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Stock Market & Financial Investment News

News Breaks
April 21, 2014
08:34 EDTHUBGHub Group upgraded to Overweight from Equal Weight at Stephens
Stephens upgraded Hub Group to Overweight and raised its price target on the stock to $52 from $40 despite the company's Q1 earnings missing expectations, citing the firm's belief that company growth should re-accelerate amid the improving intermodal pricing environment.
News For HUBG From The Last 14 Days
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September 10, 2014
10:00 EDTHUBGOn The Fly: Analyst Initiation Summary
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10:00 EDTHUBGOn The Fly: Analyst Downgrade Summary
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08:32 EDTHUBGHub Group downgraded to Market Perform from Strong Buy at Raymond James
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05:44 EDTHUBGHub Group initiated with an Equal Weight at Barclays
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September 9, 2014
16:44 EDTHUBGHub Group sees intermodal volume flat or down slightly for remainder of year
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16:39 EDTHUBGHub estimates that settlement amount for drivers case is approximately $9.5M
Hub Group disclosed in a regulatory filing that "as previously reported in a Form 10-K and 10-Q, a complaint was filed in the U.S. District Court for the Eastern District of California by Salvador Robles against our subsidiary, Comtrak Logistics, now known as Hub Group Trucking. The complaint seeks class certification on behalf of a class comprised of present and former California-based truck drivers for Hub Group Trucking who were classified as independent contractors, from January 2009 to the present. The complaint alleges Hub Group Trucking has misclassified such truck drivers as independent contractors and that such drivers were employees. A second complaint alleging substantially similar claims was filed in the Superior Court of the State of California for the County of San Bernardino on July 24, but the company has not been served with a copy of that complaint. The company believes that the independent contractor truck drivers were properly classified as independent contractors at all times. Nevertheless, because lawsuits are expensive, time-consuming and could interrupt our business operations, we have decided to make settlement offers to individual drivers with respect to the claims alleged in the lawsuits, without admitting liability. The company estimates that the total settlement amount, if all drivers accept the offers, is approximately $9.5M. To date, a substantial number of the independent contractors have decided to accept the settlement offer. We are also changing our business model in California from independent contractor truck drivers to employee drivers. In the Los Angeles and Stockton markets, the cost of the employee driver model will initially be higher than the independent contractor model and will fluctuate depending on the cost of various factors, including claims, repairs and fuel. We estimate that the impact of the change in the model for the remainder of the year would be between two and four cents per share. In addition, we expect a total of approximately $1M (or about two cents per share) of one time costs in the last half of 2014 for legal, travel and communication costs related to the settlements and model change implementation."

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