A.M. Executive Briefing - Nov. 24
Editor's Note: In observance of the Thanksgiving holiday, the Executive Briefings will not run Thursday or Friday. Have a happy Thanksgiving!
This Morning's Headlines:
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Southern California Forecast: More Trouble
A Long Beach (Calif.) Chamber of Commerce International Business Association meeting saw speeches by representatives of the trucking and marine-terminal businesses saying drayage trucking companies there will be unable to keep up with expected import growth in 2000.
California Cartage gave truckers and warehouse employees bonuses and food for the peak season. One ocean carrier in Long Beach instituted early-morning hours.
The trucking and terminal people at the meeting all said everyone in the intermodal chain must agree to pay more for service improvements, and Maersk's Long Beach terminal director said trucking firms must let terminals know about difficulties right away. Journal of Commerce Online (11/24/99) ; Mongelluzzo, Bill
Across the USA: South Carolina
The South Carolina highway patrol last week started enforcing a restriction that limits trucks to the two right lanes of I-84 between Greenville and Anderson, and most trucks are complying; the patrol has only cited five truckers so far. USA Today (11/24/99) P. 16ATowne Buys Mid-Atlantic Trucking Firm
Delco Freight Systems, a trucking firm carrying air and ocean cargo around Philadelphia and serving two New York City-area airports, has been acquired by Towne Air Freight. Towne Air Freight plans to add the East Coast markets of Philadelphia and Newark to its linehaul service. Journal of Commerce Online (11/24/99)Werner Sees Fuel Costs Hurting Q4 EPS
Werner Enterprises is anticipating its earnings per share to take a 10 cent hit in the fourth quarter due to higher fuel costs, which are not being covered adequately by surcharges. The company wants to get more money from fuel surcharges and for that reason was in talks with customers.Thirty-five cents per share was analysts' fourth-quarter projection; the company earned 33 cents a share in the year-earlier quarter. Reuters (11/23/99)
PNV's IPO Priced at $17 Per Share
PNV, the trucking-industry Internet, cable TV, and telecommunications company, set a price of $17 for each of the 3.75 million common shares in its IPO. The company was to use the symbol PNVN when it began Nasdaq trading Wednesday. Business Wire (11/23/99)Overnite Taking Delivery of First of 240 New Navistar International Trucks
Delivery of 240 new Navistar International trucks to Overnite Transportation has begun and is set to be completed by February. The company is getting three different models of International tractors, at a total cost of $14.45 million. December through February will be the delivery period for Overnite's 100 new propane forklifts from Illinois-based Nissan Forklifts.Director of Fleet Services Mike Morgan said Overnite needed more and
etter equipment because it has attracted more business via "service programs like Advantage Overnite, which expanded our regional one- and two-day delivery capabilities." PR Newswire (11/23/99)
RESEARCH ALERT - Oshkosh Truck Started
Credit Suisse First Boston has begun covering Oshkosh Truck, giving the manufacturer of specialty trucks a buy rating and a price target of $44. Reuters (11/23/99)© copyright 1999 INFORMATION, INC. Terms of Service
