Cowen & Co.

At C.H. Robinson, it’s been a long, difficult trip

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On Jan. 3, 2023, the transportation world awoke to the news that Bob Biesterfeld, president and CEO...

https://www.freightwaves.com/news/at-c-h-robinson-its-been-a-long-difficult-trip

C.H. Robinson chief sees no truckload pivot until second half of 2024

The president and CEO of brokerage and third-party logistics provider C.H. Robinson Worldwide Inc. said he doesn’t see any meaningful pivot in the fortunes of the North American trucking market before the second half of 2024, noting that customer caution about ordering and still-bloated wholesaler inventory levels will mute activity through the first six months of the year.

In an interview with FreightWaves this week, David Bozeman said that in his first six months at the helm of Robinson (NASDAQ...

https://www.freightwaves.com/news/c-h-robinson-chief-sees-no-truckload-pivot-until-second-half-of-2024

How about some brews with those bills of lading?

In the late 1990s, Jason Seidl, at the time a green transportation analyst, was asked to take over his then-firm’s coverage of railroads, an industry in which Seidl had no experience or contacts.

Knowing he needed to meet people and absorb as much intelligence as possible, Seidl began scheduling informal meetings with rail executives at trade shows and conferences. There, over various types of libation, executives could speak fully and freely about the issues affecting their companies and the...

https://www.freightwaves.com/news/how-about-some-brews-with-those-bills-of-lading

Does the decline in Dow Transports tell us anything?

The link between the Dow Jones Transportation Average and the more-familiar Dow Jones Industrial Average is as old as the hills. If the indices are moving higher in tandem, the U.S. economy is perceived to be doing well because industry is making and transports are taking. However, should the transports start falling, especially ahead of similar moves in the industrial average, then the perception is that the economy is slowing because shipping demand, historically a leading economic indicator,...

https://www.freightwaves.com/news/does-the-decline-in-dow-transports-tell-us-anything

ATA claims ‘major victory’ in vaccine exemption for solo drivers

The American Trucking Associations says much of its membership can breathe a sigh of relief based on updated information Friday regarding the Biden administration’s new vaccine mandate affecting companies of 100 or more employees.

“We have received indications from senior Department of Labor officials that the exception for employees who exclusively work outdoors or remotely and have minimal contact with others indoors does exempt solo truck drivers from the mandate,” ATA President and CEO Chris...

https://www.freightwaves.com/news/ata-claims-major-victory-in-vaccine-exemption-for-solo-drivers

Cowen survey: Carriers saw almost 5% increase in rates during Q3

Carriers surveyed by Cowen & Co. pulled in contract rate increases averaging 4.9% in the final weeks of the third quarter, according to a report released by the Wall Street firm.

According to the carrier survey that Cowen conducts each quarter, and which was released in mid-October, the 4.9% average increase was up from the 4.5% in the company’s second-quarter survey. The survey results previously had not been disclosed to the public. 

The increase in the contract rates comes on the back of what...

https://www.freightwaves.com/news/cowen-survey-carriers-saw-almost-5-increase-in-rates-during-q3

Unions, industry observers weigh in on KCS merger bids

Rail stakeholders and observers are weighing in on how competing attempts by Canadian Pacific (NYSE: CP) and CN (NYSE: CNI) to merge with Kansas City Southern (NYSE: KSU) might affect the freight rail industry. 

Both CN and CP are seeking to acquire Kansas City Southern (KCS). CP and KCS had announced in March plans to merge, prior to CN announcing in April that it is also interested in acquiring KCS. 

CP and CN are also both Canadian railways, and each merger proposal with KCS would create a...

https://www.freightwaves.com/news/unions-industry-observers-weigh-in-on-kcs-merger-bids

TFI may lease UPS Freight terminals to other truckers, CEO says

Canadian trucking company TFI International Inc. (NYSE and TSX: TFII), which has said it will acquire less-than-truckload carrier UPS Freight from parent UPS Inc. (NYSE:UPS) for $800 million in cash, will consider renting out space in UPS Freight’s terminals to other trucking companies, TFI Chairman, President and CEO Alain Bedard told analysts.

On a conference call to discuss Montreal-based TFI’s fourth-quarter results, Bedard said that TFI will look at renting space in terminal yards and docks...

https://www.freightwaves.com/news/tfi-may-lease-ups-freight-terminals-to-other-truckers-ceo-says

Workhorse scrutinized as Postal Service again delays contract

Investors pummeled Workhorse Group (NASDAQ: WKHS) shares Wednesday after the U.S. Postal Service again delayed a multibillion-dollar contract for next-generation delivery vehicles.  

“The COVID-19 pandemic previously resulted in the expected production award being pushed to the end of 2020,” Postal Service spokeswoman Kim Frum said Wednesday,

“However, amid continuing COVID-19 concerns, and in order to provide for capital investment activities and required approvals, the program decision is now...

https://s29755.pcdn.co/news/workhorse-group-scrutinized-as-postal-service-again-delays-contract

Landstar joins rising tide and raises guidance

Landstar truck on highway

The improved outlook for trucking continues with a guidance raise from Jacksonville, Florida-based freight broker Landstar System Inc. (NASDAQ: LSTR).

In a filing with the U.S. Securities and Exchange Commission, the company announced it was increasing its previously issued third-quarter earnings per share (EPS) guidance to a range of $1.40 to $1.46, well above the company’s prior guidance of $1.11 to $1.17 and the current consensus estimate of $1.14.

The company now expects loads hauled by truck...

https://www.freightwaves.com/news/landstar-joins-the-rising-tide-raises-guidance

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