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Swift stock is crashing, blames it on them losing drivers and driver shortage

Discussion in 'Swift' started by freightwipper, Aug 3, 2014.

Page 1 of 13
  1. Aug 3, 2014 #1
    freightwipper

    freightwipper Road Train Member

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    Shares in Swift Transportation (SWFT) plunged almost 18% following the company’s July 25 earnings report. The reason is simple: Trucks don’t drive themselves — at least not yet — and the company can’t find enough drivers.

    Swift told shareholders it might take the unprecedented step of (gasp!) raising wages to attract and retain qualified drivers.

    http://www.uncommonwisdomdaily.com/trucks-dont-drive-themselves-18712?FIELD9

    “You see some carriers passing on rate increases to drivers, but for whatever reason, Swift has had a harder time attracting and retaining drivers,” he added

    http://nypost.com/2014/07/27/lack-of-truck-drivers-jackknifes-swift-profits/

    Well yeah because Swift pays their drivers garbage...
    You want to fill those seats? Pay drivers a whole lot more
     
    Last edited: Aug 3, 2014
    freightwipper, Aug 3, 2014
    freightwipper, Aug 3, 2014
    #1
    bubbagumpshrimp, paul_4lp, dog-c and 13 others Thank this.
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  3. Aug 3, 2014 #2
    6 Speed

    6 Speed Heavy Load Member

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    Lots of horror stories in that camp.......
     
    6 Speed, Aug 3, 2014
    6 Speed, Aug 3, 2014
    #2
    dog-c and Skydivedavec Thank this.
  4. Aug 3, 2014 #3
    T_TRUCKER.

    T_TRUCKER. Road Train Member

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    Lol! So someone smelt the coffee FINNALY. So, this means drivers who start at .25 will go to .26 whooo! I'm at the wrong company.
    Really though that's good, I'm curious to see if they actually will do something like pay drivers NON slave wages. Kind of surprising I always thought a company that only pays there drivers dirt should be raping the profit.
     
    T_TRUCKER., Aug 3, 2014
    T_TRUCKER., Aug 3, 2014
    #3
    dog-c, Skydivedavec and blairandgretchen Thank this.
  5. Aug 3, 2014 #4
    blairandgretchen

    blairandgretchen Road Train Member

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    Hee hee . . .

    Is that the chickens coming home to roost?
     
    blairandgretchen, Aug 3, 2014
    blairandgretchen, Aug 3, 2014
    #4
  7. Aug 3, 2014 #5
    JohnBoy

    JohnBoy Road Train Member

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    Is it true Swift pays a trainee $350 per week? I remember reading it someplace. If it is true, that would be a good place to start. Maybe they can lower the training wage to say, $250 a week and give the new prospective, OTR, I can do this, how hard can it be, steering wheel holder a job that most people think is a piece of cake. Just rambling here. Forgive me. But one thing I will say, you reap what you sow, seems to me their years of corporate rape has caught up with them. Can't wait to see the end result.
     
    JohnBoy, Aug 3, 2014
    JohnBoy, Aug 3, 2014
    #5
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  8. Aug 3, 2014 #6
    Grumppy

    Grumppy Trucker Forum STAFF Staff Member

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    ... and, they might want to look into their name for an answer as well... and give those trucks a raise... a raise in speed. Turn those trucks up a bit.

    Personally, I wouldn't drive for a company that turns their trucks down to 57 mph... even 62 mph is too slow on today's highways.

    That might recruit a few good drivers right there.
     
    Grumppy, Aug 3, 2014
    Grumppy, Aug 3, 2014
    #6
    Skydivedavec Thanks this.
  9. Aug 3, 2014 #7
    Victor_V

    Victor_V Road Train Member

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    When I have a chance I'll look at Swift's latest 8-K. Don't figure that driver pay has anything to do with drop in stock price. Swift has a billion (big 'B') in debt with interest that accumulates every day whether it runs or not. Swift is in a debt stranglehold. Keeps driver pay down, too.

    That's what took New Century down. Debt.
     
    Victor_V, Aug 3, 2014
    Victor_V, Aug 3, 2014
    #7
    tow614, dog-c, tucker and 1 other person Thank this.
  10. Aug 3, 2014 #8
    CrappieJunkie

    CrappieJunkie Wishin' I was fishin'

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    You do that Victor. In mean time I'll mind my own business, not worry about that piece of trash company and get to driving.
     
    CrappieJunkie, Aug 3, 2014
    CrappieJunkie, Aug 3, 2014
    #8
    tow614 and dog-c Thank this.
  11. Aug 3, 2014 #9
    snowwy

    snowwy Road Train Member

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    this is the 3rd thread for this old news.
     
    snowwy, Aug 3, 2014
    snowwy, Aug 3, 2014
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    Cody1984 Thanks this.
  12. Aug 3, 2014 #10
    Victor_V

    Victor_V Road Train Member

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    Here's where it matters: all the trucks, the Cascadias, the ProStars, all look the same. Impossible to distinguish one company from another by the equipment (well, unless it's lousy equipment).

    That's where insight into company culture matters. Recruiters, paid on commission, will tell a newbie anything and once hired the outfit does with them what it wants.

    Newbies need facts to back up their career decisions. A billion dollars in debt, even spread over almost 18,000 trucks, is a BIG fact.
     
    Victor_V, Aug 3, 2014
    Victor_V, Aug 3, 2014
    #10
    "semi" retired Thanks this.
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