Industry News

• Oil Drilling Recovery Unlikely This Year, Baker Hughes Says July 26, 2024
  Baker Hughes Co. lowered its expectations for U.S. shale activity, saying an anticipated recovery in oil drilling is no longer likely this year.
• Ryder Posts Q2 Profit Surge, Revenue Up 10% on Leasing Gains July 26, 2024
  Profits and revenues at Ryder System Inc. increased in the second quarter of 2024 on the back of higher returns from its leasing and maintenance program, the integration of the Cardinal Logistics acquisition and the absence of an accounting charge taken in the year-ago period.
• CMA CGM Reports Solid Volumes, Sees Rates Peaking July 26, 2024
  CMA CGM SA reported a second-quarter jump in cargo volumes and signaled freight rates have probably peaked for now despite bottlenecks at Mediterranean ports.
• Fed’s Preferred Inflation Gauge Cools July 26, 2024
  WASHINGTON — The Federal Reserve’s favored inflation measure remained low last month, setting the stage for the Fed to begin cutting interest rates this fall.
• Norfolk Southern Profits Lifted by Insurance Payments July 25, 2024
  Norfolk Southern got a boost during the second quarter from insurance payments related to last year’s disastrous derailment, but it also made progress on its own.
• GM’s Cruise Targets Resumption of Driverless Rides This Year July 25, 2024
  Cruise is targeting a return to running fully autonomous rides later this year and possibly charging fares by early 2025, said people familiar with the matter.
• Lineage’s Shares Climb Up to 5% After Biggest IPO Since Arm July 25, 2024
  Temperature-controlled storage and logistics giant Lineage Inc. shares climbed as much as 5.4% in its debut as a public company after raising about $4.4 billion in the year’s largest IPO.
• Freight Rate Rebound Timeline Remains Muddy July 25, 2024
  A timeline for a rebound in freight rates and market conditions remains muddy into the second half of 2024, according to executives and analysts.
• Daimler Truck Advances Battery-Electric Ambitions in Germany July 25, 2024
  Daimler Truck’s battery-electric vehicle ambitions took another step forward as the world’s largest truck maker opened a center devoted to developing battery expertise in Germany.
• Harris Sticking With ‘Build Back Better’ Agenda for Campaign July 25, 2024
  Vice President Kamala Harris has committed to continue pursuing policies the current administration initiated three years ago should she win the November presidential election.
• DOT’s Oral Fluid Testing Stalls Due to Lack of Labs, Testers July 25, 2024
  DOT drug testing of truck drivers using oral fluid collections was approved more than a year ago, but a lack of certified lab testing facilities  has stalled use of the method.
• Knight-Swift CEO Cautiously Optimistic as Q2 Results Stabilize July 25, 2024
  Knight-Swift Transportation Holdings reported July 24 that revenue reached just shy of $2 billion in the second quarter of 2024. The Phoenix-based carrier posted net income attributable to itself of $20.3 million.
• Covenant Logistics Reports Nearly 5% Revenue Rise for Q2 July 25, 2024
  Covenant Logistics Group experienced an increase in revenue but a slight decline in earnings during the second quarter of 2024, the company reported July 24.
• NTSB Voices Concerns Over Potential Downgrade of Marijuana July 25, 2024
  NTSB filed comments with DEA expressing concerns that moving marijuana from Schedule I to Schedule III of the Controlled Substances Act could end testing of the drug for truck drivers.
• Gordie Howe International Bridge Links Detroit to Windsor July 25, 2024
  DETROIT — The U.S. and Canadian sides of the Gordie Howe International Bridge have been connected, marking the bridge as an official border crossing.