News Briefs - Dec. 10
The Latest Headlines:
- Preliminary Consumer Sentiment Index Rises in December
- U.S. Xpress' Stock Offering Priced at $25.25
- Allied Holdings Files Plan With American Stock Exchange
- Landstar Announces Stock Split
- Poll Finds Increased Optimism About U.S. Economy
- Intermodal Rail Volume Sets Annual Record
- U.S. Xpress' Stock Offering Priced at $25.25
Preliminary Consumer Sentiment Index Rises in December
The University of Michigan said Friday its preliminary consumer sentiment index for December rose to 95.7 from a final reading of 92.8 in November.The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to buy big-ticket items, rose to 106.8 from 104.7 in November. The expectations index of optimism about the next one to five years rose to 88.8 from 85.2.
The university's confidence gauge remains below the three-year high of 103.8 reached in January. It has averaged 90.6 since the recession ended in November 2001. Transport Topics
U.S. Xpress' Stock Offering Priced at $25.25
Truckload carrier U.S. Xpress Enterprises Inc. said its public offering of 4 million shares of Class A common stock was priced at $25.25 per share.The company said in a statement it was selling 2 million shares, while President Patrick Quinn and Chief Executive Officer Max Fuller was sell 900,000 shares each.
U.S. Xpress is ranked No. 21 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Allied Holdings Files Plan With American Stock Exchange
Allied Holdings Inc. announced Thursday it had filed a plan on Dec. 4 with the American Stock Exchange on how to become compliant with listing standards again.The auto hauler said it would file its quarterly report on Form 10-Q for the third quarter by Jan. 6. The company said it was still developing a plan to regain compliance regarding its shareholders' equity.
Allied previously said the Amex suspended treading of its common shares on Nov. 29.
It is ranked No. 22 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Landstar Announces Stock Split
Truckload carrier Landstar System Inc. said late Thursday its board of directors has declared a two-for-one stock split.The company said in a statement stockholders will receive one additional share for every share held on Dec. 28.
Landstar is ranked No. 15 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Poll Finds Increased Optimism About U.S. Economy
The Institute for Supply Management said that U.S. companies are more optimistic about the 2005 economy than they were heading into 2004.Although ISM did not give a specific growth prediction, it said the survey found 50% of services companies and 52% of manufacturers believe the economy was likely to improve in the first six months of 2005, compared with the second half of 2004.
However, manufacturers also said they were worried about rising costs and the possibility that consumer spending would fall. Manufacturers expect prices to increase 4.4% in 2005, ISM said. Transport Topics
Intermodal Rail Volume Sets Annual Record
The Association of American Railroads said late Thursday that rail intermodal traffic totaled 232,798 trailers and containers in the week ended Dec. 4, pushing the yearly total over 10 million for the first time.Railroad volume is considered an important economic indicator. Intermodal traffic, which tends to be higher-valued merchandise than bulk commodities, uses trains for the long haul and trucks for the shorter distance at either end of the trip.
Intermodal volume for the most recent week was 14.9% higher than the same week a year earlier.
For the year, AAR said the total of 10.2 million trailers and containers was 10% ahead of last year’s pace, when the previous annual record of 9.9 million was set. Transport Topics
