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Author Topic: YRCW $2.57 only $150m market cap
sju1973
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This is set for tomorrow - Thursday 1/29/2008.

OVERLAND PARK, Kan. -- YRC Worldwide Inc. reports fourth-quarter financial results.

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invester
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Wow, I didn't see that. Could be ugly, but it’s defiantly priced in. We should have a major bounce.
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invester
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$185 million of free cash flow. Numbers are completely priced in and then some. This should be a double digit stock.


YRC Worldwide Reports 2008 Results
- Generates Significant Free Cash Flow and Reduces Net Debt - New YRC Brand Name Leads to One-Time, Non-Cash Charge
Thursday January 29, 2009, 4:03 pm EST
Yahoo! Buzz Print Related:YRC Worldwide Inc.
OVERLAND PARK, Kan., Jan. 29 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW - News) today announced a loss per share for the fourth quarter 2008 of $1.63, excluding impairment charges of $2.51 per share, and for the full year 2008 a loss per share of $1.22, excluding impairment charges of $15.70 per share. When including impairment, the fourth quarter loss was $4.14 per share compared to a loss of $12.99 per share in the fourth quarter of last year and a full year loss of $16.92 per share compared to a full year loss of $11.17 per share in 2007. The fourth quarter impairment charge consisted of $141 million related to the Roadway trade name as the company introduced a new YRC brand for the integrated network of Yellow Transportation and Roadway. The impairment charge also included goodwill of $59 million at YRC Logistics.

Related Quotes
Symbol Price Change
YRCW 3.16 -0.75


{"s" : "yrcw","k" : "c10,l10,p20,t10","o" : "","j" : ""} "Our results reflect the significance of the economic recession that has been longer and deeper than anyone anticipated," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "Although we were not pleased with this level of performance, it was consistent with our internal expectations and those of our banking group. The discussions with the banks are progressing well, and we are on track to finalize an amendment by mid- February," Zollars added.

YRC Worldwide generated $220 million of cash from operating activities during 2008, and after accounting for net capital expenditures of $35 million, 2008 free cash flow was $185 million. Total debt at December 31, 2008 increased by $127 million compared to the prior year. However, when taking into account cash and cash equivalents of $325 million at December 31, 2008, the company's debt, net of cash, decreased by $140 million compared to 2007.

"Even in this economic environment, we generated a significant amount of cash and we have multiple initiatives in place that can further improve liquidity," stated Zollars. "We recognized $128 million of asset proceeds in 2008 and we expect to generate more than $250 million in 2009 from a combination of sale and financing leaseback transactions and sales of excess facilities."

Segment Information

Key segment information for the fourth quarter 2008 compared to the fourth quarter 2007 included:

-- YRC National Transportation total tonnage per day down 14.6% and total revenue per hundredweight, including fuel surcharge, down 3.6%.

-- YRC Regional Transportation total tonnage per day down about 14%, when adjusting for the network changes in the first quarter 2008, and down 23.6% without adjusting for the network changes. Total revenue per hundredweight, including fuel surcharge, down 3.5%.

Additional statistical information is available on the company's website at yrcw.com under Investors, Earnings Releases & Operating Statistics.

Outlook

"Although we cannot control or even predict the economy, we have considerable opportunities to improve our financial position while enhancing service to our customers," stated Zollars. "The network integration at YRC is now on track to deliver a run-rate of $200 million of operating income improvement by early in the fourth quarter of 2009. Combining this with the employee wage reductions of around $300 million, we expect to improve our results by more than half a billion dollars going into 2010."

Management Reporting

As a result of the integration efforts at YRC, the company has made some changes in the management reporting structure. Effectively immediately, Keith Lovetro, President of YRC Regional Transportation, reports directly to Bill Zollars. Mike Smid, President of YRC National Transportation, continues to lead the integration of Yellow Transportation and Roadway and remains responsible for all functions of YRC Inc. Mr. Smid continues to report to Mr. Zollars.

Review of Financial Results

YRC Worldwide Inc. (NASDAQ: YRCW - News) will host a conference call for shareholders and the investment community on Friday, January 30, 2009, beginning at 9:30am ET, 8:30am CT.

The conference call will be open to listeners through a live webcast via StreetEvents at streetevents.com and via the YRC Worldwide Internet site yrcw.com. An audio playback will also be available after the call via StreetEvents and the YRC Worldwide web sites.

* * * * *

The loss per share, excluding impairment charges, presented above is a measure that the company's management has used in reviewing the core performance of its operations. The company's debt, net of cash, presented above is a measure that the company's management has used in determining its debt obligations after giving effect to potential uses of cash to pay down debt. These measures are used for internal management purposes only and should not be construed as better measurements than loss per share or debt, respectively, as defined by generally accepted accounting principles ("GAAP"). The differences between these non-GAAP measures and the nearest GAAP equivalents are set forth in the text above.

This news release and statements made on the conference call for shareholders and the investment community contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "plan," "should," "will," "remain confident," "anticipate," "can," "intend" and similar expressions are intended to identify forward-looking statements. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including (among others) inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, including (without limitation) those cost reduction opportunities arising from the integration of the Yellow Transportation and Roadway networks, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the Securities and Exchange Commission (the "SEC"), including the company's Annual Report on Form 10-K for the year ended December 31, 2007.

The company's expectations regarding its operating income improvement due to the integration of Yellow Transportation and Roadway and the timing of achieving that improvement could differ materially from those projected in such forward-looking statements based on a number of factors, including (among others) the factors identified in the immediately preceding paragraphs, the ability to identify and implement cost reductions in the time frame needed to achieve these expectations, the success of the company's operating plans, the need to spend additional capital to implement cost reduction opportunities, including (without limitation) to terminate, amend or renegotiate prior contractual commitments, the accuracy of the company's estimates of its spending requirements, changes in the company's strategic direction, the need to replace any unanticipated losses in capital assets, approval of the affected unionized employees of changes needed to complete the integration under the company's union agreements, the readiness of employees to utilize new combined processes, the effectiveness of deploying existing technology necessary to facilitate the combination of processes, the ability of the company to receive expected price for its services from the combined network and customer acceptance of those services.

The company's expectations regarding its yield, pricing and business mix and their resulting impact on profitability are only its expectations regarding these matters. Actual results will depend upon customer acceptance of the company's pricing and services.

The company's expectations regarding an amendment to its credit facilities, the date of the amendment and the terms that may be contained in that amendment are only its expectations regarding these matters. Whether the company and its banks actually enter into an amendment is entirely dependent on the outcome of their discussions and approval of a majority in interest of the participating banks.

The company's expectations regarding having sufficient liquidity are only its expectations regarding this matter. Actual liquidity levels will depend upon the company's operating results, the timing of its receipts and disbursements, the company's access to credit facilities or credit markets, including (without limitation) successful amendment and renewal of the company's existing credit facilities, cash received as a result of asset dispositions, capital market transactions, such as opportunistically repurchasing additional portions of the company's outstanding notes using company common stock, equity issuance transactions or new debt offerings to refinance existing debt, and successful termination of the company's captive insurance company.

The company's expectations regarding future asset dispositions and sale and leasebacks of real estate are only its expectations regarding this matter. Actual dispositions will be determined by the availability of capital and willing buyers and counterparties in the market and the outcome of discussions to enter into and close any such transactions on negotiated terms and conditions.

The company's expectations regarding the savings to be generated from compensation and benefit reductions taken by both union and non-union employees are only its expectations regarding this matter. Actual savings generated will depend on the actual number of employees working, which, in turn, is dependent on business volumes and needs.

YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the world, is the holding company for a portfolio of successful brands including YRC, Reimer Express, YRC Logistics, New Penn, Holland, Reddaway and Glen Moore. Building on the strength of its heritage brands, Yellow Transportation and Roadway, the enterprise provides global transportation services, transportation management solutions and logistics management. The portfolio of brands represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, YRC Worldwide employs approximately 55,000 people.


STATEMENTS OF CONSOLIDATED OPERATIONS
YRC Worldwide Inc. and Subsidiaries
For the Three and Twelve Months Ended December 31
(Amounts in thousands except per share data)
(Unaudited)

Three Months Twelve Months
2008 2007 2008 2007

OPERATING REVENUE $1,928,823 $2,348,738 $8,940,401 $9,621,316

OPERATING EXPENSES:
Salaries, wages and
employees' benefits 1,256,131 1,407,304 5,251,173 5,741,078
Operating expenses and
supplies 421,089 489,762 1,984,030 1,864,957
Purchased transportation 235,815 277,629 1,075,286 1,089,041
Depreciation and
amortization 69,735 74,035 264,291 255,603
Other operating expenses 88,511 98,382 410,244 437,323
Gains on property
disposals, net (10,156) (7,381) (19,083) (5,820)
Reorganization and
settlements 2,702 8,731 25,210 22,385
Impairment charges 200,312 781,875 1,023,376 781,875
Total operating
expenses 2,264,139 3,130,337 10,014,527 10,186,442
OPERATING LOSS (335,316) (781,599) (1,074,126) (565,126)

NONOPERATING (INCOME)
EXPENSES:
Interest expense 20,903 24,241 77,907 88,760
Interest income (3,317) (1,803) (4,293) (4,372)
Other (392) (1,623) (4,278) 2,203
Nonoperating expenses,
net 17,194 20,815 69,336 86,591

LOSS BEFORE INCOME TAXES (352,510) (802,414) (1,143,462) (651,717)
INCOME TAX BENEFIT (108,101) (66,643) (169,070) (13,336)

NET LOSS $(244,409) $(735,771) $(974,392) $(638,381)

AVERAGE SHARES
OUTSTANDING-BASIC 59,005 56,658 57,583 57,154
AVERAGE SHARES
OUTSTANDING-DILUTED 59,005 56,658 57,583 57,154
BASIC LOSS PER SHARE $(4.14) $(12.99) $(16.92) $(11.17)
DILUTED LOSS PER SHARE $(4.14) $(12.99) $(16.92) $(11.17)


SEGMENT FINANCIAL INFORMATION
YRC Worldwide Inc. and Subsidiaries
For the Three and Twelve Months Ended December 31
(Amounts in thousands)
(Unaudited)

Three Months Twelve Months
2008 2007 % 2008 2007 %

Operating revenue:
YRC National
Transportation $1,358,518 $1,636,887 (17.0) $6,304,881 $6,657,770 (5.3)
YRC Regional
Transportation 418,593 544,573 (23.1) 1,974,104 2,280,365 (13.4)
YRC Logistics 146,830 162,349 (9.6) 621,727 623,208 (0.2)
YRC Truckload 30,134 25,534 18.0 120,503 112,900 6.7
Eliminations (25,252) (20,605) (80,814) (52,927)
Consolidated 1,928,823 2,348,738 (17.9) 8,940,401 9,621,316 (7.1)

Operating
income (loss):
YRC National
Transportation (243,165) (56,920) n/m (749,436) 159,331 n/m
YRC Regional
Transportation (24,280) (711,555) 96.6 (147,824) (700,792) 78.9
YRC Logistics (60,150) 489 n/m (149,907) 5,142 n/m
YRC Truckload (1,212) (3,646) 66.8 (11,634) (5,877)(98.0)
Corporate and
other (6,509) (9,967) 34.7 (15,325) (22,930) 33.2
Consolidated $(335,316) $(781,599) 57.1 $(1,074,126) $(565,126)(90.1)

Operating ratio:
YRC National
Transportation 117.9% 103.5% 111.9% 97.6%
YRC Regional
Transportation 105.8% n/m 107.5% 130.7%
YRC Logistics 141.0% 99.7% 124.1% 99.2%
YRC Truckload 104.0% 114.3% 109.7% 105.2%
Consolidated 117.4% 133.3% 112.0% 105.9%


(Gains) losses
on property
disposals, net:
YRC National
Transportation $(10,260) $(3,381) $(11,472) $(8,341)
YRC Regional
Transportation (550) (4,336) (3,394) (4,024)
YRC Logistics 174 824 (5,952) 714
YRC Truckload 107 589 1,034 2,571
Corporate and
other 373 (1,077) 701 3,260
Consolidated (10,156) (7,381) (19,083) (5,820)

(Gains) losses
on reorganization
and settlements:
YRC National
Transportation 2,417 610 8,830 6,693
YRC Regional
Transportation 118 777 13,307 7,857
YRC Logistics (99) 624 2,280 3,335
YRC Truckload 2 - 7 -
Corporate and
other 264 6,720 786 4,500
Consolidated 2,702 8,731 25,210 22,385

Impairment
charges:
YRC National
Transportation 140,850 76,554 776,696 76,554
YRC Regional
Transportation - 705,321 89,700 705,321
YRC Logistics 59,462 - 156,980 -
YRC Truckload - - - -
Corporate and
other - - - -
Consolidated $200,312 $781,875 $1,023,376 $781,875


Selected Financial Data
YRC Worldwide Inc. and Subsidiaries
(Amounts in thousands unless otherwise noted)
(Unaudited)

For the Twelve Months Ended Dec. 31,
2008 2007
Net cash from operating activities $219,820 $392,598
Net cash used in investing activities (86,934) (341,087)
Net cash provided by (used in)
financing activities 134,230 (69,669)
Gross capital expenditures (162,276) (393,763)
Net capital expenditures (34,686) (338,424)
Proceeds from exercise of stock
options 50 6,530
Acquisition of companies, net of cash
acquired (46,133) -
Free cash flow (a) 185,184 60,704


December 31, December 31,
2008 2007
Cash and cash equivalents $325,349 $58,233
Accounts receivable, net 837,055 1,073,915
Net property and equipment 2,200,977 2,380,473
Total assets 3,966,113 5,062,623
Asset backed securitization
borrowings 147,000 180,000
Current maturities of long-term debt 425,837 231,955
Long-term debt, less current portion 787,915 822,048
Total debt 1,360,752 1,234,003
Total debt, less cash 1,035,403 1,175,770
Total shareholders' equity 474,394 1,612,304

(a) Management uses free cash flow as an indication of the cash available
to fund additional capital expenditures, to reduce outstanding debt
(including current maturities), or to invest in our growth strategies.
Free cash flow is calculated as net cash from operating activities
plus stock option proceeds less net capital expenditures. This
measurement is used for internal management purposes and should not be
construed as a better measurement than net cash from operating
activities as defined by generally accepted accounting principles.

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invester
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Down 19%, up 12% After hours. Funny people shouldn’t read between the lines during the regular session. This stock is now trading at its cash value. The largest trucker actually trading at its cash value. Amazing value here.
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sju1973
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YRC Worldwide Completes First Phase of Financing Transaction
- Receives $101 Million of Cash Proceeds
Friday January 30, 2009, 3:44 pm EST
Yahoo! Buzz Print Related:YRC Worldwide Inc.
OVERLAND PARK, Kan., Jan. 30 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW - News) announced today that it has closed the first part of the sale and financing leaseback transaction from a contract with NATMI Truck Terminals, LLC ("NATMI") entered on December 19, 2008. The company received approximately $101 million of proceeds today and expects to receive approximately $50 million more in the second closing. Details of the transaction were provided in a Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 24, 2008.

Related Quotes
Symbol Price Change
YRCW 2.87 -0.26


{"s" : "yrcw","k" : "c10,l10,p20,t10","o" : "","j" : ""} "This is one of many significant steps in the initiatives to improve our liquidity," stated Tim Wicks, Executive Vice President and CFO of YRC Worldwide. "We are pleased with our strong working relationship with NATMI and how quickly we have been able to complete this first step. We remain encouraged by our progress on the next phases. These transactions are a key component of the discussions with our banks, which remain very productive."

In the company's waivers filed with the SEC on January 22, 2009, it stated that it now has the ability to use the proceeds from this transaction for operating purposes, which is the company's current intention. The company will account for the proceeds as a financing transaction, therefore, the assets remain on the books and a lease obligation will be recorded as long-term debt. The company will recognize the lease payments through interest expense with no impact to depreciation expense.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expects," "intention" and similar expressions are intended to identify forward-looking statements.

The company's expectations regarding the second closing of the sale and leaseback transaction are only its expectations regarding this matter. Whether the closing occurs, and the proceeds received at closing, are subject to the satisfaction of normal and customary due diligence and related conditions, including NATMI's right to elect not to acquire any of the remaining subject facilities in its sole discretion during the inspection period.

YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the world, is the holding company for a portfolio of successful brands including YRC, Reimer Express, YRC Logistics, New Penn, Holland, Reddaway and Glen Moore. Building on the strength of its heritage brands, Yellow Transportation and Roadway, the enterprise provides global transportation services, transportation management solutions and logistics management. The portfolio of brands represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, YRC Worldwide employs approximately 55,000 people.

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invester
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Press Release Source: YRC Worldwide Inc.


YRC Worldwide Finalizes Bank Amendment
Thursday February 12, 4:05 pm ET
- Renews Asset-Backed Securitization Facility Early
- Schedules Analyst Call for Friday, February 13, 2009


OVERLAND PARK, Kan., Feb. 12 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW - News) announced today that it has finalized an amendment ("the amendment") with the company's lenders of its credit facilities and renewed its asset-backed securitization ("ABS") facility two months prior to maturity.
ADVERTISEMENT


Further details of the amendment will be provided on a call for shareholders and the investment community on Friday, February 13, 2009, beginning at 4:00pm ET, 3:00pm CT.

"We are pleased with the banks' support of our strategic actions and their confidence in our ability to improve our financial position," stated Tim Wicks, Executive Vice President and CFO of YRC Worldwide. "We feel good about the amendment that we reached and the flexibility it will provide us to help weather this economic recession. We look forward to discussing these flexibilities in our analyst call tomorrow."

The call will be open to listeners through a live webcast via StreetEvents at streetevents.com and via the YRC Worldwide Internet site yrcw.com. An audio playback will also be available after the call via StreetEvents and the YRC Worldwide web sites. Amendment details will be filed in a Form 8K with the Securities and Exchange Commission on Friday, February 13, 2009.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, identified by the word "will".

The company's expectations regarding the flexibility the amendment will provide are only its expectations regarding this matter. The actual flexibility the amendment will provide will be affected by (among other things) the company's actual future results, which could differ materially from those projected because of a number of factors, including (among others) inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, including (without limitation) those cost reduction opportunities arising from the combination of the sales, operations and networks of Yellow Transportation and Roadway, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the SEC, including the company's Annual Report on Form 10-K for the year ended December 31, 2007.

YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the world, is the holding company for a portfolio of successful brands including YRC, Reimer Express, YRC Logistics, New Penn, Holland, Reddaway and Glen Moore. Building on the strength of its heritage brands, Yellow Transportation and Roadway, the enterprise provides global transportation services, transportation management solutions and logistics management. The portfolio of brands represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, YRC Worldwide employs approximately 55,000 people.

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invester
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$4.03 A/H Here’s your trade. Analyst meeting on Friday. I've been saying this was SO undervalued. They just completed the refinancing. This will be $20 soon.
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invester
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At $2.2 Billion Market cap this will be $37 a share. That is still lower than the second largest trucker. YRC is the largest. Lots of room here.
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invester
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$4.11
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invester
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Up 38%

YRC is speaking at the J.P. Morgan conference.

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invester
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Up 48%
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invester
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51%
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invester
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Exactly!!!!!


YRC Worldwide Inc.'s (YRCW, $2.89, $0.89, 44.50%) Chief Executive Bill Zollars said at a JPMorgan conference that "There is no inventory anywhere," and that trucking companies will be on "a wild ride" when demand picks back up. The trend is "setting up for a really sharp, V-shaped recovery," he said, though the timing of the turn remains unclear and may not come in 2009.

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invester
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"setting up for a really sharp, V-shaped recovery,"


This is a bellwether to the entire economy. I think we see a recovery much sooner than I thought.

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invester
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Moving Average Price Compare
Friday, YRCW closed above its 50 day moving average. This is generally considered to an indication of a bullish trend.

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invester
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Up 21% $4.14
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invester
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$4.22 close, $4.50 high. Great news.


Freight shipments rise in Feb. from month before
Freight shipments rise in February, but trade group warns economic recovery still far off
Wednesday March 25, 2009, 5:32 pm EDT
Buzz up! Print Related:Arkansas Best Corp., CH Robinson Worldwide Inc., FedEx Corporation
NEW YORK (AP) -- The trucking industry's main trade group said Wednesday goods shipped by trucks in the U.S. rose by 1.7 percent last month from a month earlier, but it underscored that the improvement doesn't mean the economy is on the mend.

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{"s" : "abfs,chrw,fdx,jbht,knx","k" : "c10,l10,p20,t10","o" : "","j" : ""} It marked the second consecutive monthly increase for the American Trucking Associations' seasonally adjusted tonnage index, which measures the weight of freight hauled by U.S. truckers based on membership surveys.

Still, economist Bob Costello said this does not signal an economic recovery is on the way, noting the two-month improvement does not make up for a significant drop off in December. The index fell 7.8 percent that month.

And compared with last year, freight shipments are still very bleak. Compared with February 2008, shipments shrank 9.2 percent.

Trucking shipment data is often a gauge of overall economic health, because freight shipments pick up ahead of a larger economic recovery. Trucks carry more than two-thirds of all U.S. manufactured and retail goods.

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invester
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$4.85
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invester
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$5.94
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invester
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$3.46
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jdizz
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r u gunna get in at that price?

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dont make yourself loose money in a stock that you had a resonable profit in

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invester
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quote:
Originally posted by jdizz:
r u gunna get in at that price?

I'm already in at $2.90

$5 Leaps as well

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invester
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$3.83
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invester
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$4.06
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jdizz
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geez invester, you need to keep calln stocks lol the only time i ever make money is when you pick them. haha ok well keep up the good work

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dont make yourself loose money in a stock that you had a resonable profit in

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jdizz
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do you think its to late to jump in now

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dont make yourself loose money in a stock that you had a resonable profit in

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invester
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quote:
Originally posted by jdizz:
geez invester, you need to keep calln stocks lol the only time i ever make money is when you pick them. haha ok well keep up the good work

Thanks for the kind words. I still like YRCW. They've repaired there balance sheet. I think we see $10 within a month or so. I also think they are a major buyout candidate. They are the largest trucking company in the world. Big footprint in China
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jdizz
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nice

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dont make yourself loose money in a stock that you had a resonable profit in

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invester
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$4.17
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crazytrade
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analyst thinks bankruptcy could be coming. $1.40 now

http://kansascity.bizjournals.com/kansascity/stories/2009/07/06/daily33.html?ana =yfcpc

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invester
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This is unprecedented. Normally they just let it go into bankruptcy. This one is going to fly!!!!!!!!!!!


Teamsters at YRC, Holland approve pact, but New Penn workers say 'no'
Teamsters at two of YRC Worldwide's largest subsidiaries approved wage and benefit concessions that will provide immediate economic relief for the nation's largest less-than-truckload operator.

Union members at national LTL carrier YRC and regional carrier Holland voted 58.5 to 41.5 in favor of the package, which cuts their wages by 15 percent and suspends pension contributions for 18 months, saving the company more than $1 billion over the life of the National Master Freight Agreement, which expires in 2013.

Workers at regional carrier New Penn, however, who are part of a separate bargaining unit, reportedly rejected the plan, as did a few locals that operate under separate agreements. "As with past contract ratification rejections, those issues will be dealt with on a local by local basis," the Teamsters union said.

Union workers at Reddaway and YRC Glen Moore are expected to get a chance to approve or reject the proposals within 30 days.

Altogether 64 percent of eligible YRC Teamsters voted. The NMFA covers 90 percent of the Teamsters working for YRC Worldwide, the union said.

The wage and benefit reductions take effective immediately, retroactive to Aug. 1, but they will not remain in effect unless YRC Worldwide's bank group amends its loan agreements and affiliated Teamster pension funds approve the suspension of pension contributions.

“Now YRCW, banks and other stakeholders have to step up and do their part to ensure the company’s long-term survival,” said Teamsters General President James P. Hoffa. “Do the banks want the fate of 35,000 YRCW workers, hundreds of thousands of retirees, and hundreds of thousands of other workers to be their responsibility if they do not significantly rework YRCW’s loan facilities?”

Contact William B. Cassidy at wcassidy*joc.com.

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invester
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$5.69
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TraderJones
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Invester, So where is YRCW going now?? I'd love to trade on them today for a quick flip. Although I'm not sure if there is going to be a great place to buy in or not.
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fourseven
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Looks like it's pressing that 6 .. big volume, too.

That is a nice looking stock!

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the market is not your mother

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crazytrade
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quote:
Originally posted by invester:
$5.69

.27 now. don't see that they ever filed for bankrupcty though.
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