While Con-Way's efforts to increase LTL rates are gaining traction and its margins are likely to reach historical levels, the stock price is already discounting the best case scenario.
Back in 2009, when markets had just started recovering post the great recession, LTL industry was going through an interesting time. YRC Worldwide (YRCW), the biggest LTL carrier and a unionized one was on the brink of a bankruptcy. All other players were set to benefit as YRCW's 25% LTL market share would be up for grabs if it went out of business. Some players had even started a pricing war to make sure things got worse for YRCW. Con-Way (CNW), one of the...
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