Research Library
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.
Friday Freight
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.
Pensions: State of the Union
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.
Inside Freight: Strong Initial Grain Forecast
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%.
Friday Flyer
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.
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy & Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update