🎣 Freight Stocks Don't Lie

TGIF. Freight stocks don't lie, and yesterday, they were jumping. J.B. Hunt's Q1 beat sent the whole sector surging, and Wall Street is now pricing in what brokers have been feeling on the ground.

Plus:

• New York Loses $73.5 Million
• Super Ego Calls 60 Minutes a Lie
• China Kicks Maersk and MSC Out of Panama

and more.

🍳 What's Cookin' In Freight

🚨 New York Just Lost $73 Million. Secretary Duffy made good on his December threat. FMCSA issued a final determination of substantial noncompliance and pulled $73,502,543 in federal highway funding from New York after the state refused to revoke thousands of illegally issued non-domiciled CDLs. The audit says 107 of 200 sampled records, a 53% failure rate, were issued in violation of federal law. New York declined to act in March and is now paying for it, joining California as the only two states to actually lose funding over this. OOIDA President Todd Spencer called it plainly: "The days of exploiting cheap labor on the basis of false 'driver shortage' claims are over."

🎭 Super Ego Calls 60 Minutes a Lie. Four days after a 60 Minutes investigation named Super Ego Holding one of the most notorious chameleon carrier networks on American highways, the company fired back, calling the segment "misleading" and insisting it's an equipment leasing company, not a carrier. "Super Ego does not hire, pay, supervise, or contract drivers," the statement read. The defense is essentially: the trucks are ours, the drivers aren't. More than 800 truckers in a class action lawsuit — alleging fraud, pay manipulation, and falsified rate confirmation sheets — disagree.

🚢 China To Maersk & MSC: GET OUT. In a meeting with China's state planner last month, Beijing told Maersk and MSC to immediately withdraw from the Balboa and Cristóbal ports on the Panama Canal, the same terminals they took over after Panama's Supreme Court voided CK Hutchison's concession. China told both carriers they were "engaging in illegal activities that harm the interests of Chinese companies." Panama has granted temporary 18-month concessions to keep the terminals running. The broader backstory: a $22.8 billion Hutchison port sale to a BlackRock-led consortium triggered Beijing's backlash, and now two of the world's biggest ocean carriers are caught in the middle of a U.S.-China geopolitical fight over one of the world's most critical trade arteries.

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Wall Street Confirms Freight Cycle Turnaround

Freight stocks don't lie. And yesterday, they were shouting.

J.B. Hunt reported Q1 earnings that beat Wall Street on every metric:

• $3.06 billion in revenue
• EPS of $1.49
• Operating income up 16% YoY

The stock jumped roughly 7% on the news. But it didn't stop there. By Thursday afternoon, the move had spread across the sector: XPO up 5.61%, C.H. Robinson up 8.05%, Knight-Swift up 4.50%, and FedEx up 4.37%.