🚀 To The Moon

Good Friday Morning. If you're from Wisconsin, today's a rough day, as a truck filled with nacho cheese has spilled across an Arkansas highway. A new wannabe Bonnie & Clyde have entered the scene, hijacking a Werner truck and kidnapping its driver, an event that led to a near 7-hour shootout with law enforcement. Yellow faces a WARN class-action lawsuit, but bankruptcy may shield them, even as their stock soars by 500%. Amazon and Uber celebrate strong quarters, while CH Robinson struggles. Uber, after raising an astronomical sum, finally turns a profit. Can you guess how many billions they spent to finally get to this point?

In today's email:

• Three Freight Headlines: A cheese truck spill in Arkansas, Werner driver almost kidnapped in Ohio, and a class-action lawsuit against Yellow Corp.
• A Wild Freight Stock Market
• Around the Freight Web: Scammers are extorting money from carriers, Maersk boosts its 2023 outlook, Forward Air already feeling the impact of Yellow's exit, plus more.

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🐔 WHAT’S COOKIN’ IN FREIGHT

🧀 Nacho Cheese Truck Spill Causes Closure in Arkansas. A truck carrying cans of nacho cheese overturned and spilled its contents on Interstate 30 West near Prescott, Arkansas, leading to a temporary closure of a section of the highway. The Arkansas Department of Transportation shared photos of the incident on Twitter, humorously asking "Taco Tuesday, anyone?" The road was later reopened in the evening.

🚛 Werner Driver Survives Kidnapping; Shootout Ends Standoff. A Werner Enterprises truck driver was kidnapped by two suspects, Elaine Helman and Rodney Helman, at a truck stop in Ohio. The kidnapping resulted in a pursuit and a seven-hour standoff with law enforcement, which culminated in a shootout leading to the deaths of the suspects. Despite being injured, the driver survived the ordeal. The incident is under investigation by the Bureau of Criminal Investigation.

👨‍⚖️ Yellow Corp. Faces WARN Act Class-Action Suit. Yellow Corp. faces a class-action suit for allegedly violating the Worker Adjustment and Retraining Notification (WARN) Act by not providing a 60-day layoff notice to its 30,000 employees. The suit, led by former employee Armando Rivera, seeks damages, including wages, benefits, and severance pay for affected employees. Yellow is likely to justify its actions with arguments of 'unforeseeable business circumstances' and financing efforts.

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A WILD FREIGHT STOCK MARKET

With the slow freight market in place for a little over a year, one would expect that most share prices of transportation stocks would be down year-to-date (YTD); however, the opposite has occurred. Besides the fact that Yellow, a company about to file for bankruptcy, has seen its stock skyrocket by 500% in the last five days, many other notable transportation companies have enjoyed a widely successful 2023.

Why is Yellow Surging 500%?

Despite its looming bankruptcy, Yellow Corporation's stock is surging due to the accumulation of a 42.5% stake by the hedge fund MFN Partners, which has sparked significant interest among meme stock traders.

Some of the Best Freight Stocks of 2023

XPO and SAIA have both seen triple-digit percent increases this year.

C.H. Robinson's Q2 2023 Report

C.H. Robinson's Q2 report shows a steep year-over-year decline in total revenues, operating income, adjusted gross profit, and net income per share. However, their stock price is up over 8% YTD.

Amazon's Successful Quarter

Amazon surged in Q2 2023 with $134.4 billion in revenue, indicating a potential for growth in e-commerce amidst challenges.

Uber Finally Turns A Profit

Since 2014, Uber has accumulated $31.5 billion in operating losses, but recently posted its first operating profit of $326 million in 2023; however, Uber Freight is still not profitable.

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AROUND THE FREIGHT WEB

🚫 Scammers Extorting Money. A scammer is trying to extort $400 by threatening to use the carrier's MC to book hundreds of loads.

🌐 PCS Launches FreightNet. PCS Software has introduced FreightNet, a free, AI-powered network that connects carriers and shippers.

🚢 Maersk Boosts 2023 Outlook Amid Challenges. Maersk, the world's second-largest container shipping company, has increased its full-year earnings guidance, but expects the market to remain challenging due to ongoing inventory destocking and potential newbuilding deliveries.

🚚 Forward Air Seeing Impact of Yellow's Exit. Despite increased freight volume following Yellow Corp.'s exit, Forward Air reported lower-than-expected Q2 earnings and provided a disappointing Q3 forecast due to softer intermodal and truckload brokerage demand.

🔒 Addressing Identity Theft in Trucking. Fraudsters steal trucking company identities, prompting the FMCSA to implement immediate fraud prevention measures.

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Don't miss the biggest transportation and logistics conference of the year: Freight Fest, taking place in Houston, TX from September 28th to October 1st. Use our code, FC15, to receive a 15% discount on your ticket today. Learn more by going to FreightFest.com.

FREIGHT MEME OF THE DAY