News Briefs - Dec. 30
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The Latest Headlines:
- Consumer Confidence Slips in December
- Existing Home Sales Fall 4.6% in November
- Snowstorm Shuts Down 150 Miles of Interstate 5
- Beef Shipped Before Ban Remains in Limbo
- Vitran Says Underwriters Exercised Stock Option
- Existing Home Sales Fall 4.6% in November
Consumer Confidence Slips in December
The New York-based Conference Board said Tuesday its consumer confidence index declined to 91.3 in December, from a revised 92.5 in November.The index measuring sentiment about the current economy fell to 73.9 from 81 in November. The six-month outlook increased to 102.9, the highest since June 2002. In November, the outlook measure rose to 100.1.
November's reading was the highest since 93.7 in September 2002, the last time it had exceeded 90. The index had peaked at a record 144.7 in January 2000, when the economy was in a record expansion, and had dropped to 61.4 in March of this year, when the U.S. invaded Iraq. Transport Topics
Existing Home Sales Fall 4.6% in November
Sales of existing homes declined 4.6% in November a 6.06 million annual rate, the National Association of Realtors said Tuesday.In October, home resales declined 4.9% drop from a record set in September. However, November was still the fifth month that sales exceeded a 6 million-unit pace, a level that hadn't been reached previously.
When a home is sold, trucks are often needed to ship household appliances and furniture. Existing homes account for 85% of the residential real estate market and new homes the remainder.
Sales of existing home sales were down in all regions, falling 2.4% in the West, 6.6% in the Midwest, and 4.1% in the Northeast and 5.1% the South. Transport Topics
Snowstorm Shuts Down 150 Miles of Interstate 5
Police used snowmobiles to bring food, fuel and water to hundreds of stranded drivers after a fierce snowstorm closed nearly 150 miles of Interstate 5 in California and Oregon, the Associated Press reported.I-5 is the main north-south route along the West Coast.
Authorities said they were working around the clock to get the stranded vehicles off Interstate 5, but could not say when the highway would reopen, according to AP.
The National Weather Service said as much as 2 feet of snow had fallen along the highway. Transport Topics
Beef Shipped Before Ban Remains in Limbo
An estimated 2,200 container loads of beef were in transit when the United States announced last week it had discovered a case of mad cow disease, the Washington Post reported Tuesday.The majority of the containers were headed to the Pacific Rim, and they may have to make the two-week journey back home, the Post said. The 2,200 container loads represents nearly 100 million pounds of beef or $300 million.
Beef companies said they were hopeful the product would be accepted by foreign countries since it was shipped before the governmental bans were put in place.
If the beef is not accepted, it could represent the biggest financial loss to the industry, the Post said. Transport Topics
Vitran Says Underwriters Exercised Stock Option
Toronto-based transportation firm Vitran Corp. said Monday its underwriters had exercised their over-allotment option to acquire an additional 300,000 common shares at a price of $13.75.The over-allotment option was granted in connection with the company's recent public offering of 2 million common shares, Vitran said in a release. A total of 2.3 million shares were sold for about $31.6 million.
The company said it intended to use the proceeds to fund possible acquisitions and capital expenditures.
Vitran is ranked No. 57 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
