P.M. Executive Briefing - Mar. 17
This Afternoon's Headlines:
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Maple Park Railport Plan Derailed
Bowing to opposition from local residents and politicians, Union Pacific Railroad is abandoning its plan to construct a large intermodal railport in a largely agricultural area outside Maple Park, Ill., to serve the Chicago region.The land lies within House Speaker J. Dennis Hastert's district, and Hastert (R) told UP the plan was not politically viable after the railroad consulted him. Hastert will also help the railroad find another location for an intermodal facility.
Senator Hears About Rising Gas Prices on Truck Driving Vacation
Sen. Ben Nighthorse Campbell (R-Colo.) has spent his vacation driving a truck, carrying beer in Colorado on hauls arranged for him by Nor-Colo Transportation owner Randy Babbitt. Campbell, who drove a truck during college and recently renewed his CDL, returned to trucking for the week not only because he enjoys the work but because he wanted to talk to drivers about the fuel-price problem.The senator, who wants to have a hearing soon on legislation he sponsored to reduce the federal diesel tax, said President Clinton seems uncaring about the situation, since he will not draw down the oil reserves or "reduce the tax that in '92 was only set up as a temporary tax." Associated Press (03/17/00)
Research Alert - Werner Enterprises Raised to Buy
Citing Werner Enterprises' involvement in the new logistics venture Transplace.com, Banc of America analyst Peter Coleman upgraded the carrier to a buy rating with a $20 price target. He said the online venture is seen "as a watershed event" because it shows trucking companies' interest in cooperation and could signal the beginning of industry consolidation. Werner's rating had been market performer.[Coleman also raised J.B. Hunt Transport Services to buy due to the company's involvement in Transplace.com, with a $25 price target, Reuters reported.] Reuters (03/16/00)
Truckers Support Waterville Bypass
The Toledo Trucking Association has endorsed a limited-access bypass around Waterville, Ohio, to decrease the amount of truck traffic through Waterville and Defiance on U.S. 24 and reduce the safety hazards posed by so many trucks on a two-lane highway.Association President Ed Nagle III added that some maintenance expenses would also be reduced due to a decrease in stop-and-go driving. According to opponents of the bypass, Farming Americans Resisting More Unneeded Pavement, the situation could be improved by putting in more turn lanes and improving signage instead of building a new road on farmland. The state Transportation Department is expected to recommend a solution before the year is out. Toledo Blade (03/16/00) P. 22
Research Alert - Morgan Ups Four Trucking Companies
Morgan Stanley upgraded its ratings on M.S. carriers, U.S. Xpress Enterprises, Swift Transport, and J.B. Hunt Transport Services to strong buy on Wednesday. J.B. Hunt's rating had been neutral, while the others had had ratings of outperform. Reuters (03/15/00)© copyright 2000 INFORMATION, INC. Terms of Service
