*Estimates fourth-quarter loss of 33- 38 cents/ shr. Feb 26- Logistics company UTi Worldwide Inc said it had breached some debt covenants and would report a loss for the fourth quarter due to a weak air freight market, sending its shares down as much as 28 percent in early trading.
Feb 26- Logistics company UTi Worldwide Inc said it had breached some debt covenants and would report a loss for the fourth quarter due to lower demand for air freight and higher costs. UTi also said it would have to raise about $525 million in additional capital to pay off debt of at least $400 million that could come due in April.
Here's what's moving Thursday midday:
Oct 9- UTi Worldwide Inc:. *Baird cuts UTi Worldwide Inc price target to $16 from $18; rating. Reuters Station users, click. 1568.
*Jefferies raises Canadian National Railway Co price target to $77. *Jefferies cuts Canadian Pacific Railway Ltd price target to $77 from. *Jefferies cuts Norfolk Southern Corp price target to $72 from $75;.
Transports have surged more than 15 percent in the fourth quarter, but what does the road ahead look like heading into 2012?
Logistics company UTI Worldwide reported Thursday quarterly income sharply higher than previous year's comparable period, but its bottom-line number fell short of analysts expectations.