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January 11, 2013
13:43 EDTSWFTSwift Transportation settles driving academy class action litigation
Swift Transportation announces it has settled the driving academy class action litigation related to the issuance of commercial driver licenses in Tennessee. All amounts related to this settlement were fully reserved in prior periods in accordance with generally accepted accounting principles, and thus there will be no additional charges in 4Q12 or future periods. The settlement is not an admission of liability and provides expressly that Swift denies the allegations of the lawsuits and denies that it engaged in any wrongdoing or improper conduct. Swift also announces that it has settled its cross claim against the Tennessee Department of Safety that was part of the driving academy class action litigation. This settlement includes a formal retraction by TDOS of its public statements relating to the third party CDL testing of drivers and payment by TDOS for a portion of the costs that Swift incurred in the litigation. Pursuant to the class action settlement, Swift has agreed to make certain payments to qualifying class members on a claims-made basis which will be within the dollar range that Swift previously disclosed in its public filings and Swift will also agree to relinquish any legal claims to amounts owed by class members for unpaid academy tuition. Based on the review of those claims, the total cash payments by Swift relating to the settlement including legal costs is expected to be within the amounts that were disclosed in the company's prior SEC filing and which were fully reserved for in prior periods in accordance with generally accepted accounting principles. Moreover, although Swift will relinquish its legal rights to approximately $16M in amounts owed to it by class members for unpaid academy tuition, such amounts were fully reserved for in prior periods in accordance with generally accepted accounting principles and thus no additional charges or financial impact will be recorded for the relinquishment of such unpaid tuition receivables in connection with the settlement.
News For SWFT From The Last 14 Days
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February 20, 2015
12:53 EDTSWFTCitigroup sees truck carrier stocks poised to outperform
With the U.S. economy growing quickly, the stocks of truck carriers are likely to outperform the S&P 500, Citigroup believes. WHAT'S NEW: Truck transportation prices and truck carrier stocks "respond most directly to economic growth," Citigroup analyst Christian Wetherbee wrote in a note to investors today. After carriers' truckload rates rose 4% last year, the rates should rise by a similar amount this year, Wetherbee predicted. Economic growth, along with the difficulties the carriers are experiencing with recruiting drivers, should be supportive of additional rate increases, the analyst stated. Wetherbee warned that the stocks of truck builders usually underperform during periods such as the current one, when a large amounts of U.S. class 8 trucks are being built. Consequently, truck carrier stocks present investors with an opportunity, while investors should be cautious on truck builders and parts suppliers, he wrote. Among truck carriers, Swift (SWFT) is particularly attractive, since it has underperformed its peers over the last year, Wetherbee stated. Additionally, the company's results appear likely to at least meet consensus estimates, the analyst predicted. He also kept a Buy rating on another truck carrier, Knight Transportation (KNX) and maintained a Buy rating on Cummins (CMI), which builds truck engines. The analyst kept a Hold rating on truck builder PACCAR (PCAR). OTHERS TO WATCH: Navistar (NAV) builds trucks and Celadon (CGI) is another truck carrier. PRICE ACTION: In early afternoon trading, Swift rose 1%, Knight Transportation gained 1.3%, Cummins added 0.7%, and PACCAR lost 0.5%.
06:27 EDTSWFTTrucking stocks likely to outperform S&P 500, says Citigroup
Citigroup says its work indicates trucking stocks respond most directly to economic growth. With the economy on a growth trajectory, Citi expects trucking stocks are likely to outperform the S&P 500. The firm reiterates Buy ratings on Swift Transportation (SWFT) and Knight Transportation (KNX), with a preference for Swift. It also has a Buy rating on Cummins (CMI) and Neutral on PACCAR (PCAR).
February 18, 2015
10:05 EDTSWFTOn The Fly: Analyst Initiation Summary
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06:34 EDTSWFTSwift Transport initiated with a Buy at UBS
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