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Shipwell, an Austin, Texas-based startup focused on managing trucking and shipping logistics for businesses, has raised $35 million to continue its growth, the company said Oct. 24.

GREENWICH, Conn. — XPO Logistics Inc. announced Oct. 24 that it was teaming up with the Massachusetts Institute of Technology to advance innovation in its industry.

Echo Global Logistics Inc., a Chicago-based technology-enabled transportation management service, said profits dropped by about half in the quarter ended Sept. 30.

Norfolk Southern Corp. followed the trend of Class 1 railroads reporting record operating ratios, but net income and revenue dropped in the third quarter.

Covenant Transportation Group Inc. reported a net loss of $3.2 million in the third quarter of 2019, compared with net income of $11.6 million in the same quarter of 2018.

Truck tonnage for the month of September rose 3.5% compared with year-ago levels, and inched up on a sequential basis over August 2019, according to American Trucking Associations' For-Hire Truck Tonnage Index.

Closures and layoffs continue to vex the trucking industry in 2019, but three recent downsizings were attributed by the companies involved more to the vicissitudes of the energy, retail and final-mile industries than to a slowdown in the overall freight market.

UPS Inc. and AmerisourceBergen, the Chesterbrook, Pa.-based drug distributor, are working together to use UPS’ new Flight Forward “drone airline” to ship drugs and supplies to hospitals through small, unmanned aircraft across the U.S.

Stamps.com Inc. shares rallied Oct. 22 ahead of the opening bell after UPS Inc. announced a pact to offer discounted shipping rates to the company’s customer base of more than 740,000.