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.
EXPD 2Q Earnings: Volumes Bottom But Profitability Still Unexciting
EXPD reported this morning $0.39 EPS relative to our $0.41 and Cons. $0.43. Arguably it benefitted by almost a penny from higher than expected Other Income. We see few near term catalysts other than easing comps likely driving positive rev. in 3Q. Without a spark and with Cons. EPS estimates still coming down, the stock is likely to remain unexciting in the near term. Global trends favoring lower priced ocean freight over air, lighter shipment sizes, and less project driven airfreight also continue to work against EXPD with its industry leading margins and long avg. length of haul. While closer to a bottom we remain on the sidelines for now.
A 5-Minute Portfolio Strategy Update With Francois Trahan – August 7, 2012
Click through to listen to an update:
Key Data Series Suggest We’re Exiting The Soft Patch
- Housing Activity – NAHB Index At 5-Year High
- Weekly LEIs – ECRI and WTLEI Rising Again
- National LEIs – PMIs Stabilize In July
- European & China LEIs – Improved Slightly
- Nonfarm Payrolls & Weekly Claims Improving
The Case For Pro-Cyclical Sector Positioning
- The “Risk-On” Trade Looks Set To Begin As Economic Surprises Increase
- Sentiment Remains At Depressed Levels, Investors Expecting Recession
- Valuations For Defensive Strategies Have Become Stretched, Some At Record Highs
Housing Is Now The Bright Spot For The Economy
- Strong Equity Performance Tends To Follow A Pickup In Housing Activity
- Real-Time Proxies Of Housing (Lumber Prices, Homebuilders, Regional Banks) Continue To Gain Traction
- Today’s Housing Strength Supports Increased Consumption Tomorrow
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy Library
- Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update