Our conclusion is that despite some of the positive remarks from Roadway, actual performance and guidance lead us to believe that it is still too early to own ground transportation names and that we may continue to see additional signs of slowing and operating ratio deterioration before the economy begins to turn,

Ed Wolfe

Guidance Performance Positive Us

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While the quarter was a solid one and forward guidance positive, we believe that valuation is stretched.

— Heath Terry

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It was a really strong quarter in every aspect. We just gave guidance 90 days ago of around 25 percent. So it's pretty remarkable that in 90 days we just upped to push to 30 percent, and that's where we want to stay right now.

We don't know whether there is need for additional rule making or for guidance to the industry.

I just hope this year's team can begin the season on a positive note, and that will carry us the rest of the way.

Materially higher than expected revenue growth and better than expected cost side performance drove the upside in what we view as a high quality, clean quarter.

— Edward Wolfe

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