P.M. Executive Briefing - Nov. 10
Special note: The A.M. and P.M. Executive Briefings will not be published Thursday in observance of Veterans Day. The Briefings will resume as normal on Friday.
This Afternoon's Headlines:
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UPS Jumps in Early First-Day Trading
United Parcel Service stock beat its $50 offering price Wednesday morning, beginning New York Stock Exchange trading at $65 a share. The company set the biggest initial public offering in U.S. history at $5.47 billion, past the mark set in 1998 by Conoco. Reuters (11/10/99)
Next-Day Service Between Albuquerque and El Paso Now Available from Viking Freight
Viking Freight, an FDX subsidiary, has added an overnight lane connecting Albuquerque, N.M., and El Paso, Texas. In its western United States region, the LTL carrier now operates 769 next-day services between its service centers. Business Wire (11/10/99)Sempra Energy Information Solutions Set to Deliver Energy Savings to Penske Truck Leasing
Penske Truck Leasing, a joint venture between GE Capital and Penske Transportation Holdings, expects to realize future savings on utility bills via the Encharge service from Sempra Energy Information Solutions.The one-year deal will encompass Penske's 120-facility Midwestern region. "In the past, we only knew our final payment; now, we will know why and how to lower these costs," said Penske Truck Leasing environmental project manager Richard Saut. Business Wire (11/10/99)
Trailer Bridge Reports Third Quarter Results
Trailer Bridge, which hauls cargo via truck and ship between the continental United States and Puerto Rico, said it saw $20.6 million in total revenue for the third quarter, up 9.4% from the year-earlier quarter, with $1.5 million in operating income, compared to a $397,792 operating loss. Pretax income was up $1.2 million to $578,759, with net income of $345,617 (4 centsshare), compared to a $435,605 (4 cents a share) net loss.
The company saw a 1.7% year-over-year drop in total volume headed to Puerto Rico, with a 37.8% rise in total volumes coming from Puerto Rico. Overall vessel capacity to Puerto Rico dropped 7.5%, largely because of a voyage eliminated due to Hurricane Floyd.
During the third quarter, the company eliminated the Atlantic Highway service for the time being because the service's volume growth from the second to third quarters was not as much as needed. Trailer Bridge found a higher capacity utilization by shifting its Atlantic Highway vessel to a New York-San Juan deployment.
RMA Prevails in Halting Rate Increases on Shipment of Rubber Products
According to the Rubber Manufacturers Association, the National Classification Committee voted Tuesday to take a certain type of plastic or rubber hose out of the National Motor Freight Classification system. The hose products, classified as Item 100120 by the NMFC, "would have been subject to extraordinary freight-charge increases and burdensome administrative procedures had we not taken aggressive action," said RMA President and CEO Donald B. Shea. PR Newswire (11/09/99)Waste Management Loses $947.8M In 3Q
Waste Management says it saw a $947.8 million ($1.53 a share) third-quarter loss, up from its loss of $1.26 billion ($2.11 a share) in the year-earlier quarter, on $3.39 billion in revenues, up 4.3%. The company's operating profit, leaving out non-recurring items, missed a First Call/Thomson Financial estimate by 3 cents a share, coming in at 44 cents a share ($279.2 million), down from 51 cents a share in 1998's third quarter. Newsday (Long Island/Queens, N.Y.) Online (11/09/99)Doctor Testifies Cough May Have Caused Truck Driver to Black Out
According to Monday testimony by psychiatrist Dr. S. Miles Ester, trucker Michael Infanger, 37, might have blacked out due to "cough syncope" prior to the January crash that caused the deaths of two teenage girls.In 1996, Infanger passed out while coughing and fell out of his truck, which was parked, Ester said in his testimony in Infanger's defense. However, Dr. Kurt Miller, brought on by the prosecution, said most people suffering from cough syncope are older than Infanger with lung disease and obesity, and pointed to the trucker's blood alcohol content of 0.17. Fresno Bee (11/09/99) P. B1; Griswold, Lewis
Truckers' Clash Ties Up Biscayne Boulevard Traffic
The Port of Miami saw a Tuesday protest by non-unionized truckers after the International Longshoreman's Association chose to stop putting containers on chassis leased by non-ILA firms.The non-unionized truckers decided to slow down unionized drivers' work, causing confrontations in and out of the port. One of the outside confrontations led to the arrest of four truck drivers.
iscayne Boulevard traffic was delayed due to police keeping trucks from entering the port. Independent firms are attempting to secure a court order against the ILA's decision. Sun-Sentinel (South Florida) Online (11/09/99) ; Parra Herrera, Jose Dante
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