MW: Trucking company YRC to get $700 million CARES Act loan, stock rockets

© Mike_kiev

MARKETWATCH reports:

Shares of trucking company YRC Worldwide YRCW, +74.59% rocketed 75% in premarket trade Wednesday, after the company said it expects to receive a $700 million CARES Act loan from the U.S. Treasury. “YRCW and its operating companies Holland, New Penn, Reddaway, and YRC Freight have been significantly impacted by the COVID-19 pandemic,” the company said in a statement. The companies employ 30,000 drivers, including 24,000 members of the Teamsters union, it said. The company will use the funds from the bailout plan ...