: | 2022-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Tech companies are announcing an alarming number of layoffs and hiring freezes. ▸ Lyft (LYFT) said last Thursday that it will lay off 13% of its employees, or nearly 700 people, as it rethinks staffing amid rising inflation and fears of a looming recession. But other companies won’t be immune to the softening demand from consumers and businesses that tech companies have noted. It doesn’t help that the uncertainty around the platform comes at a bad time for ad revenue-dependent tech companies. More potential supply chain woesThe threat of a US rail strike that could disrupt supply chains is still very real.

☆ 300 business groups call on Biden to intervene in rail unions contract vote
▼ + stars: | 2022-10-27 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

Washington CNN Business —Three hundred business groups are calling on President Joe Biden to intervene in the ratification of the national tentative agreement he helped broker last month between rail unions and US freight railroads. In a letter sent to the president Thursday, retail, agricultural, manufacturing, and trucking associations jointly asked the president to ensure that the tentative agreement is ratified. Sick time is unpaid in the current tentative agreement. They also give union members cash bonuses of $1,000 a year. All told, the backpay and bonuses will give union members an average payment of $11,000 per worker once the deal is ratified.

They also give union members cash bonuses of $1,000 a year. All told, the backpay and bonuses will give union members an average payment of $11,000 per worker once the deal is ratified. After BMWED rejected their tentative deal, union leadership proposed adding paid sick days during a bargaining session, only to have management reject the motion out of hand. Congress can also prevent or end a strike by extending a cooling-off period or imposing a contract on union members. Union members working in other industries have recently balked at approving deals, even when recommended by their leadership.

☆ Markets are worried the Fed is going too far
▼ + stars: | 2022-10-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Wall Street is worried that yet another high reading on the Consumer Price Index will prompt another massive interest rate increase and inflict more pain on markets and the US economy. But this full-steam-ahead approach by the Fed, based on the notion that iron-clad data is protection enough, has given some economists pause. Last week’s nonfarm payroll report roiled markets, but job openings have now fallen by 1.8 million since their March peak. The IMF believes that global inflation will peak late this year, but will “remain elevated for longer than previously expected,” even as central banks work aggressively to bring it under control. ▸ The Consumer Price Index, a closely watched measures of inflation in the US is due to be released on Thursday.

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