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Amazon trucking expansion sparks freight stock sell-off
Shares of several large freight carriers slumped Wednesday after Amazon announced it's opening up its trucking services to companies beyond its own network. The e-retailer said it will offer less-than-truckload shipping to all businesses, not just those who ship goods into its warehouses and fulfillment centers, and deliver to any destination in the U.S., as part of its nascent Amazon Supply Chain Services program. Less-than-truckload refers to a service where companies carry shipments from...
FedEx Freight CEO says the spinoff will help the company 'leapfrog' competitors
FedEx Freight CEO John Smith said on Monday the company's separation from FedEx will allow it to invest more aggressively in growth initiatives and better compete in the less-than-truckload shipping market. "The things that we are going to be able to control now, especially from a capital and investment perspective, be able to put dollars into the LTL company that are LTL specific ... That's going to help us leapfrog the competitors," Smith said on CNBC's "Mad Money."