J.B. Hunt chairman sells $1.6M of stock
Kirk Thompson, the chairman of J.B. Hunt's board of directors, sold $1.6 million worth of common stock on Wednesday, according to a Friday filing with the Securities and Exchange Commission.
Thompson has been with the Lowell-based company for over 40 years. He served as chief executive officer from 1987 to 2010, during which time the company's revenue grew from $286 million to $3.79 billion.
-- Emma N. Hurt
Court sets hearing in trucker-logs suit
The date for oral arguments of a lawsuit involving the federal government's electronic log mandate has been set for Sept. 13 at the 7th U.S. Circuit Court of Appeals in Chicago.
The Owner-Operator Independent Drivers Association filed the suit against the Federal Motor Carrier Safety Administration in December 2015, days after the administration put in place a final rule that all truck models released since 2000 must have electronic logging devices by Dec. 18, 2017.
The American Trucking Associations, the Trucking Alliance and the Advocates for Highway and Auto Safety have all sided with the administration on the issue.
The drivers association contends that the rule has not been adequately proven to improve safety or accuracy of records and questions whether it violates a driver's Fourth Amendment right against unreasonable search and seizure.
The Arkansas Trucking Association, which first voted in favor of electronic logging devices in 1999, maintains the same position today.
"[Electronic logging devices] are not only beneficial for truck drivers but everyone throughout the supply chain," association President Shannon Newton said.
About two-thirds of all commercial carriers are already using or testing electronic logging.
-- Emma N. Hurt
State index up 3.12; for week, 10 climb
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 3.12 to 339.99 Friday.
Thirteen stocks advanced and five declined.
P.A.M. Transportation climbed 5.1 percent on low volume.
ArcBest rose 4.1 percent on average volume.
For the week, 10 stocks were up and eight fell.
P.A.M. Transportation gained 4.9 percent for the week.
Murphy Oil lost 8.9 percent for the week.
Total volume for the index was 16.4 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 07/23/2016