• Below please find our library of full-length, in-depth research reports in reverse chronological order.

• The Wolfe Monthly Macro Watch: November & December Freight Grinds to a Halt (01/05/09)

  The Wolfe Monthly Macro Watch summarizes the most recently available Air, Ocean, Rail & Truck freight statistics. Each month, we track 13 series of domestic and international freight data.

• The State of the Freight: Third Quarter 2008 (12/02/08)

  This 85 page report, which we based on our quarterly survey of over 2,000 shippers, includes over 60 exhibits from over 170 respondents. This survey covers shippers' views on a range of topics, including a major swing in perception of truck capacity, FDX and UPS gains from DHL withdrawal, and the weakening of fuel surcharge compliance across all modes.

• Upside Earnings Driven By Fuel - Now What? Third Quarter 2008 Earnings' Postview Slide Report (11/17/08) (1MB)

  This 104 page report contains the slides from our 3Q Postview conference call reviewing recent macro freight data and trends for volumes, yields and margins for Trucks, Rails and Airfreight & Logistics. We also highlight updated valuations and discuss financial and stock performance of the Transports during past economic downturns. Our report begins with a short prologue recapping our thesis for owning the transport stocks during the impending global recession in 2009.

• Presidential Preview - What Does the Election Mean for the Transports? (10/31/08)

  In this note, we begin with a look at historical transport stock performance under the past 7 presidential terms dating back to 1980. We also look at the major transportation/infrastructure issues facing the next President, including highway reauthorization, rail re-regulation vs. infrastructure investment, clean coal regulations, NAFTA and labor-related issues. We also discuss what we know about the two Presidential candidates' transportation records and platforms.

• Repositioning Transports for a Recession - Time to Own Stocks Is Approaching Again (10/30/08)

  Our 60-page report presents our annual repositioning of the transport stocks, including moving our target prices from year-end 2008 to 2009, our revised transport thesis for making money in the sector and our top picks. We recently materially reduced our 2009 and 2010 EPS forecasts based recession assumptions for 2009 with a recovery during 2010. In this report, we highlight which transport stocks are most likely to outperform in a weak demand, lower fuel environment and which stocks we believe have more than a deep recession already priced in, based on historical average and peak and trough valuation. We believe the transports are likely to outperform the market during the impending recession as they benefit from declining fuel costs and lagging surcharges, relatively easy comparisons after two years of down freight volumes, mostly U.S. exposure, relatively few credit issues and potential operating leverage into an eventual recovery (which can also continue to swing against them) as early cyclicals. For a hard copy of the report, contact info@WolfeResearch with your mailing address.

• The State of the Freight: Second Quarter 2008 (08/21/08)

  This 90 page report, which we based on our quarterly survey of over 2,000 shippers, includes over 65 exhibits from over 180 respondents. This survey covers shippers' views on a range of topics, including the continuing freight diversion back to Rail from Road, tighter fuel charge compliance, and the deterioration of DHL service since its announced U.S. Domestic restructuring in late May.

• Transports Rally Into Mixed Reports - Now What? Second Quarter 2008 Earnings' Postview Slide Report (08/07/08) (1MB)

  This 105 page report contains a short prologue, slides from our 2Q Postview conference call reviewing 2Q trends for volumes, yields, expenses and margins for Trucks, Rails and Airfreight & Logistics as well as our expectations and thesis for owning transports stocks in 2H:08. In addition, we updated valuations and where the different transport sub-sectors are currently compared to past economic and Fed cycles.

• *** The State of the Freight: First Quarter 2008 (05/20/08) *** (unencrypted sample)

  This 90 page report, which we based on our quarterly survey of over 1,000 shippers, includes over 65 exhibits from over 150 respondents. This survey covers shippers' views on a range of topics, including the recent freight diversion back to Rail from Road, how spiking fuel costs affect shippers' decisions, and how the USPS market-based pricing will impact the Parcel carriers.

• Wolfe Research Rail Map (05/20/08)

  Our new railroad map includes all of the major North American railroads as well as short-line railroads Genesee and Wyoming and RailAmerica. Our new map highlights major container and coal ports and CP's acquisition of the DM&E and its potential expansion into the Powder River Basin. We also highlight the major coal-producing mines in the U.S. and Canada. It is available in hard copy for Wolfe Research clients by request.

• Tread Carefully! Transport Valuations Feel Stretched into Bipolar Economy and Spiking Fuel Costs (05/16/08) (2MB)

  In this 250 page report, we initiated coverage on 31 freight transportation companies and 3 industry sub-sectors. We are weighting Railroads as Overweight, and Trucks, and Airfreight and Logistics each as Underweight relative to the S&P 500. We have initiated with 8 Outperform, 11 Peer Perform and 12 Underperform rated stocks.

• Tread Carefully! Launch Slide Report (05/16/08) (1MB)

  This 100 page report reviews first quarter trends for volumes, yields, expenses and margins for Trucks, Rails, and Airfreight and Logistics as well as our expectations for C08. These are the slides plus Introduction and Appendix that accompanied Ed Wolfe's combined launch call and first quarter postview conference call.

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