Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Meaning what? I don't get it.
Who conducted the survey and how big was the sample size?
Survey says.....at this time we have a coin toss. It can go either way. 11 states surveyed.
I'm in the process of running a survey. Votes will be counted on the 20th of June.
Tentative contract has been posted on the TDU website (below).
https://tdu.org/sites/default/files/ABF%20National%20Master%20Freight%20Agreement%202013%202018.pdf
Ballots are going to be mailed today. I will try to get my hands on a copy.
It's taking too long to get this so called "tentative contract agreement" on the wire. No votes have been mailed to the members. Seems ABF may be hesitant about going forward.
I think investors were betting on YRC taking over ABF. Now that this isn't going to happen we will find out for sure Monday morning if the stock price holds. This is the one and only issue, I believe, why the price went up as quickly as it did. It certainly isn't because there is a contract.
If there are concessions in this new contract I think there is going to be a lot of conflict. I think enough that a vote will not pass. This is very strong in the east and California which will take about 88% of all votes.
It's more than a matter of "job or no job" in the eyes of the Teamsters. From what I understand they have lost something every contract for the past 30 years and now is the time to take a stance.
One more issue. YRC is going to be in hot water with the Teamsters and it's very possible the Teamsters will now demand full wages and benefits be returned to the workers. Keep in mind, if is wasn't for the Teamsters, YRC would be history today.
I wouldn't want to be the CEO of YRC knowing that Hoffa is going to be knocking on my door soon asking just how he expects to acquire ABF without returning the union workers he has to full wages and benefits. There is going to be a lot of tough questions and I'm sure the answers better be the right ones.
The stuff is going to hit the fan over what YRC's CEO has done. I believe there will be a full audit on YRC's books and there should be.
The "pot" at YRC has just began to stir. There will be little rest concerning the E board. I wouldn't want to be a part of it.
Very doubtful IMO with all the volume the past couple of weeks.
Yes I am. Looking for the PPS to dip this week. Maybe 50%?
You still on board with this?
driller4oil
Monday, March 25, 2013 10:39:37 AM
Re: BuckeyeMike post# 113
Post # of 166
For the "short term" I'll be shorting the stock and buying puts. As far as "long term" is concerned, that's a different story. I'm sure this company stock will go back up to at least 24 dollars within 6-18 months regardless of what happens to the contract. I'm here to make the money no matter which way it goes.
Look at the insider trading (sells) concerning this e board. They sold most of their stock over 6 months ago. That's why the stock price went down to 6.48 per share.
I think this CEO is in for a rude awakening. I don't think she is going to breeze through this contract as easily as she thinks. Although this should have been resolved at least a month ago, this just tells me there is going to be a problem.
YRC is now on the "hot plate" with the teamsters. Hoffa said the union would demand from YRC a "full accounting of the calculations and decisions that went into their latest misstep."
Trying to acquire ABF during contract negotiations was a really stupid move on YRC's CEO James L. Welch and Judy McReynolds, president and CEO of Arkansas Best Corp.
Makes me wonder if either of these companies has competent management.
CEO of ABF has turned down the YRC offer.
What amazes me is the stock price at this time is going up on pure speculation. There has been no vote on this contract. That being said, if this "concessionary" contract isn't approved by the union workers then there is no contract. From my research, this isn't going to pass a vote with concessions involved.
There are two main reasons for this decision. 1. Executive board compensation and raises 2. Frivolous spending being done by the executive board. (there is a long list)
So.......I don't blame the workers for being p----d. I think I would be. At this point the union workers don't trust the E board.
I am with you, "IF" ABFS does not merge with YRCW as YRCW has offered for them to do to the benefit of both companies long term.
They made a hard choice massive reorg and stayed to the plan for over 3 years and now proof is showing they made right decision for company and employees and shareholders long term.
Now, YRCW wants to still buy/merge with ABFS to benefit both companies longer term in this new economy we have upon us.
If ABFS does not do this (YRCW already made massive reorg plan 3 years ago to weather new future economy of the US and positioned themselves already to be better than ever), then ABFS will fail and their recent stock rise will plummet to pennies I expect...
Made a killing on TSLA and JCP today. Calls and a long position will cause me to take a very expensive vacation. Hope the same for you all on ABFS but.... it will take some time.
I would take any bet that the stock price drops like a wet rag in the near future.
If there are concessions I don't think it will pass a vote. From what I hear ABF employees aren't willing to step down to YRC's standards.
I'm certain the Teamsters have the upper hand on this one.
Incidentally, it's been many years since this has been the case and the union members aren't willing to take "ANY" cuts.
This is the word on the street.
One more thing.....YRC and UPS is pulling for the ABF union members to win this one.
There is a lot more at stake here than "job or no job"
it'll pass mike. even with the consession's they still have above average per hour. peace out.
comes down to job or no job. You can always vote for it, and then look for another job. Easier to find a job when you have one. There simply had to be meaningful concessions and I think it stands a good chance of passing.
How many reverse splits has YRCW done in the past few years?
6.5% wage concession plus 250.00 per month per employee towards health insurance plus a higher deductible adds up to be close to 17% less per year per employee. My guess is this will never pass a vote.
Check SEC Form 4's folks, as I told others to do that with YRCW over a week ago, and low and behold last week, Many Directors filed them "acquiring" YRCW stock shares with exception of 1 Human Resource Dir, who sold some of hers last Wednesday for 7/50PPS probably for tax reasons or other personal need (YRCW now 15.44).
Also institutional ownership increased as well amid huge volume and caught many off guard who kept trying to bash and shortsell that stock.
Well, YRCW now valued higher PPS than ABFS after their stellar earnings/profit report Friday. BB&T upgrade too also did not hurt.
Arkansas Best Shares Surge on Tentative Labor Pact
11:45a ET May 6, 2013 (Dow Jones)
By Mia Lamar
Arkansas Best Corp. (ABFS) said late Friday its freight business has tentatively struck a labor deal with the massive Teamsters union, launching shares sharply higher Monday.
The five-year agreement still must be approved by the company's union employees. Details of the deal haven't yet been disclosed, leaving some uncertainty around the long-anticipated pact.
"The rank-and-file still need to approve the deal for it to pass, and there we have a situation where the better the deal is for [Arkansas Best], the less likely it is to pass," Stifel Nicolaus analyst David Ross said in a note to clients.
Nevertheless, investors cheered the potential for a resolution, sending shares up 28%, to $13.56, the stock's highest level since July.
Arkansas Best has some of the highest labor costs in the industry, and in April blamed those costs in part for its disappointing first-quarter results. Formal talks for a new labor contract started in late December and were extended twice, most recently through May 31.
While little is known yet of the specifics of the deal, analysts Monday pointed to a recent Teamster bulletin that provided some insight into talks.
In the bulletin, the union said Arkansas Best was seeking a 6.5% wage reduction, which Mr. Ross estimates would cut labor costs by $34 million a year. Arkansas Best in 2012 posted a $7.7 million loss.
MONSTER Day with nearly 4.4 million shares traded! Looking for a move north of $15 tomorrow.
One more important issue.....there is no contract yet.
no. I think it's many jumping the gun.
2,000,000 + shares traded already and you really think it's someone who doesn't know what they are doing?
I too, have calls and a long position. Playing both ends of this candle. Looking at more puts in case this contract doesn't get approved. Not only is there a chance but I think a pretty big chance it will not be approved if there are "concessions" involved.
Right now this stock is a coin flip. One thing for certain, this is not insider buying. It is someone either taking a big gamble or someone that doesn't understand the process of a contract.
1,450,000 volume: WOW! Loving my June Calls
IHUB is behind on the news.
Looks like a few are betting on a "tentative" play.
All I can say is, good luck because they are simply flipping a coin.
tentative;
uncertain: said or done in a slow, hesitant, and careful way that reveals a lack of confidence.
I wonder if they realize this has to be voted on by the union members before it is ever approved?
PUTS anyone?
ABF is making this report look as bad as they possibly can.
Makes a person wonder about the credibility of the E board.
Twinkie and ABF are two completely different stories. ABF has the capability to buy and sell Hostess Brands as many times as they would want to.
As far as a concessionary contract.........My take is it will never be voted in. Seems the union workers are fed up with executive board compensation and raises and frivolous spending done by the company. If this is the case, then why should the union workers give up anything?
This is their thinking which could be right. Who are we to judge?
I know people that know people that work for ABF in several states and this is the buzz I'm getting.
Another example of when a unreasonable minority of Union members over reach:
http://www.breitbart.com/Big-Government/2013/04/28/No-Union-Label-on-Twinkie-Return
Buried amid the generally gloomy news last week was a development that is a true cause for celebration. By July, the Twinkie, and other favorite Hostess brands will return to store shelves. Two investment companies bought assets of the bankrupt snack company and plan to re-open four plants and hire 1,500 workers in the coming weeks. Labor unions, however, will not be invited back.
Hostess Brands, the venerable 86-year maker of Twinkies, Zingers, Ho-Hos and other popular snack cakes closed its doors last November. The company had said it needed wage and benefit concessions from its largely unionized workforce in order to survive. The Teamsters, the union representing the largest number of Hostess workers, agreed to the concessions and urged other unions to join them. A little known union, the Bakers and Confectioners workers, however, refused to accept the modest compensation cuts. As a result, the company shuttered its doors, throwing all of its workers into the unemployment line.
The chief executive of the new Hostess Brands has said the new owners will pump $60 million in new capital investments into the company. Without labor bosses demanding uncompetitive wages and benefits, the company has a good chance to survive.
I admit that, as I've grown older, I had kind of forgotten about the Twinkie and Zingers, the absolute best of the snack cakes. So maybe this latest example of union folly has a silver lining. I, and probably millions of others, will never again take snack cakes for granted.
Follow Mike Flynn on twitter: @Flynn1776
March 14, 2013: ABF Teamsters across much of the country have already given a $1.40 concession, well in advance of the contract. So when management comes to you asking for a wage giveback, you can tell them "I already gave up $1.40 per hour. And I didn't even get a vote on it!"
It was a secret deal, signed by Gordon Sweeton for the IBT and Trucking Management Inc (TMI) rep Robert Jones. (Doesn't ABF claim that TMI does not represent them?)
Members were never informed. Members were never given a vote, in direct violation of the Teamster Constitution, Article 12, Section 2(b), which requires a secret ballot vote for any change in the contract terms.
How Did it Happen?
On August 1, 2011, ABF was required to increase its benefit contributions by $1 per hour, with the $1 to be allocated between the Central States Pension Fund and the Central States Health and Welfare Fund, for Teamsters in the South, the Carolinas, and most of the Central Region. The clear language is contained in each supplement.
Gordon Sweeton secretly signed most of the $1 away.
Then the same thing happened on August 1, 2012. Sweeton again signed away the members' money, on behalf of the Hoffa administration. So the pension payments of $342 per week have been frozen for nearly three years.
Net result: The H&W fund got a total of 60¢ per hour increase for 2011 and 2012 and the pension fund (which is in critical need of funding) got zero.
ABF Teamsters under the Central States Fund took a $1.40 concession. Without a vote. This would be a 6% wage cut, if it had come out of wages.
That $1.40 would provide $2,800 per year (at 2,000 hours per year) additional money into the pension fund for each employee, and boost every employee's pension by $28 (by the 1 percent accrual rule) per year of service. So ABF Teamsters have lost hundreds of dollars per month, thousands per year, off their future pension as a result of the secret deal.
A similar thing happened to ABF Teamsters in the Western Conference regarding the August 1, 2012 pension payment given back to an "escrow account."
When the company – or Hoffa and Sweeton – tells you to sacrifice, be sure to remind them that you already did!
I agree. Hopefully a deal will get done.
I agree with your investment comments. flip a coin. If the deal gets done the stock could rocket. If not it will drop like a lead balloon. As for blame, Unions are notoriously difficult to work with. Hopefully a deal will get hammered out that will be tolerable for both parties and good jobs are saved.
We will soon see. As far as investing big in ABF at this time, it's not for me. Everything right now is nothing but a guessing game. You might as well flip a coin.
And by the way you can thank the executive board for the situation they are in at this time. It's hard to stay interested when an E board can't be responsible and do their job. They have had 8 months and still today can't make a decision.
people who live paycheck to paycheck don't exactly have a strong upper hand. The fact is, that's how most Americans live unfortunately. The union can be a bully, but they also have families to take care of. They can do irrepairable damage to this company and lots of people will lose jobs. I guess we'll see who blinks first. Each side wants the other side to give more and both sides will.
Excuse me sir, but you are very wrong about UPS having the only capability to gain from ABF's loss. There are many companies ready and very prepared to step in on ABF's loss.
If there is a strike, shippers are going to move their freight no matter what carrier they have to use. They have many to chose from.
Bottom line. ABF will lose at least 50% of their business within one week in the event of a strike. So tell me, who has the upper hand?
there is alot on the table the company abf already know's that they won't get everything. you always ask for more. and on the other side, the teamster's know that they are going to have to give something's up , but you always act like you won't. like i said it's all part of collective bargaining. we're going into the busy time of the year for all LTL carrier's. this would be a very bad time for a work stoppage. peace out.
I disagree. I think there is a good chance there will be a strike.
Another 30-Day Extension for ABF Contract; Teamsters
Committee Disappointed With Company’s Proposals
The Teamsters National ABF Negotiating
Committee met with ABF this week in Dallas, and
the committee is disappointed with the company’s
initial economic proposals.
The company’s economic proposal seeks significant
reductions in health and welfare and pension
benefits as well as deep wage cuts. For example, the
company closed the week seeking an across-theboard
6.5 percent wage reduction as well as reductions
in both the scope and level of health and welfare
coverage available to employees.
In terms of health care, the company is seeking: 1)
the elimination of coverage for employees working
fewer than 130 hours in a month; 2) employee copays
including a $240 per month employee contribution
for family coverage; 3) significant increases
in out-of-pocket employee costs; and 4) overall
reduced benefits.
Likewise, the company’s pension proposal reduces
and caps the amount of contributions it would
make to most pension funds.
“While we’ve made progress on major local and
over-the-road work rule issues over the last few
months, the company’s new proposals this week
are very disappointing and place our progress at
risk,” said Gordon Sweeton, Teamsters ABF
National Negotiating Committee Co-Chairman.
“We’ve put millions of dollars worth of operational
relief on the table but that apparently is
not enough.”
Teamsters National Freight Division Director
Tyson Johnson echoed Sweeton’s concerns.
“The company’s new economic proposals are certainly
frustrating,” Johnson said. “Perhaps most
disturbing is the company’s meat axe approach to
benefits. It certainly raises a question about how
the company values its employees.”
The union will be distributing additional information
to involved local unions over the next few
days and will schedule a conference call in the
near future.
Despite the company’s approach, the union continues
to be willing to explore creative ideas that
will provide protections to the members, maintain
standards and at the same time allow the company
to be competitive. Because so many items remain
open and the company’s recent proposals complicate
matters, the union has agreed to extend the
current agreement with ABF another 30 days
through May 31, 2013.
hi, the only company that could gain from lost business due to a strike is ups,. the other non-union carrier's believe it or not could not handle the extra freight and still provide service. even so as far as that goes ups would have a tuff time to provide the service that some shipper's demand. and being a service minded company(ups) they most likely would pass on most of the freight and cherry pick what they could handle. IMO i believe that the teamster's and T.M.I.(trucking management inc.)will come to an agreement, nobody win's with a strike. although both side's have to make it known going into it that they are willing to do whatever it takes.that's collective bargaining at it's best. i,m i worried about a strike. nope. JMHO peace out
Only time will tell. This can go either way. 50/50
The puts paid off.
If the Teamsters strike it's a lose lose situation. ABFS lose XX% of their business and many angry teamsters are going to be without good paying jobs and benefits. Good jobs in an economy where you won't easily find a better job and have to start with another company at the bottom if you're lucky. YRC teamsters made huge concessions so why shouldn't ABFS get significant concessions? Long term ABFS can't continue to lose money because they aren't competitive. You don't have a job if there is no company. I'm sure the company has a contingency plan should the Teamsters strike. Definately not the preferred way to go but the company will not be bullied into an inevitable bankruptty either. The stock would take a big hit if they strike, no doubt. I still believe a contract will get done. The ABF lawsuit aginst the Teamsters union is a bargaining chip IMO. If I was the CEO I would not make concessions that kept me from being competitive and growing the company. I'd have a well thought out contingency plan in place should there be a strike. If there was a strike I'd be the first on the phone with my customers to let them know and what my plans are to regain their business.
Deal gets done this month IMO.
Any concessions, I believe will cause a strike. One week on a strike.......ABFS loses 50% of their business. Companies like Fedex, YRC, UPS, Conway, Snyder, England, Swift, and many more are just waiting to jump at the opportunity to take this business. All these companies are well aware and well informed as to what ABF is going to do.
So tell me, If you were the CEO would you take a risk of losing a huge part of this business?
All CEO's swear that making a profit for the share holder is their main concern. Let's see if CEO Judy lives up to these expectations. My guess is..........she won't.
The bit about the ABF lawsuit against (Hoffa) the Teamsters Union? All I can say is I don't think ABF has even small chance to win much less a 750 million dollar chance.
Could be part of the negotiation posturing. ABFS drops lawsuit with significant concessions.
ABF will again appeal a $750 million lawsuit against the Teamsters union.
Trying to negotiate a new contract with the teamsters?
Seems to me this is a huge conflict of interest.
Followers
|
8
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
279
|
Created
|
02/14/10
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |