Not all local stocks participated in Monday’s Wall Street carnage.Shares of YRC Worldwide Inc. posted their sixth consecutive gain, rising 14 cents and closing at $4.12, a 3.5 percent gain.
Add that to the five previous trading days, and owners have reclaimed $2.56 a share.
The stock’s continued uptick followed news late Friday that the company and the Teamsters union had agreed tentatively on contract changes aimed at pulling the trucking company through its financial struggles.
YRC has seen the weakening economy cut into shipping demand.
Its credit rating has been slashed, forcing the Overland Park-based company to pledge its remaining unpledged assets as collateral under its credit agreement. The company also is trying to raise $150 million by selling and leasing back a group of its terminals.
Investors bet Monday that management and labor may know how to turn an 18-wheeler more quickly than expected.
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