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.
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.
Talks to resume this coming week. Strong move today. Somebody know something? One to watch in the coming weeks. Will likely move bigly one way or another depending on the outcome of the contract talks.
Roy, congrats on another fabulous trade - up 300%+
Apple Smartphone market share nearly 4% increase
http://www.engadget.com/2013/04/04/comscore-february-2013/
Slv is my top pick no 1 for coming week
starting when?
Analyst: Extension good for ABF, Teamsters talks
Submitted by The City Wire Staff on Tue, 04/02/2013 - 9:42pm
http://www.thecitywire.com/node/27142#.UVuiMZPU_UY
If AAPL were to liquidate and sell everything they own, stores, patents and every single chair and distribute the money to shareholders as they should then you would get about $2650/share.
AAPL should be trading at a premium to the Nasdaq (average 17PE) and at a price of above 700 right now. (post from another board)
Sitting on about 150Bil in Cash (40Bil in US alone) and liquid assets. The trend has been in recent years for PC users to migrate to Apple products. They are innovative and just going through a bit of a rough patch which won't last forever. One timely piece of good news and they could have a $20+ pop at opening bell on any given day.
Hi Sea, can you post a chart with the 20dayMA?
Many thanks,
Mike
ABF, Teamsters extend labor contract negtotiations for 30 days
http://www.logisticsmgmt.com/article/abf_teamsters_extend_labor_contract_negtotiations_for_30_days
March 28, 2013
ABF Freight System, the seventh-largest less-than-truckload (LTL) carrier by revenue, said today that it has made inroads on its hotly-contested contract with the International Brotherhood of Teamsters that was scheduled to expire on March 31, which has led to a 30-day extension for the National Master Freight Agreement.
ABF officials said negotiations are scheduled to resume the week of April 8 and that service to shippers remains business as usual.
“We thank all of our employees and customers for their patience and commitment to ABF during this important process,” ABF said in a statement.
And Teamsters for a Democratic Union, the dissident wing of the 1.4 million member union, said in an online note to its members said that bargaining continues “with the company in the driver’s seat, focusing on concessions being demanded by management on operations, unbalanced freight lanes, and more,” adding that supplemental bargaining has proceeded also.
“Bargaining on economics (wages, pensions, health and welfare) has apparently not taken center stage yet,” TDU said in a statement.
TDU added that in a conference call with local union leaders today, IBT International vice president Gordon Sweeton and IBT staffers stated that the company needs relief and that another call will be held in two weeks to update local officers on the negotiations.
In December, union locals representing 7,500 drivers, dockworkers, mechanics, and clerical staffers at ABF asked the seventh-largest LTL carrier for a two-year contract with healthy wage and benefit increases.
As previously reported, Teamsters locals are asking ABF for $1-per hour wage increases and additional contributions to their pension, health and benefit package.
The company has already asked that it negotiate separately from chief union rival YRC Worldwide, which has been revived financially under new President and CEO James Welch.
And if the company were to agree with a two-year contract, that would mean the next contract would expire in 2015—when YRC’s contract covering some 20,000 Teamsters also expires.
After breaking away from chief rival YRC Worldwide in an attempt to negotiate separately with the Teamsters National Freight Industry Negotiating Committee (TNFINC), ABF made an initial contract offer that the union says insulted ABF’s 7,500 drivers, dockworkers, mechanics and clerical staff.
The Teamsters immediately responded with a press release that called that initial offer insulting and a “non-starter.”
A second round of negotiations in Kansas City starting Jan. 7 did not fare much better, according to the head of the Teamsters freight negotiating committee.
“ABF’s initial contract proposals ... seek to destroy the NMFA standards that have been in effect for decades and served ABF well,” Gordon Sweeton, co-chairman of the Teamsters negotiating committee said in a press release. “We hope the company will bargain in a traditional manner so that we can make progress on the important issues from the start.”
Among the initial demands by the nation’s sixth-largest LTL carrier, ABF wanted to eliminate all supplemental agreements to the basic contract; reduce paid time off; eliminate the longstanding grievance procedures that have been in effect for more than half a century; expand use of nonunion subcontractors, expand use of worker surveillance; and create new, lower-paying part-time positions in most job classifications.
ABF has responded with details of its current financial plight. Its stock price has plummeted by more than 80 percent in the past two years to trading around $9 a share at press time. It says its high labor costs are responsible for more than $230 million in losses since 2009.
ABF says its goal is to secure a new contract that allows ABF to “substantially lower its costs, become more flexible and better compete in a rapidly changing marketplace” that has seen hundreds of union carriers go out of business and non-union carriers proliferate.
In a press release describing its negotiating goals in general terms, ABF says it is negotiating its own national contract to create “an unprecedented opportunity” for both parties to work together and fix the labor cost problems that have led to its current financial plight.
In its statement, ABF says was “disappointed” to see a public update distributed by the Teamsters prior to the start of its contract talks stating that “management labor costs” are excessive, and that an economy growing at 4 percent annually would somehow fix ABF’s problems.
“Neither of these statements is correct, and it is important to clarify misconceptions and focus on what ABF really needs to compete,” the company said in its statement.
As for executive compensation, the company says that parent Arkansas Best Corp. CEO Judy McReynolds’ salary and incentive was 58 percent of the average of the other similar industry companies’ CEOs in 2011. In other words, ABF says she was paid about 40 percent less than her peers. In addition, all of the compensation of ABF officers including Ms. McReynolds adds up to less 0.5 percent of ABF’s costs, according to the company.
ABF claims chief rival YRC paid its former CEO Bill Zollars $2.5 million in total compensation for just five months in 2011 before he left the company. That’s nearly twice what Arkansas Best’s CEO was paid for the entire twelve months of 2011, ABF says.
In contrast, ABF says its Teamster employees enjoy the highest levels of pay relative to all of their peers in the LTL industry in total compensation including wages, health and welfare, and pension. Last year alone, ABF paid $244 million in just union pension, health & welfare. More than half of that huge amount, $132 million went to union pension expense alone.
Further complicating matters are two extraneous factors that privately are infuriating the Teamsters:
-The union is currently the subject of a lawsuit by ABF over the 15 percent wage givebacks that the union rank-and –file approved to keep financially ailing YRC Worldwide, its chief competitor, alive; and
-Last June’s purchase by ABF parent Arkansas Best Corp. of Panther Expedited, a non-union expedited carrier specializing in same-day shipments, for $150 million
ABF, the largest unit of parent Arkansas Best Corp., has suffered financially during the Great Recession and its aftermath. Its stock has lost more than 75 percent of its value and was trading as low as $8 per share recently. It is close to $12 per share at press time.
Arkansas Best posted a net loss of $7.9 million in the fourth quarter compared to net income of $1.4 million during the fourth quarter of 2011. For all of 2012, ABF had a net loss of $7.7 million compared to net income of $6.2 million in 2011. Company officials have publicly cited its high cost structure when compared to chief non-union competitors such as Con-way and Old Dominion Freight Line.
“We are focused on a return to profitability at ABF by substantially lowering our costs in the next labor contract through negotiations that are now underway,” McReynolds said in a statement. “ABF’s management team is hopeful it will reach an agreement with the Teamsters that allows us to preserve good-paying jobs and protect our employees’ retirements through a lower cost structure that truly reflects the competitive nature of today’s LTL marketplace.”
ABF currently is suing the Teamsters over what it views as an unfair cost advantage that YRC currently has. YRC Teamsters earn about 15 percent less than ABF Teamsters, even though both companies are signatories to the National Master Freight Agreement.
About the Author
John D. Schulz, Contributing Editor and Jeff Berman, Group News Editor
I have June Calls and I have a long position. I think a deal gets done. If the street knew the deal wasn't getting done, the stock would be getting hammered. Not much volume today and very little volume takes it up.
If you're right you'll make some nice bank.
Interesting. I'm staying long based on a "haunch".
STock price has been trending up VERY nicely. Hopefully the Union members will vote to keep their jobs versus punishing the company and shareholders. If ABFS ceased to exist tomorrow, other trucking companies would have no problem picking up the slack. Hopefully the company is making a strong sensible case for the union to give concessions. Should not be that hard of a case to make. Of course if you are dealing with unreasonable people, and many card carrying union members are stubborn to a fault, then the road can be long and difficult. The company did file an 8K letting shareholders know that contract negotiations may go beyond March.
03/04/20134:34pArkansas Best 8-K Filing Disclosing Unit Labor Talks Could Continue Beyond March 31st Benzinga
GLTA.
Good post. One of the things that convinced me (newer investor) to buy in was the video of Kasian Franks starting at 4:40. He then answers most of the questions at the Nasdaq meeting in Nov 2012. VERY Sharp guy. Mobile APPS are the new websites. Great APPS that get noticed provide better sales. No discovery (poor search experience) poor sales. Google search is a $53 BILLION Bidness. MIMVI is a superior search platform creating superior exposure for the company and a more effective search experience for the end user / customer. I did not know that APPS will be soon running on desk tops. Microsoft is king of the desktop and they are already in tight with Microsoft. (I have one APP that my company developed that I cannot wait to have on my laptop)
Kasian Franks is a proven commodity. Microsoft knows it. You know it.
Happy 2013 Friends!
The Thief on the cross next to Jesus is a good example.
Happy New Year Matthew!
Make it a Great New Year!
If Sharing your faith more in 2013 is a New Years Resolution, you owe it to yourself to check out these links.
R U B I O in a LANDSLIDE IN 2016
We'll see how well you handle the truth
Romney looking good in early voting in Iowa. Only has to make up 5 points and traditionally Republicans turn out much stronger on election day. Same with VA. I'm going with Michael Barone and George Will: Romney 300+
Military this election strongly behind Romney. You really think the Military will vote for Obama this time around you are either naive or sniffing too much liberal print.
http://www.breitbart.com/Big-Peace/2012/11/05/500-Admirals-and-Generals-Endorse-Gov-Romney-Today
Btw, I have numerous family members serving / have served support Romney with 1 exception. So spare me the indignity.
Sweet dreams Stephie. Apparently you got an early start.
the feel good thing is a liberal thing, something you know about. The Military always votes overwhelmingly conservative. I know libs like to rewrite history.... good nite steph
Makes you wonder if he's thinking about the muslim call to prayer when they play the Star Spangled Banner.
It's disgraceful.
Riiiiight. No one seriously believes the military overwhelmingly supports B.O. Not even close.
I'll leave you with Obama's closing rally in Ohio...
http://www.breitbart.com/Big-Government/2012/11/05/Obama-closes-to-half-empty-stadium-in-Ohio
Romney has the Military vote and endorsements of more than 500 generals. Unfortunately there are thousands military votes being surpressed by the Obama admin. It's deplorable and UnAmerican.
http://www.washingtontimes.com/news/2012/nov/5/obama-suppressing-the-military-vote/
Nate Silver Updated... enjoy
http://twitchy.com/2012/11/05/nate-silver-parody-account-almost-as-absurd-as-the-real-nate-silver/
He had been to 57 and had 1 more to go and hadn't been to HI and Alaska yet. So 60 States? Wow.
I'm voting for the guy with a proven record of building successful businesses, creating jobs, turning around the olympics, and reaching across the isle to work with those in the other party to get things done. Call me crazy.
I'm gonna have to stop at Chickfila this week. mmmmmm mmmmm good
Hardly. anyone check the unemployment for Blacks under Obama? Here's an article from the conservative bastion of news CNN:
God bless all 57 states. He even pauses to make sure. wow.
Ever heard of Michael Barone? Guy is as good as they come.
http://townhall.com/columnists/hughhewitt/2012/11/03/mittmentum_builds/page/full/
Chuck Colson, Bill Graham, and Martin Luther the great Reformer would all would all beg to differ IMO. A vote NOT for Romney is a vote FOR Obama whether you want to think so or not.
http://www.christianpost.com/news/christians-and-voting-a-crucial-national-decision-84417/
God bless Texas. and Florida, North Carolina, Ohio, Wisconsin, Colorado....
Now that was worthy of a GOPLOL!
Lefty juicy-juiced-polls. Sure there are more registered democrats in the US. However... Republicans generally show up more on election day. Republicans are already significantly out performing the early voting results from 4 years ago and Dems are significantly underperforming. NOT looking good for O IMO. I live in Ohio and Ohio won't be fooled twice.
Mittmentum in the Buckeye State is very real. Dems were CRUSHED here 2 years ago. Obama is too extreme for Ohio. Way too far left and Ohio is mainstream. Republicans have a strong ground game here and have worked tirelessly. Payoff in less than 24 hours.
Remember Biden said he always says what he means when Ryan told him that he of all people should know the words don't always come out right? Enjoy
Simply His permissible will. Our thoughts and prayers go out to those who lost life and property.
Romney will likely carry Ohio and win the election. I live here, drive around all over north east Ohio and the Mittmentum is real. 4 years ago everyone knew McCain was going to get rolled.
Conservatives, Tea Party folks, Rhino's, & Majority of Independents all enthusiastic & united to send Bammy to his 7Mil dollar mansion in HI. I'm confident Michael Barone's analysis will prove spot on as it typically does. For anyone who hasn't read it, it's worth reading, he drills down and explains the numbers behind the numbers.
Great article by Michael Barone in the Washington Examiner:
http://washingtonexaminer.com/barone-going-out-on-a-limb-romney-wins-handily/article/2512470
Commentary on it by Hugh Hewitt:
http://townhall.com/columnists/hughhewitt/2012/11/03/mittmentum_builds
And how about another Biden gaffe today. I'm almost gonna miss this guy!
"There's never been a single day I've been proud to be his vice president.... not one single day...." Remember when Paul Ryan told him in the debate that of all people, he should know what it's like when the words don't come out right? Biden's response was "Yeah, but I always say what I mean." Okie Dokie, Joe, we got it.
http://www.caintv.com/JoeBidensayshesneverbeenproudt-682
Finally Top 10 Reasons folks will vote for Obama:
10. The guy in the van gave me $10 and free Pizza.
9. Because I want to see my personal wealth drop another 5 grand.
8. A morbid curiosity for what "more flexibility" actually means
7. I'm not emotionally ready to leave my parent's basement.
6. 4 words: More Biden Gaffes
5. Endorsements from Puten, Castro, Chavez and Ahmadinejad can't be wrong!
4. I'll need help with my NCAA brackets in March.
3. Because that "losing your virginity" ad really spoke to me.
2. I didn't but the voting machine said I did.
1. I want to see what comes after trillions
Tuesday can't come fast enough!!!!!