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This afternoon's headlines: Union Pacific sees its 4Q earnings drop; Caterpillar reports increased 4Q earnings; Calif. power blackouts cause traffic tie-ups, disrupt shipping; and more.

A spokesman for United Parcel Service on Thursday categorically denied reports that it was on the verge of buying air cargo carrier Emery Worldwide from CNF Inc.

Overnite Transportation said Thursday it had strong growth in earnings for the fourth quarter and the year, reversing a steep loss from a year earlier.

FedEx Corp. and the U.S. Postal Service agreed last week to a package of seven-year agreements under which FedEx will carry Priority, Express and first-class mail on its airplanes between the nation’s airports and will place up to 10,000 of its purple-orange-and-white drop boxes at post offices around the nation.

In the last moments before it hands over the reins of power, the Clinton administration is filling four associate administrator vacancies at the Federal Motor Carrier Safety Administration.

United Parcel Service, the nation’s largest package-delivery company and No. 1 in the Transport Topics 100, this week increased its presence in the logistics industry and international trade by agreeing to purchase the Fritz Cos. for about $510 million, mostly in stock.

For much of the past 20 years, the less-than-truckload segment of trucking has been getting squeezed.

The leadership shuffle in Congress puts a lawmaker with a short record on transportation issues as chairman of a key House Appropriations subcommittee in place of one with extensive transportation experience.

Before he vacates his office Jan. 18, National Transportation Safety Board Chairman Jim Hall plunged a thorn into the trucking industry's side by reiterating his call for mandatory use of electronic onboard recorders, hourly pay for drivers and tighter restrictions on hours a driver can work.