Arkansas Business: Stocks end on a record high again

    8:08 AM, Nov 12, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- The Dow hit a record close for the 35th time this year. The S&P ended higher and only a fraction away from a new record of its own amid one of the quietest days for stocks of the year. With the Veterans Day holiday, many investors took the day off.

    That made for low trading volumes and no economic news.

    Yellen is first woman nominated to lead the Fed

    Still investors will be paying close attention later this week, following the Senate Banking Committee's confirmation hearing for Janet Yellen on Thursday.

    Yellen has been nominated to succeed Federal Reserve Chairman Ben Bernanke, becoming the first woman to lead the U.S. central bank.

    Yellen's confirmation comes as investors continue to watch for signs that the Fed will begin winding down its stimulus efforts that have led to a big run-up in stocks.

    Arkansas Best Corp. reports solid third quarter

    There were some earnings reports yesterday, including from Arkansas publicly traded companies like trucking and logistics firm Arkansas Best Corp. of Fort Smith.

    That company reporting a solid third quarter, beating analyst estimates for earnings per share and quarterly revenue.

    This, after the trucking firm finally reached a five-year labor agreement with the Teamsters union last month.

    Arkansas Best CEO Judy McReynolds yesterday calling the deal a milestone for the company and one that should help its largest subsidiary, ABF Freight Inc., get back on a road to profits.

    That deal, however, also means a 7 percent wage reduction and other benefits cuts for those union workers.

    Those are workers are supposed to get that money and benefits back over the length of the contract.

    In all, the company reported third-quarter net income of $14 million, up 115 percent from the same time last year.

    Revenue is also up, reaching $623.4 million. That's an 8 percent increase from last year.

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