A.M. Executive Briefing - Nov. 10
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Recount Brings Florida to 327-Vote Gap, AP Says
A recount Wednesday and Thursday of Tuesday's presidential election vote in Florida has shrunk the lead but still left Republican George W. Bush with 327 more votes statewide than Democrat Al Gore, according to an Associated Press informal tabulation of results from the 67-county review.Supporters of Texas Gov. Bush are saying that result, along with a count of overseas absentee ballots to be completed by Nov. 17, should give him Florida's 25 electoral votes and therefore the election over Vice President Al Gore. Gore's supporters insist most of Florida tried to vote for Gore, but that balloting problems got in the way and need to be cleared up before a final decision can be certified.
Meanwhile, news reports say a new hand recount is under way in some parts of Florida, to see if a human look at ballot cards might catch votes the computer count failed to record. Transport Topics
US&T Reports 58 Cents/Share Loss
United Shipping & Technology (USHP), a same-day delivery company that handles freight for a number for Fortune 500 companies, Friday reported a 58 cent per share net loss in its fiscal first quarter that ended Sept. 30.That compares with the 15 cents-per-share loss a year earlier, but company officials said results were in line with their expectations and that they had met a number of key objectives.
US&T's main shipping subsidiary is Velocity Express. Transport Topics
Xata Cuts Number of Shares to Deere
Xata Corp. (XATA), maker of onboard computers for trucking fleets, said it will cut by about 40% the number of stock shares it plans to sell to a Deere & Co. (DE) affiliate this year, Bloomberg reported.The news came out of a regulatory filing, in which Xata said it planned to offer the remaining shares as options, the wire service noted.
Deere is the world's largest builder of tractors and combines. It bought 630,000 shares of Xata in an August stock purchase deal, under which it planned to buy another 2.5 million by year's end.
But Bloomberg said Deere's Special Technologies Group revised that deal last month and will now buy about 1.3 million shares before January and take an option good through 2002 on the rest. Deere currently holds 14.9% of Xata, Bloomberg added. Transport Topics
Trucking Insurance Leads to 3Q Loss for Gainsco
Commercial trucking is a primary reason that insurer Gainsco Inc. (GNA) expects to post a third-quarter loss, Reuters reported Thursday.A loss of $7.6 million is expected for the Fort Worth, Texas, company. That compares with net income of $1.4 million in last year's same period. Gainsco told Reuters it had to increase estimated ultimate liabilities by about $10 million, mainly because of commercial trucking, for prior accident years.
Gainsco decided to exit unprofitable commercial trucking businesses that had accounted for about $25 million in annual premiums or about 15% of the company's gross premiums. But that process will take a year, Reuters said.
The property and casualty insurer claims an A.M. Best rating of "A" for excellent, on its Web site. Transport Topics
Roadway Express Elects New Treasurer
Joseph R. Boni has been elected treasurer of Roadway Express (ROAD), a transporter of retail goods, the company said. Beginning Jan. 1, 2000, Boni will oversee Roadway's taxes and international finance.
Roadway transports commercial goods through all 50 states, Canada, Mexico and 66 other countries. Transport Topics
Global Project to Study Transport Future
Nine of the world's leading companies in energy and transportation equipment have joined to study the future of transpor-tation, Bloomberg reported.Their so-called Sustainable Mobility project looks at how world growth trends will affect land, sea and air transportation. The companies will examine such issues as roads, fuel efficiency, emissions, safety, public transportation and urban planning.
Operating under the auspices of the World Business Council for Sustainable Development, Geneva, Switzerland, the group includes BP Amoco (BP), DaimlerChrysler (DCX), Ford Motor Co. (F), General Motors (GM), Michelin (12126-PAR), Norsk Hydro, Royal Dutch/Shell Group, Toyota (TM), and Volkswagen (VOW-FRK).
The group will publish its findings in 2003. Transport Topics
Flatware Maker Oneida to Cut Workforce 8%-10%
Oneida Ltd. (OCQ), world's largest maker of stainless steel and silver-plated flatware, will cut 400 to 500 of its nearly 5,000 workers over the next year to trim costs - which works out to 8% to 10% of its workforce, Bloomberg reported.Truck operations serving the Oneida, New York company would have to see what those plans mean for hauls of raw materials into manufacturing plants, and shipments of finished goods back out. Transport Topics
Sunoco Buying 5 Aristech Plants; Borden Stopping Methanol in La.
Purchases and production changes are affecting the chemical industry.Sunoco (SUN) said it will buy the polypropylene, phenol and plasticizer operations of Aristech Chemical Corp., for $695 million in cash and working capital, the Wall Street Journal reported Friday. The Pittsburgh chemical company is a unit of the troubled Mitsubishi Corp.
Five Aristech plants in West Virginia, Ohio, Pennsylvania and Texas are included in the purchase agreement, along with a research center in Pittsburgh.
Meanwhile, Borden Chemicals & Plastics announced plans to close methanol operations in Geismar, La., in January, the Journal also reported Friday. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Professional Transportation Undergoes Management Shakeup
- Trailer Maker Dorsey Culling Management Jobs
- Volvo, Cummins Form Alliance
- Rail Intermodal Traffic Registers Small Gain
- Cummins Names New CFO
- Montreal Truck Strike Continues; Union Drive Set Back
- Scania to Buy All of Dutch Truck Retailer Beers
- Con-Way Opens New Terminal Near Richmond, Va.
- A Bush Presidency Could Have Ex-DOT Secretary Card as Chief of Staff
- Ames Fiscal-Year Loss Widens, Will Close 32 Stores
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