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HTTP/1.1 200 OK Date: Wed, 11 Dec 2019 16:00:09 GMT Server: Apache Link: ; rel="https://api.w.org/", ; rel=shortlink Transfer-Encoding: chunked Content-Type: text/html; charset=UTF-8 Accounting Fraud & Freight Recession Topple Celadon, Largest Truckload-Carrier Bankruptcy in US History | Wolf Street
Creditors trying to repossess trucks over the weekend. Thousands of drivers on the road, some stranded. Employees left in the dark. Shares plunge 93% this morning from nearly nothing to practically nothing.
By Wolf Richter[1] for WOLF STREET[2].
Celadon Group, one of the larger full-truckload operators in the US with about 3,000 drivers and about 2,700 tractors, said today – confirming days of rumors – that it filed for Chapter 11 bankruptcy and is ceasing operations. This is the largest truckload carrier ever to file for bankruptcy in US history. The drivers, hauling loads across the US, Canada, and Mexico were apparently among the last to be informed. According to Freight Waves[3], they received this message in the middle of the night on their telematics devices:“Fleetwide message: We regret to inform everyone that Celadon Group, Inc. has filed for a Chapter 11 Bankruptcy. We will continue to haul and deliver all loads that we now have in transit. We will have more information in the morning as to where equipment needs to be returned to. We have been assured that everyone who follows instructions will be paid for the work and miles assigned and completed, and Celadon will not leave anyone stranded away from home. Finally, we truly appreciate your commitment and dedication to this company, and wish you all luck moving forward. Celadon Management.”Other employees were told to attend a meeting this morning at...
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(IDEX Online) - Production at Petra Diamonds' South African mines has been hit by ongoing rolling power cuts across the country.
Following a request by Eskom, the South African electricity utility, Petra halted produced, hoisting and processing at the Cullinan, Finsch and Koffiefontein mines on December 9.
On December 10, Eskom downgraded the situation from the unprecedented Stage 6 load shedding to Stage 4. As a result, Petra restarted its mining operations with a 20-percent load curtailment, in line with requirements.
In an update, Petra said it is used to managing the operations optimally to maintain production levels as much as possible throughout load shedding requests. It said that such measures include bringing forward essential maintenance work and restricting load curtailment to processing plants where possible....
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"It's About To Get Very Bad" - Repo Market Legend Predicts Market Crash In Days | Zero Hedge- Category: News Archives
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(Bloomberg) -- At this point, most investors probably just want the year to be over to book their gains -- especially now that the Cboe Volatility Index is behaving in a way that’s preceded stock losses in the past.
The VIX, also known as Wall Street’s “fear gauge,” jumped 16% on Monday and was up another 2.3% to 16.23 as of 8:15 a.m. Tuesday in New York. The S&P 500 Index remained less than a percent away from its record high.
Citigroup Global Markets Inc. strategists William O’Donnell and Edward Acton saw the action as “very interesting,” noting that the VIX experienced a “bullish hammer reversal pattern against major horizontal support.” In other words, a technical indicator shows the gauge is likely to keep rising.
That happened just after the S&P 500 and VIX, which move in opposite directions about 80% of the time, rose in tandem for two straight weeks for the first time since early May. Back then, an almost 7% slump in the S&P 500 followed in the next month.
There are several events this week that may be spurring investors to hedge: rate decisions by the Federal Reserve and European Central Bank, and the Dec. 15 date the Trump Administration is set to impose tariffs on another $160 billion of imports from China.
“The world is massively long equities in expectation that an interim trade deal will appear,” Jeffrey Halley, senior market strategist at Oanda Asia Pacific Pte., said in an email Tuesday. “That has yet to happen and there is clearly increasing nervousness that it might not before Dec. 15 or even the end of the year,” and probably as a result, a lot of downside protection is being bought.
Investors looking for levels on the VIX...
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(IDEX Online) - Alrosa's sales of rough and polished diamonds in November increased 5 percent year-over-year, the miner announced today (Tuesday). Sales reached $287.8 million during the month.
Rough diamond sales mounted to $282.1 million while polished diamond sales totaled $5.8 million.
For the year to date, Alrosa has sold $2,974 million worth of goods. During the first 11 months of 2019, rough diamond sales totaled $2,921 million and polished diamonds $53 million.
"November sales growth [is] evidence that [the] midstream sector, specifically in India, is on track to restore its balance," said deputy CEO Evgeny Agureev. Somewhat more active purchasing activity at end-consumers in key regions also provide support to our sales volumes," he added.
*Including supplies to Kristall Production Corporation
** Not including sales of polished diamonds manufactured by Kristall Production Corporation...