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.
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