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Learn moreAmazon's Big Spring Sale features limited-time discounts on various products, from family apparel to popular tech items, including great headphone deals on several top models from brands we love. Highlights include the Soundcore Life Q30, our pick for the best budget noise-cancelling headphones, which are back down to an all-time low price. You can also get $100 off the high-end Sony WH-1000XM4 wireless headphones or snag a pair of Apple's AirPods Pro for $60 off their full retail price. If you're not sure which pair is right for you, check out our guides to the best noise-cancelling headphones, best wireless earbuds, and best Apple AirPods to learn more. These wireless earbuds offer good sound with active noise cancellation, 11-hour battery life, and Fast Pair for quick, seamless switching between compatible Android devices.

Persons: it's, Anker, Bose Organizations: Business, Sony WH, Price Apple, Amazon Sony WH, WH, Sony, Soundcore Liberty, Liberty, Amazon Bose, Amazon, Wireless

☆ Alaska's ice road oil truckers are in a boom, and causing a backlash
▼ + stars: | 2024-03-15 | by ( Kevin Williams | ) www.cnbc.com time to read: +11 min

With various North Slope oil production projects just ramping up, the years ahead look very promising for trucking in Alaska. Among the new North Slope activities is the ConocoPhillips Willow Project, which the Biden administration approved last year. A Doyon Drilling Inc. oil rig stands on the North Slope in Prudhoe Bay, Alaska, U.S., on Friday, Feb. 17, 2017. Daniel Acker | Bloomberg | Getty ImagesMeanwhile, the Pikka oil project by Australian company Santos is also taking shape on the North Slope, 50 miles west of Deadhorse. Most of the North Slope oil infrastructure (supplies, machinery, parts) is supplied by trucks that have to traverse the 414-mile Dalton Highway (Alaska Route 11).

Persons: Daniel Acker, Jeremy Miller, Carlile, Biden, Willow, Santos, Miller, Matt Jolly, Jolly, Joe Michel, Michel, Dalton, Jomo Stewart, axel, Stewart, Scott Kawasaki, Ashley Carrick, Kawaski, Kawasaki Organizations: Parker, Trans, Trans Alaska Pipeline System, Bloomberg, Getty, Transportation Systems, ConocoPhillips Willow Project, ConocoPhillips, Alaska Department of Natural Resources, Alaska West Express, Alaska Trucking Association, Caelus Energy, Fairbanks Economic Development Corp, Kinross, Food, Getty Images Bloomberg, Getty Images, Fairbanks, Kawasaki, Alaska Department of Transportation, Anchorage Daily News Locations: Prudhoe Bay , Alaska, U.S, Trans Alaska, United States, Alaska, Anchorage, Australian, Deadhorse, Prudhoe Bay, Dalton, Alaska West, North, Wawa, Harrison Bay , Alaska, Fairbanks, Fort Knox Alaska, Kinross, Tetlin , Alaska, Tetlin, Kinross Alaska, Getty Images Alaska

☆ Many Aid Deliveries for Gaza Are Rejected for ‘Dual-Use’ Items, Groups Say
▼ + stars: | 2024-03-13 | by ( Victoria Kim | ) www.nytimes.com time to read: +1 min

COGAT, the Israeli agency overseeing aid deliveries into Gaza, accused Mr. Lazzarini of lying, saying that it was in constant contact with the United Nations and had not been notified of the denial. The agency said 1.5 percent of aid trucks trying to enter the territory had been turned away. Mr. Lazzarini is the latest official to say that the Israeli military’s inspections are keeping aid from getting to Gaza’s 2.2 million people. A member of the British Parliament said this month that Israel had turned away 1,350 water filters and 2,560 solar lights provided by the British government because they were considered a threat. Many items that have been turned away aren’t explicitly listed, she said.

Persons: Philippe Lazzarini, Mr, Lazzarini, David Cameron, Israel, Miriam Marmur, aren’t Organizations: UNRWA, United Nations Locations: Gaza

CLINTON TOWNSHIP, Mich. (AP) — A large fire followed by multiple explosions at a building in suburban Detroit killed one person and injured a firefighter. Authorities believe canisters containing gas chemicals may have been responsible for the repeated explosions reported by first responders and witnesses. The building housed a distributor for the vaping industry called Goo, and canisters stored inside contained nitrous and butane, said Clinton Township Fire Chief Tim Duncan. Owners and employees are cooperating with investigators, said Clinton Township Police Chief Dina Caringi. Clinton Township officials asked residents to stay away from the site and said it would be fenced off and guarded as cleanup begins.

Persons: Tim Duncan, Duncan, “, Goo, Dina Caringi, Ben Ilozor, ” Organizations: Authorities, of Alcohol, Tobacco, Firearms, Explosives, Fire, Associated Press, Police, Eastern Michigan University, Michigan’s Department of Environment, Energy Locations: CLINTON, Mich, Detroit, Clinton, Great Lakes

☆ Here are Monday's biggest analyst calls: Nvidia, Netflix, Apple, Micron, Hershey, Dollar Tree, Qualcomm & more
▼ + stars: | 2024-01-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

JPMorgan upgrades Dollar Tree to overweight from neutral JPMorgan said in its upgrade of the stock that it's a "self-help" story. Bernstein upgrades Hershey to outperform from market perform Bernstein said in its upgrade of the chocolate maker that market share trends are improving. " Goldman Sachs reiterates Nvidia & Micron as buys Goldman said it's standing by shares of Nvidia and Micron. Bank of America upgrades ZoomInfo to buy from neutral Bank of America said the software company is a "self-help" story. Bernstein reiterates Qualcomm as outperform Bernstein said it's bullish heading into Qualcomm earnings later this week.

Persons: Wells, Jefferies, it's, Evercore, Bernstein, Hershey, Goldman Sachs, Goldman, Raymond James, Sherwin, Williams, Morgan Stanley, William Blair, Morgan Stanley downgrades Brown, Forman Organizations: UBS, Amazon, Amazon Web Services, Citi, Air, Deutsche Bank, TFI, Deutsche, JPMorgan, Warner Brothers Discovery, Microsoft, Meta, YouTube, Nvidia, Micron, MU, Netflix, Barclays, Apple, Colgate, Palmolive, " Bank of America, of America, Beam Therapeutics, Bank of America, Builders, Devices, AMD, Qualcomm Locations: Norfolk Southern, Atlanta

The declines have come from just about every sector, with the exception of technology, which has seen its earnings estimates rise since October 1. A good example: IBM , which beat earnings expectations and highlighted an uptick in demand for artificial intelligence products and services. Outside of technology, earnings expectations are lower than three months ago, but are now rising again. "The market has been anticipating improving earnings expectations, and it's getting them. By that I do not mean that earnings estimates are rising, I mean they are not getting cut as much anymore," Raich added.

Persons: Nick Raich, it's, Raich, Sherwin, Williams, Heidi Petz, Kimberly, Clark, Nelson Urdaneta, that's, shipper J.B, Hunt, John Roberts, McCormick, Gamble, STMicroelectronics, Jim Fitterling, DuPont, hasn't, ASML, Andre Schulten, Baker Hughes Organizations: IBM, Treasury, Scout, Paint Stores, Insurance, Procter, Swift Transportation, Dow Inc, Texas, 3M, Gamble, FedEx, Humana, Adobe, Dupont Locations: Americas, China

Oppenheimer downgraded Home Depot and Lowe's to perform from outperform, cutting its price targets on both names. On a more upbeat note, Goldman Sachs upgraded Brazilian payments stock StoneCo, calling for more gains ahead after a strong 2023. "While lululemon's fundamentals are undoubtedly best-in-class, we do not see the valuation as compelling enough for us to recommend investors buy at current share price levels." Oppenheimer's forecast implies roughly 5% downside moving forward for Home Depot stock and 5% upside for Lowe's. Shares of Home Depot have added 5% so far this year while Lowe's stock has slipped more than 1%.

Persons: Oppenheimer, Lowe's, Goldman Sachs, Hunt, Thomas Wadewitz, Brian Evans, Morgan Stanley, Morgan Stanley's, Lisa De Neve, — Brian Evans, Lululemon, LULU 1Y, Anne, Laure Bismuth, Brian Nagel, Tito Labarta, Labarta, — Fred Imbert Organizations: CNBC, UBS, HSBC downgrades, HSBC, Lowe's, Home Depot Locations: Hunt, J.B, LULU, Brazil

☆ 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

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