Executive Briefing - Feb. 2
- Dec. U.S. Factory Orders Show Weakness Despite Gain
- Bridgestone/Firestone to Reduce Workweek
- U.S. Trucking Changing Name
- Supreme Unveils Stock Buyback
- Ashcroft Starts Work as Attorney General
- Tenn. Used Truck Dealer Offers 2-for-1 Deal
- Roadway Opens Mexican Facility
Dec. U.S. Factory Orders Show Weakness Despite Gain
Buoyed by new commercial aircraft demand, orders for new goods from U.S. factories in December increased 1.1%. But without that aircraft demand, overall orders were actually down 0.8%, the Commerce Department reported Friday.The latter figure reflected weak sales of new automobiles and a disappointing Christmas shopping season, the department said.
Also on Friday, the Labor Department said unemployment rose to 4.2% in January from 4% in December. Transport Topics
Bridgestone/Firestone to Reduce Workweek
Tire maker Bridgestone/Firestone said late Thursday that it plans to cut its work week to six days from seven at two Illinois plants, Bloomberg reported. The company is making this move to slow production and minimize layoffs.The plant in Decatur would close on Mondays, while the plant in Bloomington will shut down on Sundays. The Bloomington plant will temporarily lay off 21 workers, the article said. Transport Topics
U.S. Trucking Changing Name
U.S. Trucking (USTKE) on Thursday announced its shareholders have voted to change the company's name to Logistics Management Resources.It will also implement a reverse stock split of the company's issued and outstanding shares of common stock on a 1-for-100 basis. Feb. 12 is the official date for the stock split.
The company recently moved to Louisville, Ky., from Charleston S.C. Transport Topics
Supreme Unveils Stock Buyback
Supreme Industries (STS), a manufacturer of specialized truck bodies, announced Friday a plan to repurchase up to 1 million of its more than nine million outstanding shares of Class A common stock.The purchase will be dependent on market conditions, said the Goshen, Ind.-based company, which also manufactures "shuttle-type" buses.
On Thursday, it announced net earnings per diluted share of 17 cents in the fourth quarter, up from one cent a year earlier.Transport Topics
Ashcroft Starts Work as Attorney General
Attorney General John Ashcroft has been sworn in and has already begun working, Reuters reported Friday.Enforcement of antitrust and immigration laws are among his new responsibilities.
Theodore Olson, who held a senior spot in the department under President Ronald Reagan, will be solicitor general, the article said. Olson will represent the administration in Supreme Court cases, Reuters said, noting that he argued the high court case that stopped the Florida recounts. Transport Topics
Tenn. Used Truck Dealer Offers 2-for-1 Deal
A used truck dealer in Tennessee held a two-for-one sale – as in buy one truck, get one free – the Wall Street Journal reported Friday.Music City Truck & Equipment in LaVergne, Tenn., has maintained its sticker price and thrown in an identical truck for free, selling off all 10 of its Volvo tractors, according to the Journal.
The glut of used trucks combined with rising fuel prices has put a damper on sales.
One buyer, an owner of a small trucking company, even convinced the dealer to add another incentive – a new mattress in each sleeper cab, the Journal said. Transport Topics
Amtrak Has High Hopes for Cargo
Although Amtrak is facing a $30 million shortfall in cargo revenues, it wants more money from Congress for cargo cars and locomotives, Bloomberg News reported Friday.The passenger railroad said it needs a five-fold increase in capital spending, to $1.5 billion annually, according to Bloomberg.
Amtrak hopes for a 29% sales boost within five years, with about two-thirds of those sales coming from more cargo and mail, according to the news service.
The passenger rail system is presenting a 20-year plan to Congress and the Bush administration. Transport Topics
Roadway Opens Mexican Facility
Roadway Express (ROAD) has opened a new terminal about 38 miles west of Mexico City, in Toluca, the com-pany announced Friday.It is one of 18 Roadway facilities serving the Mexican market.
Auto parts, plastics and electronics are made in the region, the company said.
Akron, Ohio-based Roadway is a less-than-truckload carrier and is No. 6 on the Transport Topics 100.
BAX Global Cutting 300 Jobs
Pittston Co. said Thursday it is restructuring its BAX Global air freight concern.BAX has removed 10 planes from its fleet, closed nine operating stations and cut 300 jobs, the company said. The unit suffered from lower customer demand, Pittston said.
Pittston’s fourth-quarter income from continuing operations was 16 cents per diluted share, compared with 90 cents a year earlier.
(Click here for the full press release.)
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