M. Wolfe Ground Quotations

We continue to believe that while domestic express volumes may be close to a bottom, ground volumes, (international express shipments) and especially yields are several quarters away from bottoming.

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,

It is still too early to own ground transportation names.