As port deal ends, import orders rise
U.S. retailers beefed up their summer cargo orders from overseas in anticipation of potential interruptions after the current labor contract with West Coast dockworkers expires.
The monthly Global Port Tracker report, produced for the National Retail Federation by Hackett Associates, estimates import volume at major U.S. container ports this month to rise by 7.5 percent over the same period last year.
"We don't want to see disruptions at the ports, but retailers are making sure they are prepared in case that happens," said Jonathan Gold, National Retail Federation vice president for supply chain and customs policy.
The Pacific Maritime Association and the International Longshore and Warehouse Union began negotiations last month on a new contract to replace the agreement that expires at the end of this month. West Coast ports handle more than two-thirds of U.S. retail container cargo, including the bulk of cargo from Asia. The last major coastwide shutdown there occurred in the fall of 2002, closing ports for 10 days and creating a months-long backlog of goods.
-- Cyd King
J.B. Hunt exec sells $3.9 million in stock
J.B. Hunt Transport Services Inc. Executive Vice President Terrence D. Matthews sold $3.9 million worth of stock in the company, according to a filing with the U.S. Securities and Exchange Commission.
According to the filing, Matthews sold 51,395 shares at an average price of $77.74 per share. Matthews still owns 27,697 shares of J.B. Hunt stock
Senior Vice President David Chelette recently sold $891,250 worth of stock. He sold 11,500 shares at an average of $77.50 per share.
Chief Marketing Officer Shelley Simpson sold 4,000 shares of company stock, valued at $308,000, according to an SEC filing. Simpson, who still owns 19,722 shares, sold her stock at an average price of $77.
J.B. Hunt stock ended Thursday trading at $75.35 per share.
— Chris Bahn
State index drops 4.45; Tyson down
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 4.45 to 344.28 Thursday.
"U.S. stocks tumbled on Thursday as escalating violence in Iraq rattled investors while data on retail sales and jobs came in below expectations," said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock.
Shares of Bear State Financial fell 6 percent in heavy trading.
Tyson Foods dropped 2.6 percent with almost twice its average volume.
Total volume of the index was 21 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 06/13/2014