{"id":233996,"date":"2026-04-16T09:29:15","date_gmt":"2026-04-16T09:29:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/233996\/"},"modified":"2026-04-16T09:29:15","modified_gmt":"2026-04-16T09:29:15","slug":"freight-stocks-lead-jacksonville-market-in-overall-down-quarter","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/233996\/","title":{"rendered":"Freight stocks lead Jacksonville market in overall down quarter"},"content":{"rendered":"

Despite weak freight trends that have been hampering earnings, Jacksonville\u2019s two big freight haulers basically led the local stock market in the first quarter.<\/p>\n

Railroad company CSX Corp. rose 13% and trucking company Landstar System Inc. rose 12% in the first three months of the year during an overall down market for stocks.<\/p>\n

The only Jacksonville-based company with a bigger gain was Rayonier Advanced Materials Inc., which jumped 88% after an investment company disclosed in February it made an offer to buy the company, which was rejected by its board of directors.<\/p>\n

In an April 6 preview report on first-quarter earnings for freight stocks, Morgan Stanley analyst Ravi Shanker said investors have considered transportation stocks to be a defensive play in the weak market.<\/p>\n

\"Ravi<\/p>\n

Ravi Shanker<\/p>\n

Shanker said while the Standard & Poor\u2019s 500 index was down 6% from its 2026 high, transportation stocks had gained 1%.<\/p>\n

As earnings reports come out, \u201cfocus will also be on perceived idiosyncratic winners in the space (particularly fueled by the likely temporary migration of tech investors) and whether they can keep their momentum,\u201d he said.<\/p>\n

Shanker has an \u201cequal weight” rating on CSX with a price target of $30, well below its first-quarter closing price of $41.05.<\/p>\n

\u201cWe believe US rails deserve to trade at discounts to historical valuation due to structural growth and pricing headwinds relative to history,\u201d he said.<\/p>\n

Shanker also has an \u201cequal weight\u201d rating on Landstar.<\/p>\n

\u201cFocus will also be on insurance updates as well as color on how Landstar might be relatively impacted by supply-side regulatory changes,\u201d he said.<\/p>\n

Landstar\u2019s fourth-quarter earnings were reduced by elevated insurance and claims costs.<\/p>\n

CSX is the first Jacksonville-based company to release earnings every quarter and is scheduled to report them April 22.<\/p>\n

Landstar\u2019s report is scheduled for April 28.<\/p>\n

\"The<\/p>\n

The CSX Corp. headquarters along the Northbank of the St. Johns River.<\/p>\n

Photo by Monty ZickuhrRegulators favor Norfolk Southern in short-line dispute with CSX<\/p>\n

Federal railroad regulators ruled against CSX in a dispute with its main eastern U.S. competitor, Norfolk Southern Corp., about a short-line railroad in Virginia.<\/p>\n

On April 6, the U.S. Surface Transportation Board approved an application by Norfolk Southern to control the Norfolk & Portsmouth Belt Line Railroad, over an objection by CSX.<\/p>\n

The Belt Line Railroad operates a 36-mile rail line from Portsmouth to Norfolk that connects with CSX\u2019s rail lines at Portsmouth.<\/p>\n

According to the transportation board ruling, the Norfolk & Portsmouth Belt Line Railroad was established in 1896 as a joint venture of eight regional rail carriers and after consolidations, Norfolk Southern owned 57% of the railroad and CSX owned the other 43%.<\/p>\n

Norfolk Southern applied to the Surface Transportation Board for full control in February 2025.<\/p>\n

\u201cThe Board\u2019s approval of control here is based on finding that, as conditioned, the transaction would not likely result in a substantial lessening of competition, the creation of a monopoly, or restraint of trade in freight surface transportation,\u201d the ruling said.<\/p>\n

CSX will still have access to the Belt Line Railroad.<\/p>\n

In a previous Surface Transportation Board filing, Norfolk Southern said it will \u201ccontinue to adhere to NPBL\u2019s century old governance principles to be an impartial terminal railroad operated on a uniform, cost-plus basis for its connecting carriers to serve customers along its lines.\u201d<\/p>\n

Past, present Jaguars owners on Forbes list of greatest self-made Americans<\/p>\n

The past and present owners of the Jacksonville Jaguars were included on Forbes magazine\u2019s list of 250 greatest living self-made Americans.<\/p>\n

Current owner Shad Khan ranked 21st on the list and Wayne Weaver, who sold his majority interest in the Jaguars to Khan in 2012, ranked 80th.<\/p>\n

\"Jacksonville<\/p>\n

Jacksonville Jaguars owner Shad Khan.<\/p>\n

Forbes said the list of 250 people, posted on its website April 9, is part of an initiative related to the 250th birthday of the United States.<\/p>\n

While other lists by Forbes rank people objectively by their wealth, its list of top self-made Americans has more subjective criteria.<\/p>\n

\u201cWhile we put a heavy emphasis on rags-to-riches billionaires, we also included pioneering scientists, Supreme Court justices and others whose \u2018wealth\u2019 is measured in influence and impact, not just dollar signs,\u201d the magazine said.<\/p>\n

It also used a self-made score \u201cthat quantifies the \u2018distance traveled\u2019 by each individual\u2014separating those who started with nothing from those with a big head start,\u201d it said.<\/p>\n

\u201cThe final ranking encompasses financial success, obstacles overcome and enduring impact.\u201d<\/p>\n

For Khan, \u201cthe Pakistani immigrant arrived with $500 in his pocket and worked nights as a dishwasher while studying at the University of Illinois at Urbana-Champaign. He later designed a one-piece truck bumper, the basis of his $15 billion fortune,\u201d Forbes said.<\/p>\n

He built his fortune by turning that bumper into a major auto parts company called Flex-N-Gate Corp., before buying the Jaguars.<\/p>\n

For Weaver, \u201cthe retail fashion mogul grew up in public housing before running Nine West,\u201d Forbes said.<\/p>\n

Weaver left his position as CEO of shoe retailer Nine West at about the same time he was awarded the Jaguars expansion franchise in 1993, but continued in the footwear retailing business as head of Shoe Carnival Inc.<\/p>\n

Acquisition expenses reduce FRP Holdings earnings<\/p>\n

Jacksonville-based commercial real estate developer FRP Holdings Inc. reported lower earnings for the fourth quarter and all of 2025, largely due to expenses from a major acquisition in the quarter.<\/p>\n

FRP acquired Altman Logistics Properties in October for $33.5 million, a deal that will significantly expand its development activities.<\/p>\n

Because of expenses tied to that deal, fourth-quarter earnings fell 77% to $380,000 and full-year earnings fell 48% to $3.3 million.<\/p>\n

\"John<\/p>\n

John Baker III<\/p>\n

In an April 10 conference call, CEO John Baker III said the financial results don\u2019t tell the full story of FRP\u2019s activity in 2025.<\/p>\n

\u201cIt can\u2019t be overstated what the acquisition of the Altman Logistics platform and its team opens up for the company in terms of where we develop, how we develop, and with whom,\u201d he said.<\/p>\n

\u201cThis acquisition has refined and augmented a platform and pipeline that management expects will drive earnings and earnings growth, operational cash flow, and net asset value.\u201d\u00a0<\/p>\n

President David deVilliers III said FRP\u2019s stock is undervalued, based on the company\u2019s development pipeline.<\/p>\n

\u201cAs we enter 2026, our focus is shifting from repositioning and investment toward execution and the conversion of embedded value into cash flow,\u201d he said.<\/p>\n

The company\u2019s net asset value is about $37.60 a share while the recent market price of the stock has been between $20 and $24, deVilliers said.<\/p>\n

\u201cClosing this gap remains a central focus of management, and we believe execution across leasing, development stabilization, and disciplined capital allocation will be the primary drivers in narrowing that discount over time,\u201d he said.<\/p>\n

\"The<\/p>\n

The headquarters of Fortegra Group is at 10751 Deerwood Park Blvd., Suite 200, in Jacksonville.<\/p>\n

AM Best maintains positive outlook on Fortegra Group<\/p>\n

Insurance rating agency AM Best said April 9 its ratings on The Fortegra Group and its subsidiaries remain under review with positive implications, pending its acquisition by South Korea-based DB Insurance Co. Ltd.<\/p>\n

The Jacksonville-based specialty insurance company\u2019s majority owner, Tiptree Inc., agreed in September to sell Fortegra to DB Insurance for $1.65 billion. That deal is expected to close by mid-2026.<\/p>\n

AM Best said in a news release the review with positive implications reflects \u201cAM Best\u2019s view that the announced acquisition of Fortegra by DB Insurance Co., Ltd., if completed as contemplated, could enhance Fortegra\u2019s financial flexibility, operating scale and execution capabilities.\u201d<\/p>\n

\u201cThe action also considers Fortegra\u2019s strategic importance to the prospective parent as a platform for international growth and expansion,\u201d it said.<\/p>\n

DB Insurance has not announced any details about the operations of Fortegra after it completes the acquisition.\u00a0<\/p>\n

However, Fortegra CEO Rick Kahlbaugh said in a note to employees after the deal was announced that Fortegra will operate independently as part of DB\u2019s specialty insurance business<\/p>\n

Tiptree\u2019s 2024 annual report said Fortegra had 1,144 employees in 24 offices in nine countries, but it did not say how many work in the Jacksonville headquarters.<\/p>\n

Fortegra had revenue of $2.01 billion and earnings of $85.3 million in 2025, according to Tiptree.<\/p>\n

\"Joanne<\/p>\n

Joanne Crevoiserat, CEO of Coach, leads the handbag brand as its parent company, Tapestry Inc., sees a rise in its stock price.<\/p>\n

Tapestry CEO committed to Kate Spade brand<\/p>\n

Tapestry Inc.\u2019s stock has been soaring, more than doubling in price over the past year on the strength of its Coach handbag brand.<\/p>\n

However, its other brands have faltered. Tapestry sold off its money-losing luxury footwear brand Stuart Weitzman last year and sales at its Kate Spade fashion accessory brands fell 11% in the six months ended Dec. 27 to $620 million.<\/p>\n

In contrast, Coach sales jumped 24% to $3.57 billion.\u00a0<\/p>\n

The New York City-based company handles much of its North American distribution for Coach products from a 1.05 million-square-foot warehouse at Jacksonville International Tradeport near Jacksonville International Airport.<\/p>\n

But in an April 6 interview on a Yahoo Finance podcast, CEO Joanne Crevoiserat expressed confidence that the Kate Spade brand will turn around.<\/p>\n

\u201cIt\u2019s a culturally iconic brand that was so unique and distinctive in its day,\u201d Crevoiserat said. \u201cAnd, it has been really fun to invest in that brand as well and make it relevant to a whole new generation of consumers,\u201d she said.<\/p>\n

Yahoo said Tapestry\u2019s stock had risen 559% since Crevoiserat became permanent CEO in October 2020. It\u2019s up 17% so far in 2026 despite the overall market turmoil.<\/p>\n

\u201cThe leadership team and I now have even more confidence about the exponential growth that\u2019s in front of us, just organically with these two brands,\u201d Crevoiserat said.<\/p>\n

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