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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum -- Ignore unavailable to you. Want to Upgrade?

To: Jenna who wrote (6221)	3/9/2001 11:32:32 AM
From: ColtonGang	Respond to of 6445

Tech recession spreading into mainstream America......Trucker sees rough 1Q USFreightways results seen far below estimates; work force cut March 9, 2001: 8:22 a.m. ET CHICAGO (Reuters) - Trucking company USFreightways Corp. Friday forecast first-quarter results that will fall "very substantially" below Wall Street estimates and said it has cut its work force due to the slowing U.S. economy. The company, one of the nation's leading regional transporters of loads smaller than 10,000 pounds, said it is unlikely to see any significant improvement in March after an accelerated slowdown in the past two months. Freight demands will continue to soften, it said. Bad weather has also led to higher costs and decreased efficiencies, the company added. Analysts, on average, expect the company to earn 66 cents a share in the first quarter, according to First Call, which tracks Wall Street forecasts. USFreightways said it has taken steps to increase cost efficiencies, including a "substantial" reduction in capital spending and cuts in its labor force. The company said progress in rebuilding its freight forwarding operation, planned as a two-year program, will be impeded by the slowing economy.