Wabash Rating Cut Third Time, Trucking Jobs Surge in April, & Forward Air Stock Plummets | The Morning Minute

In this episode, we kick things off by examining the severe financial pressures facing trailer manufacturer Wabash National as Moody's slashes its debt rating for the third time in twelve months, dropping the corporate family rating to B3 on May fifth. The rating agency warns that Wabash's credit metrics will remain at unsustainable levels as trailer shipments have collapsed from over thirteen thousand units quarterly in late 2022 to just over five thousand in Q1 2026, while cash reserves have plummeted from $144.5 million to only $31.9 million. Next, we shift to the labor market, where April delivered a surprising surge of four thousand three hundred new trucking jobs, marking the largest one-month gain since September 2023. This jump is particularly significant following a twelve-month period where employment declined nine times, and industry experts say it reflects growing confidence driven by nearly six months of steady rate improvement and gradually tightening capacity. Finally, we unpack the dramatic collapse at Forward Air, where shares plummeted over forty percent after the company disclosed it is losing a major customer representing approximately ten percent of its $2.5 billion in annual revenue. The customer cited risk management and logistics diversification as reasons for the change, and the loss derailed Forward's take-private efforts, forcing management to pivot toward selling its intermodal unit and two smaller legacy businesses to delever the balance sheet. Follow the FreightWaves NOW Podcast Other FreightWaves Shows Learn more about your ad choices. Visit megaphone.fm/adchoices