Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
This weekly report presents the most recent views we are hearing from industry insiders and summarizes the research of Wolfe Trahan. Included are (1) key takeaways, selected shipper comments; (2) notices of upcoming industry events; (3) key takeaways from some of our notes from the past week; (4) recent stock performance for our transport universe; (5) updated comparison tables for the airfreight & logistics group, railroads, and trucking; and (6) fuel trends for West Texas Crude Oil, On-highway diesel, Rail diesel, and Jet fuel.
This report is a comprehensive review of corporate pension plans based on SEC filings. U.S. corporate pension plans ended 2011 $474 billion underfunded (78% funded: $2.2 trillion pension liability vs. $1.7 trillion in pension assets) compared with 83% funding or $333 billion underfunding at 2010 year-end. This is primarily the result of an 85 basis point decline in Aa corporate rates.
The USDA released its initial grain production and export forecasts for the upcoming 2012-13 crop year. Total corn, wheat and soybean (the 3 major crops moved by the rails) production is expected to increase 16% y/y after dropping 3% and 4% the prior 2 years. The USDA also expects total exports for these 3 crops to increase 13% y/y, a reversal from the 13% decline in 2011. This seems positive for rail grain volumes starting in late 3Q. Among the public U.S. Class I rails, UNP has the most total grain/agriculture exposure at 17% of total revenue, well above CSX and NSC at around 9%.
We publish the “Friday Flyer” each week with highlights from the U.S. airline industry, and our opinion on how the events should impact airline stocks. Included are (1) a summary from the week with our sentiment gauge; (2) updates on noteworthy news events that might be interesting but maybe unworthy of a standalone note (3) key changes to airline schedules per OAG data; (4) recent stock performance and an update on the correlation of WTI and Heating Oil with airline stocks; (5) updated guidance/data points (6) our stat of the week (7) updated comp tables, and more.
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- Ed Wolfe Bi-Weekly Freight Update
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