Arkansas Business: Losing streak comes to end for stocks

    7:13 AM, Sep 27, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Upbeat news about jobs helped stocks snap their longest losing streak of the year yesterday. This, as the number of people seeking unemployment aid fell to a seasonally adjusted 305,000 last week, that's the second-lowest level in six years. That decline showing that companies are laying off fewer workers.

    USA truck rejects offer by knight transportation

    Publicly traded USA Truck Inc. of Van Buren, once again the target of a takeover attempt.

    Knight Transportation of Phoenix announcing yesterday that it had offered to buy USA Truck for $9 per share a 39 percent premium on USA's share price on the day before the offer was made public.

    In all, the deal would be worth at least $242 million once you factor in USA Truck debt and its actual equity value.

    Still, despite having struggled in the last couple of years and logging several quarterly losses, USA Truck rejected the offer. According to Knight, USA Truck said the company is not for sale.

    Now, Knight is taking word of its takeover offer public, hoping to influence the company through its shareholders.

    In 2011, USA Truck rebuffed a takeover offer by Celadon Group of Indianapolis. But there's been management changes since then, including a new CEO.

    USA Truck's share price rocketed up 36 percent to $8.80 on the news. Neither company would comment on the offer.

    Jerry Jones to be inducted in hall of fame

    Another honor for Dallas Cowboys owner Jerry Jones. Jones, who of course grew up in Arkansas and played for the Razorbacks, will be the charter member of the National Football Foundation's Leadership Hall of Fame.

    The hall is set up to honor influential individuals who've had high levels of success and exhibited the critical leadership qualities.

    He'll be inducted at an event Oct. 3 in Dallas.

    Stars on the program include former Cowboys quarterbacks Troy Aikman and Roger Staubach, oil magnate T. Boone Pickens, and the event's host is CBS News anchor Scott Pelley.

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