Plus, electric trucks are costing more to operate than anticipated, Peloton claims Flexport cost them millions, and a truck driver passed out after police found cocaine in his cab.
Despite a shaky start in April, late-month improvements in freight metrics suggest potential for a boom within the next year.
Peloton alleges Flexport's inefficiencies led to millions in unfair detention and demurrage charges.
Yellow shares soar following MFN Partners' 42.5% stake accumulation despite looming bankruptcy concerns.
Shares of the struggling trucking company Yellow Corporation (NASDAQ:YELL) have surged 500% in five days, following the accumulation of a 42.5% stake by hedge fund MFN Partners. Despite this surge, the author advises caution, noting the company's potential bankruptcy and Apollo Global Management's plans for super-senior debtor-in-possession financing, which would rank ahead of shareholders.
Source: SeekingAlpha
$YELL Yellow shares are up 500% in the last 5 days. Call everyone back to work, lol. pic.twitter.com/9ysV9mtBdO
— Man, I Love Freight 🚛 (@freightcaviar) August 3, 2023
Publicly trader transportation companies: Ryder, Landstar, and Old Dominion report Q2 2023 earnings.
Less-than-truckload carrier, Yellow Corp., has filed a $137 million lawsuit against the Teamsters union amid a severe financial crisis.
Less-than-truckload carrier Yellow Corp. faces a financial crisis, potentially running out of cash by August. The Teamsters union, citing past mismanagement, refuses another bailout.
Hyliion Holdings Corp. makes a strategic move, exiting the Class 8 electric powertrain business to concentrate on the fuel-agnostic Karno stationary generator.
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