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• Headlines From Today's A.M. Briefing

Trism CEO, CFO Step Down

Thomas Krasner has been appointed chairman of the board. Trism's board of directors also engaged Los Angeles-based financial advisors Kirkland Messina Inc. to provide management assistance as they seek a replacement for McCormick and Overley.

Overley accepted the position senior vice president and chief financial officer of Transit Group Inc. Transport Topics

Cooper Tire to Lay Off 1,100, Scale Back Operations

The company's Luzerne and Mio, Mich.; Rocky Mount, N.C.; and Dallas (Oliver Rubber) plants will be closed immediately, the story said. Cooper will take a charge of $35-40 million in the fourth quarter to cover the layoffs and closings, but expects to save as much as $30 million annually from the move, according to the story.

Cooper reported third-quarter earnings of 32 cents per share, down from 45 cents in the third quarter of 1999 and below analysts' estimates of 35 cents by First Call/Thomson Financial, Bloomberg said. Transport Topics

Goodyear-Treadco Joint Venture Cleared by FTC

The companies were granted early termination of the waiting period required by Hart-Scott-Rodino Act, and the deal is expected to close Oct. 31, the report said. Transport Topics

Oil Prices Go Up As Inventories Reported Down

U.S. crude rose as much as 77 cents to $34.25 per barrel on the New York Mercantile Exchange, and Brent crude went up as much as 48 cents to $31.58 per barrel on the International Petroleum Exchange in London, the story said.

The API report raised concerns that, with winter fast approaching and temperatures already cooling, there may not be enough heating oil to meet winter demands, the story said. Since heating oil and diesel fuel are very similar, shortages of one put stress on the other's supplies and prices.

The U.S. government is releasing 30 million barrels of crude oil from the Strategic Petroleum Reserve to help boost heating oil supplies, but Energy Secretary Bill Richardson said a further release was unlikely, Bloomberg added. Transport Topics

Greenspan Watching Oil Prices

Greenspan did caution, however, that the tensions in the Middle East posed a possible risk to the U.S. economic situation, the story said.

He also noted that oil hoarding by nervous distributors and consumers may be limiting the impact of increased OPEC oil production, as those supplies are not reflected in inventory-level reports, AP said. Inventory levels affect short-term crude oil prices, Greenspan said in the story. Transport Topics

Tower Auto's 3Q Earnings Fall

While that matched analysts' estimates from First Call/Thomson Financial, it was well below 1999 third-quarter earnings of 44 cents per share, according to Bloomberg.

Tower said production cuts by Ford Motor Co. () and lower heavy-truck demand had a negative impact on its third quarter, the story said. Transport Topics

Rail Intermodal Traffic Not a Record But Still Better Than 1999

Intermodal traffic includes trailers and containers that can be hauled by trucks or trains and involve both transport modes during their trips.

Rail-hauled intermodal loads last week totaled 192,908 trailers and containers, up 3.6% from the same week in 1999, AAR said. Separately, trailers dropped again, down 10.9% to 59,554 units, while containers rose again, up 11.8% to 133,354 units handled, the report said.

Railroads reporting to AAR account for 98% of U.S. rail intermodal volume. Transport Topics

TCT Logistics Launches New Internet Offerings

This service will allow manufacturers to sell their products to the Canadian mid-market and to customers directly via the Internet, TCT said, calling it the first third-party B2B/B2C Internet fulfillment strategy in Canada.

TCT Logistics operates in trucking, warehousing and logistics. Transport Topics

Headlines From Today's A.M. Briefing

• Safeway Truckers, Warehouse Workers Strike
• Yellow Corp. Tops 3Q Expectations
• High Prices, Low Demand Hit Covenant 3Q
• Knight 3Q Up Despite Fuel Costs
• UPS Beats 3Q Estimates
• Ryder 3Q Earnings Up 9%
• Transport Corp. 3Q Earnings Down
• Old Dominion 3Q Meets Company Expectations
• Marten 3Q Within Early Company Forecast
• Consolidated Freightways Takes 3Q Downturn
• Overnite Doubles Net Income
  
• Oshkosh Claims New Diesel-Electronic Technology Boots Fuel Economy 40%
• NY Transportation Bond Initiative Criticized
• Roadway Enhances Web Site
• GM's OnStar Expects 800,000 Subs by Year's End
• Chile Driver Strike Continuing
• GKN Buying Boeing St. Louis Unit

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