Investors in industrial and transportation companies faced a setback as Treasury yields continued to climb. This increase in yields, which corresponds to a decline in bond prices, carried over into the start of U.S. trading, as investors scaled back their expectations of future interest-rate cuts due to the persistent strength of the U.S. economy.
Old Dominion Freight Line Outbids Rival Operator for Yellow’s Real Estate Holdings
In the realm of corporate news, Old Dominion Freight Line has intensified competition for bankrupt trucker Yellow’s extensive North American real estate holdings. Their aggressive bid of $1.5 billion surpasses that of a rival operator, positioning them favorably for acquisition of these properties.
American Airlines Pilots Ratify New Contract with Significant Wage Increase
American Airlines pilots have unanimously ratified a new contract that offers substantial wage growth over the course of its four-year term. Following negotiations, the carrier has sweetened the terms to match a rival’s deal, resulting in wage increases exceeding 40% over the agreed period.
Major Shareholders Express Disappointment with RB Global’s Management Changes
Several prominent shareholders of RB Global have voiced their concerns regarding the sudden departure of the company’s chief executive. Independent Franchise Partners and Beutel, Goodman & Co., among other influential shareholders, have privately corresponded with RB Global’s board expressing their disappointment with recent management decisions.
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