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		<title>Hunter Keay Conference Call: U.S. Airlines &#8211; Time to Own the Group</title>
		<description><![CDATA[Hunter Keay will host this conference call. Key topics will include: How are airlines making money with high fuel costs and mixed global economic data?; Merger madness! What are the possible outcomes with recent media reports of even more M&#38;A?; Expectations for pricing and capacity trends; Controllable vs. uncontrollable risks, including labor &#38; regulatory issues… [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/hunter-keay-conference-call-u-s-airlines-time-to-own-the-group/</link>
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		<title>Under the Hood: January Truck Orders &amp; December Engines</title>
		<description><![CDATA[ACT Research reported Jan prelim Class 8 net orders of 25,200, between 30,293 in Dec and 20,603 in Nov. The Jan order pace implies an annual build rate of ~292K, down from the 350K order rate in Dec. The trailing 3- and 6-month annual order rates are both 296K-297K. Read more &#187;]]></description>
		<link>http://wolfetrahan.com/research/2012/02/under-the-hood-january-truck-orders-december-engines/</link>
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		<title>The Wolfe Trahan LEI Rises In The Week Ending 2/03</title>
		<description><![CDATA[The level of the WTLEI rose last week alongside a rally in global equity markets and strong economic data. January was a very strong month for LEIs with nine PMIs showing improvement and only two moving lower. Both of the national surveys, the ISM Manufacturing and ISM Non-Manufacturing indices continued their upward trend. This week [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/the-wolfe-trahan-lei-rises-in-the-week-ending-203/</link>
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		<title>A Goldilocks Economy In The “New Normal” …  Take 2</title>
		<description><![CDATA[It’s time for honesty. It is very hard to be bullish on the economy and the markets with all the structural headwinds facing the world’s economy. That said, we are more convinced than ever that it is the right call today. Indeed, if there is one lesson to be garnered from Q4 ’11 it is [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/a-goldilocks-economy-in-the-%e2%80%9cnew-normal%e2%80%9d-%e2%80%a6-take-2/</link>
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		<title>Friday Flyer</title>
		<description><![CDATA[In this Friday Flyer we discuss our thoughts on AMR&#8217;s proposed business plan and December financial results, a tentative agreement on a long-term FAA bill, implications from the DAL/LCC merger talk, a new fee from SAVE, and much more. Read more &#187;]]></description>
		<link>http://wolfetrahan.com/research/2012/02/friday-flyer-34/</link>
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		<title>CVTI 4Q Earnings: 4Q Loss Worse Than Expected on Weaker Utilization</title>
		<description><![CDATA[CVTI reported a 4Q EPS loss of $0.15/shr., worse than our estimate of -$0.05 and Cons. of -$0.09 and down materially from +$0.05 a year ago. Rev. declined 1% y/y ( 7% net of fuel) due to weak utilization and margins deteriorated 290bp y/y. This compares with -2% net rev. and 390bp of OR deterioration [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/cvti-4q-earnings-4q-loss-worse-than-expected-on-weaker-utilization/</link>
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		<title>LSTR 4Q Earnings: Brokerage Drives Solid Quarter</title>
		<description><![CDATA[LSTR reported 4Q EPS of $0.70 vs. our estimate of $0.67 and Cons. of $0.66. We estimate LSTR benefited by about $0.03 from an extra operating week in the qtr., offset by a large bad debt expense. Reported Rev., EBIT and EPS grew 22%, 42% and 40% y/y, each accelerated from 3Q. Read more &#187;]]></description>
		<link>http://wolfetrahan.com/research/2012/02/lstr-4q-earnings-brokerage-drives-solid-quarter/</link>
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		<title>R 4Q Earnings: Similar Trends Continue into 2012 Against Tougher Comps</title>
		<description><![CDATA[R reported adjusted 4Q:11 EPS of $0.97 relative to our $0.99 and Cons. $0.96. This excludes about $0.05 of planned restructuring costs related to acquisitions, which arguably is part of being an acquisitive company.  Rev, Pretax and EPS grew by 17%, 48% and 49% y/y, similar to 3Q, driven once again by strong Commercial Rental, [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/r-4q-earnigns-similar-trends-continue-into-2012-against-tougher-comps/</link>
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		<title>ODFL 4Q Earnings: ODFL&#8217;s LTL Dominance Continues</title>
		<description><![CDATA[ODFL beat 4Q Cons. EPS expectations by 19% yesterday as Rev., EBIT and EPS grew 22%, 67% and 76% y/y despite a very difficult comp (EPS grew 128% a year ago in 4Q). Relative to our higher-end forecasts, rev. was 100bp better and margins were 60bp better. ODFL also benefited by $0.04 from a lower [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/odfl-4q-earnings-odfls-ltl-dominance-continues/</link>
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		<title>CNW 4Q Earnings: 4Q Miss and Rising Costs Ahead</title>
		<description><![CDATA[CNW reported 4Q EPS of $0.26, well below our expectation and Cons. of $0.37. Consolidated rev. growth of 7.0% decelerated modestly from +8.4% in 3Q but was nearly 300bp better than our expectations. However, OR improvement of 170bp y/y fell 70bp light of our expectations. Relative to our forecasts, LTL missed by $0.10 including a [...]]]></description>
		<link>http://wolfetrahan.com/research/2012/02/cnw-4q-earnigns-4q-miss-and-rising-costs-ahead/</link>
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