The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates. It is no secret that the logistics industry is facing a challenging landscape characterized by low freight rates and excess capacity. This situation is a result of several factors, including the lingering effects of the pandemic-induced demand surge, geopolitical tensions and a slowdown in global economic growth.

The state of logistics in 2024: Low rates and excess capacity

PYMNTS

FedEx is reportedly expected to spin off its Freight unit after it conducts an assessment of the future of that business unit. The company’s Freight unit, which is the largest operator in the less-than-truckload (LTL) sector, could bring a windfall to FedEx shareholders if it were spun off as a separate publicly traded company, The Wall Street Journal (WSJ) reported Wednesday (June 26).

Experts Expect Spinoff as FedEx Considers Future of Freight Unit

FedEx reported fiscal fourth-quarter earnings per share of $5.41 from sales of $22.1 billion. That was ahead of Wall Street’s estimates for EPS of $5.34 and sales of $22 billion. While those results were solid, FedEx dropped a bombshell in its press release, stating that it is “conducting an...

FedEx Earnings Surge Amid Potential Freight Unit Spin-Off

Reuters

(Reuters) -FedEx shares jumped as much as 15% on Wednesday after the delivery giant reassured investors with a bullish annual profit forecast and said it is weighing whether to sell or spin-off its freight trucking business that one analyst valued at $30 billion.

FedEx stock leaps on upbeat profit target, possible freight unit sale

[Stay on top of transportation news: Get TTNews in your inbox.]. While enduring a prolonged freight recession, the largest trucking companies in North America have been surviving on lower rates and tightly managing their operating expenses as they await a market rebound. The financial strain caused by the freight downturn,...

Freight Recession Squeezes Top 100 For-Hire Carriers

FedEx expects a $500 million headwind in fiscal year 2025 from the looming expiration of its U.S. Postal Service air cargo contract, FedEx EVP and CFO John Dietrich said in a Q4 earnings call Tuesday. The delivery giant is preparing to aggressively reduce Postal Service-related costs following the contract's Sept....

FedEx preps for $500M headwind after US Postal Service split

California State

Fontana, CA

Less-than-truckload carrier Tony’s Express of Fontana, California, has filed for bankruptcy protection, nearly three months after it abruptly ceased operations by notifying around 200 truck drivers, warehouse workers and office personnel via text message that they no longer had jobs. John H. Ohle, president and sole shareholder of Tony’s...

Shuttered California LTL carrier files for bankruptcy

Memphis, TN

Welcome to the WHAT THE TRUCK?!? Newsletter presented by Chevron Renewable Energy Group. In this issue, cargo theft in Memphis, truck stop dating, trucker health and more. Chevron Renewable Energy Group provides liquid fuels to help power the lower-carbon energy journey — with leading-edge quality, go-to-market agility, lower-carbon solutions and strategic partnerships. Visit regi.com today.

Just steal it: Why carriers avoid Memphis |

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contributor

Alameda Post

California regulators just stopped AT&T from pulling the plug. California’s Public Utilities Commission on June 20 rejected AT&T’s application to stop providing landlines and other services in areas where there is no other option.

Still Need Your Landline?

Missouri State

Writers represent independent, third-party users who have joined our contributor program and self-verified their accounts. Writers are expected, like all users, to adhere to our Community Standards.

writer

CJ Coombs

The first time my family walked into a Ponderosa Steakhouse was in the late 1960s. It was new and the experience was great. Like other new restaurants, if the management doesn't stay on top, the quality of service can decline. The location we went to did change through the years, but in the beginning, it was great.

The 1960s: the Ponderosa and Bonanza Steakhouses are still around in some states

Amazon's e-commerce and cloud businesses are recovering. Walmart is still one of the most resilient brick-and-mortar retailers. IBM's hybrid cloud and artificial intelligence investments could pay off in the future. Amazon, Walmart, and IBM could outperform many of the other Dow stocks. The Dow Jones Industrial Average (^DJI -0.12%) has...

These 3 Dow Stocks Are Set to Soar in 2024 and Beyond

July NY world sugar #11 (SBN24) on Thursday closed up +0.88 (+4.57%), and Aug London ICE white sugar #5 (SWQ24) closed up +15.90 (+2.79%). Sugar prices Thursday rallied sharply to 2-1/2 month highs. Sugar had carryover support from Wednesday when India's agricultural agency reported spreading a fungus crop disease called red rot through India's Uttar Pradesh state, a key sugar-growing region.

Sugar Prices Surge on Concern About Global Sugar Production

Community Voices represent independent, third-party users who have joined our contributor program but not yet verified their accounts. Community Voices are expected, like all users, to adhere to our Community Standards.

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The HD Post

CALIFORNIA – Governor Gavin Newsom announced, June 28, that 1,700 first-generation homebuyers have been conditionally approved for the Dream For All (DFA) Shared Appreciation Loan program.

CalHFA issues all 1,700 vouchers for down payment assistance program

SYDNEY (Reuters) - Australian home prices rose in June for a seventeenth straight month, as tight supply outweighed demand-side pressures of high interest rates, a cost of living squeeze and tight lending conditions, property consultant CoreLogic said on Monday.

Australia home prices keep climbing on tight supply

Newark, NJ

Morristown Minute

NEWARK, N.J. – Eight individuals associated with the "793 Bloods" street gang, a subset of the national Bloods gang, have been charged for their roles in a Newark-based drug trafficking organization, U.S. Attorney Philip R. Sellinger announced.

Eight '793 Bloods' Gang Members Charged in Newark Drug Network

Virginia State

Margaret Minnicks

Many new laws become effective in Virginia on July 1, 2024. However, a law has always existed in Virginia, but some residents might not be aware of it. According to WSET, leaving grass clippings and other debris on Virginia roads is illegal.

It is illegal to leave grass clippings and other debris on roads in Virginia

Wednesday features a one-two punch of news that starts in the morning with the pivotal consumer price index reading for May, and ends with the Fed's policy meeting in the afternoon. Economists expect CPI to show just a 0.1% increase from April, though that still would equate to an aggregate...

Fed meeting and inflation report both hit Wednesday, and the impact could be huge

According to Shakey's website, this pizza parlor is only in California, North Carolina, and Washington state in the U.S. now. This was my family's go-to pizza joint when my father was stationed with the Air Force outside of Omaha, Nebraska. We liked it so much, that when we were transferred again, it was hopeful we'd find another one.

Shakey's Pizza Parlor and nostalgia: the first franchised pizza restaurant also landed in Missouri

Chicago Happenings

What is more summery than an icy, sweet frozen drink? If the heat wave is getting to you, try whipping up this simple frozen strawberry lemonade. All you need is your choice of lemonade and some frozen strawberries. You can use store-bought lemonade, make your own from scratch, or a powdered version. As for strawberries, frozen ones are the easiest choice. If you'd rather use fresh, add at least two cups of ice until you reach a nice, frozen consistency.

2-Ingredient Frozen Strawberry Lemonade: Beat the Heat!

Georgia State

Douglas City, CA

Daily Coffee Press

This afternoon, Kentaiwon Durham, the Douglas City Commissioner of Ward 2, entered a guilty plea for wire fraud in the U.S. District Court for the Southern District of Georgia. Consequently, Durham is mandated to resign from his position as a city commissioner.

Georgia City Commissioner Pleads Guilty to Wire Fraud in $20K PPP Fraud Scheme

NewsBreak

Q2 2024 Freight Rate Report

In the first quarter of 2024, the truckload market experienced unusual volatility, especially during its typically “quiet season.” January saw an unexpected tightening in the market...

Q2 2024 Freight Rate Report

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