Celadon
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Markets
Covenant Transport to close its truck service in Mexico (with video)
Covenant Transport has decided to end all service to the interior of Mexico, citing dropping spot market pricing, increasing detention times and an inability to…
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News
FreightRover shakes up leadership team after Celadon indictment
CEO Eric Meek and COO Danny Williams — who pleaded guilty to securities fraud last week — are no longer with the freight payments company.
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Legal issues
Celadon to pay investors $42.2 million restitution for securities fraud
CEO Paul Svindland calls settlement “milestone” in path to stability after hit from financial scandal.
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Economics
Why talk of a freight recession may be premature
Freight levels have dropped from last year, but panelists at the ACT Research conference this week said they have simply returned to more normal levels.
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News
Today’s Pickup: freight markets take a breather for July 4
Turndowns and trucks in market both deteriorated this week as shippers and carriers enjoyed their Independence Day holiday. US-China tariffs begin today; railroads worried about…
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Company earnings
Celadon’s financing plan scrapped by DOJ investigation, but its operating numbers are on the way up
A $200 million injection of new capital at Celadon is withdrawn because of a DOJ investigation, but the operating numbers are looking up.
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News
Today’s Pickup: Celadon’s accounting issues grow
The investigation “identified errors that will require adjustments” to the financial statements from 2014, 2015, 2016 and 2017 “and potentially periods prior thereto."
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Company earnings
FreightWaves adds freight stock watchlist
FreightWaves adds stock tickers for publicly traded stocks in the freight space
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Economics
Celadon offers paid vacation to attract new drivers
Celadon's turnaround team is bringing back generous vacation time and cash bonus incentives to recruit drivers for its tweener business.
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News
Today’s Pickup: Most supply chain businesses believe they trail competitors in digital initiatives
The move to a digital supply chain is leaving many organizations behind, according to a new report from Fujitsu. The Digital Transformation PACT surveyed 1,625…
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