New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 25, 2013
07:49 EDTSWFTSwift Transportation price target raised to $17 from $11 at RBC Capital
RBC Capital increased its target on Swift after the company reported higher than expected Q4 EPS. The firm maintains an Outperform rating on the shares.
News For SWFT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 25, 2014
16:17 EDTSWFTOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower and suffered their worst day in nearly two months, with market participants pointing to a number of reasons for the broad-based weakness. Shares of Apple (AAPL) were a drag on the market, and particularly on the Nasdaq, as the tech giant slid after a number of reports pointed to customer issues with its new iPhone 6 and an update to its mobile operating system. Cautious comments about rates by a noted Federal Reserve "hawk" may have also contributed, as well as reports that Russia may respond to U.S. and EU sanctions with a new law that will allow it to seize foreign property within the country. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 12K to 293K in the week ended September 20, though this was below the consensus forecast for 296K new claims. Durable goods orders fell 18.2% in August following a 22.5% surge in July. However, excluding transportation, orders were up 0.7%, which was a bit above the forecast for a 0.6% increase. Additionally, the head of the Dallas Federal Reserve, Richard Fisher, said that the central bank may start raising rates in the spring of 2015, which is earlier than most market watchers expect. Also, a Reuters report that Russia has drafted a law that would allow it to seize foreign assets on Russian territory to compensate those impacted by sanctions or who have had their own property seized outside of Russia garnered significant attention. COMPANY NEWS: Apple declined $3.88, or 3.81%, to $97.87 after reports yesterday from various tech blogs said the company pulled a new update of iOS 8 after complaints that the new software was crashing cellular service and Touch ID on users' phones. Other reports indicate the new iPhone 6 is reportedly bending in some owners' pockets, though the company told CNBC's John Fortt that it has only received nine customer complaints regarding bent phones. Also, Barron's reported that Apple insiders, including CEO Tim Cook, have sold over 1.4M shares of Apple stock this month. MAJOR MOVERS: Among the notable gainers was Swift Transport (SWFT), which gained $1.83, or 9.56%, to $20.98 after the company backed its Q3 earnings outlook and said it was "cautiously optimistic" about the trends it has seen as a result of its strategic decision regarding driver compensation. Also higher was IGI Laboratories (IG), which rose $1.36, or 18.26%, to $8.81 after the company acquired the regulatory rights and related documents and records for 18 drug products from AstraZeneca (AZN). Among the noteworthy losers was BlackBerry (BBRY), which fell 71c, or 6.76%, to $9.80 the day before it reports on its quarterly results. Ahead of tomorrow morning's report, BGC Financial analyst Colin Gillis downgraded shares of the smartphone maker to Hold from Buy, saying the company's results "may prove underwhelming." Also lower were shares of adhesives maker H.B. Fuller (FUL), which fell $6.30, or 14.32%, to $37.68 after the company's third quarter results and fourth quarter profit outlook missed analysts' consensus estimates. INDEXES: The Dow plunged 264.26, or 1.54%, to 16,945.80, the Nasdaq dropped 88.47, or 1.94%, to 4,466.75, and the S&P 500 declined 32.31, or 1.62%, to 1,965.99.
11:35 EDTSWFTSwift Transport backs Q3 adjusted EPS view 33c-37c, consensus 35c
Due to the unforeseen issues that inhibited management from being able to participate in the RBC Capital Markets’ Industrials Conference earlier this month, and in anticipation of the upcoming American Trucking Associations Conference, management felt it prudent to provide public updates on the current quarter. President and COO, Richard Stocking explains, “We are pleased with the results we are experiencing thus far from the over-the-road driver wage increases that went into effect on August 4th. Although this increase has only been in place for a couple of months, the feedback we have received to date from drivers has been very positive. Equally important is the impact it has had thus far on our operational results. Currently, our driver academies are full, and we are experiencing record recruiting weeks. When compared to the second quarter of 2014, our company driver turnover of our over-the-road fleets has improved more than 16 percentage points, and is currently well below industry average. Additionally, our company wide unseated truck count has declined approximately 20% from the end of the second quarter, and the utilization in our linehaul fleet has improved by more than 3% year over year in the current quarter. Finally, we have been actively working with our customers to achieve the commensurate rate increases required to help cover the cost of the changes to driver pay, and have been encouraged by their response. We expect the increase in our revenue per loaded mile excluding fuel surcharges in our core over the road business to increase 4% - 5% on a year over year basis. We know it is early, but we are cautiously optimistic about the trends we are seeing as a result of the strategic decision we made regarding our driver compensation.”
September 19, 2014
06:40 EDTSWFTRegulator sued over truck training requirements, NY Times reports
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use