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Moody’s Investors Service cut its rating on components maker ArvinMeritor Inc., saying the company’s profits will likely remain under pressure despite recent progress in cutting its debt, Reuters reported.

The U.S. Customs and Border Protection agency said Friday that truck carriers entering the United States at all land border ports of entry in California, Texas and New Mexico will be required to present advance electronic cargo information through the Automated Commercial Environment truck manifest system.

Auto hauler Allied Holdings was sued by investors who want the company to hold an annual meeting so they can vote on replacing the board, Bloomberg reported.

A new transportation plan by Virginia state Republicans would raise fees on drivers and boost costs to truckers, the Washington Post reported Thursday.

Washington Gov. Chris Gregoire (D) Thursday unveiled a new “container ports initiative,” a plan to improve the movement of products to markets and workers to jobs.

Contractors will close a stretch of Interstate 215 in California starting Friday night through 4 a.m. Monday, the Los Angeles Times reported Friday.

As the federal government moved last week to help states promote private transportation investment, several states in the Northeast took initial steps toward adding toll roads or privatizing existing highways.

Penske Logistics plans to close a trucking terminal in Richfield, Ohio, and lay off 92 employees by the end of March, the Cleveland Plain Dealer reported Friday.

TTNews.com will be closed Monday for the Martin Luther King Jr. Day holiday. Please check back on Tuesday, Jan. 22, for the latest trucking and freight transportation news.

Crude oil prices plunged to below $50 a barrel Thursday following a Department of Energy report that showed stronger inventories of crude oil, gasoline and distillates, which include diesel.