2019年Q2北美交通运输与物流业回顾.pdfVIP

North America Equity Research 09 August 2019 Transportation Logistics 2Q19 Review: Themes, FAQs, and Top Picks Fears of another Freight Recession and negative positioning on several bellwether Airfreight and Surface stocks created an especially volatile earnings season where the average move after Transportation reporting results was +/- 5%. The anticipated 2019 guidance reset contributed to this AC Brian P. Ossenbeck, CFA volatility and management commentary was consistently bifurcated between a positive (1-212) 622-1023 view on the resilient consumer and fading industrial activity. However, a sudden re- brian.p.ossenbeck@ emergence of the retail-heavy List 4 tariffs clouds the consumer outlook and holds us Bloomberg JPMA OSSENBECK GO back from “shifting gears” and increasing our truckload rate leverage. TL carriers have J.P. Morgan Securities LLC avoided the majority of the tariff turmoil so far with the lowest import