Research Library

Below please find links to a catalogue of our daily research notes, longer full length reports, past conference call replays, and our interactive scenario models. Within each of those four categories (Notes, Reports, Conference Call Replays, and doh! Models) we have listed each title with a short summary in reverse chronological order. Wolfe Research clients with proper decryption software can link to each full note, report, conference call replay, or model by clicking on each individual title. If you are a Wolfe Research client and have not yet received your encryption software please contact ITSuppport@WolfeResearch.com. Prospective Wolfe Research clients may access certain past research samples which are not encrypted, denoted with asterisks.
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Conference Calls Library

  • Below please find a list of our past conference calls we have hosted, in reverse chronological order, for which we have replays available. Each conference call has a title and short description. By clicking on the title of each call, entitled Wolfe Research clients may register to receive access to a replay of that call.

    • Audio Brief: Moving From Recession to Deep Recession Estimates (12/11/08)

      This 15 minute audio brief includes 11 slides and provides greater detail around our change in estimates and what it means for the different transport sectors. In the audio brief we lay out our new underlying assumptions, discuss what that means for our estimates, go over our thesis on how to make money on the group, and discuss specific ways to do it, including a pair trade of UNP and BNI into the quarter.

    • 3Q:08 Postview: Upside Earnings Driven by Fuel, Now What? (11/17/08)

      Wolfe Research hosted a conference call to discuss surprises during 3Q earnings season, trends into November for Air, Ocean, Truck, and Rails, and preliminary October Shipper Survey results. What drove 3Q earnings upside across the group? Which stocks are discounting a material 2009 recession and which ones are not? How did forward expectations change as a result of 3Q reports and guidance? What was the impact of fuel in 3Q? And finally we presented our long and short ideas to make money over the next three to six months and next five years.

    • How to Position the Transport Stocks During a Global Recession (10/14/08)

      Wolfe Research hosted a conference call discussing our sense that the market and the transport stocks are approaching a bottom. We believe soon the market's focus will move from the credit markets towards the depth and duration of the economic downturn. Which companies will prosper and which will flounder in a more difficult demand environment? We believe that a deep global recession is already priced in for most of our group and the market as a whole. But while the stocks reflect a global recesssion, Consensus earnings generally are not close to reflecting such a slow down. With this call we unveiled our recession models for the transports, re-positioned our stock thesis, and updated our long and short calls for when fundamentals matter again - a time looming for fundamental investors.

    • 2Q:08 Postview: Transports Rally into Mixed Reports - Now What? (08/07/08)

      Wolfe Research hosted a conference call to discuss surprises during 2Q earnings season, trends out of July for Air, Ocean, Truck, and Rails, Preliminary July shipper survey results, the impact of fuel in 2Q and 3Q, and long and short stock ideas for both the next three to six months and longer term.

    • Conference Call Replay on the STB's Dupont vs. CSX Small Rate Case Decision (07/07/08)

      On July 7th, Wolfe Research hosted a conference call with two rail attorneys and three shippers following the STB's ruling in three DuPont small-shipment rate cases against CSX. We believe this first ruling by the STB under its new small case rate guidelines was being closely watched by most shippers and shipper associations and could potentially lead to a material increase in small rate case filings now that the STB has ruled against CSX. What does this ruling mean and what will it mean for future rail pricing?

    • Wolfe Research's May 28th Transportation Conference Re-cap Call Replay (05/28/08)

      Ed hosted a conference call re-capping our Wolfe Research Transportation Conference. On the call he gave the top ten takeaways from the conference and then a panel by panel summary of the conference, as well as some comments on his upgrades of LSTR and UACL based upon the trend of tightening flat bed truck capacity noted throughout the conference. Register here to receive replay info and accompanying note.

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