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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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July 28, 2014
11:00 EDTSWFTHigh option volume stocks:
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July 25, 2014
12:51 EDTSWFTOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday and on track to end a week marked by a torrent of earnings reports on a definite down note. Some high-profile disappointments weighed on the major averages, as Visa (V) and (AMZN) both fell significantly after their quarterly reports last night, dragging on the Dow and Nasdaq, respectively. The domestic economic calendarís sole release of consequence, the durable goods orders report, came out before the open and was better than expected, but that did little to brighten the market's negative tone. ECONOMIC EVENTS: In the U.S., durable goods orders rebounded 0.7% in June after a 1.0% decline in the prior month, beating expectations for June increase of 0.5%. COMPANY NEWS: Shares of fell 10% after the e-commerce giant reported in-line second quarter revenue but a much higher than expected loss. A number of analysts responded to the news by downgrading the stock, while several others cut their price targets on the shares... Visa reported Q3 earnings per share and revenue that topped consensus forecasts, but its fiscal year EPS growth outlook was trimmed its fiscal year revenue growth view to be in the 9-10% range from its prior forecast for low double-digit constant revenue growth in the 10-11% range. Shares of the Dow Jones Industrial Average component slid 4% following the report and guidance. MAJOR MOVERS: Among the notable gainers following their earnings reports were Datalink (DTLK), which jumped 17%, Mellanox (MLNX), which rose 13%, and VeriSign (VRSN), which gained 11%. Among the noteworthy losers was WellCare (WCG), which plunged 20% after the managed care company pre-announced significantly weaker than expected results. Also lower following their earnings reports were Swift Transport (SWFT), which fell nearly 15%, and Pandora (P), which dropped about 13%. INDEXES: Near midday, the Dow was down 131.61, or 0.77%, to 16,952.19, the Nasdaq was down 24.45, or 0.55%, to 4,447.66, and the S&P 500 was down 9.04, or 0.45%, to 1,978.94.
10:55 EDTSWFTHigh option volume stocks
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10:11 EDTSWFTSwift Transport upgraded to Outperform from Market Perform at Avondale
Avondale upgraded Swift Energy citing the improving capital structure and valuation. Price target raised to $26.50 from $25.
July 24, 2014
16:11 EDTSWFTSwift Transport sees FY14 adjusted EPS $1.24-$1.33, consensus $1.34
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16:10 EDTSWFTSwift Transport sees Q3 adjusted EPS 33c-37c, consensus 40c
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16:09 EDTSWFTSwift Transport reports Q2 adjusted EPS 33c, consensus 33c
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