POHLING88
2021-08-12
Well done
J.P. Morgan bucks second-half worries with transport picks<blockquote>摩根大通通过交通选择缓解下半年担忧</blockquote>
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Morgan bucks second-half worries with transport picks<blockquote>摩根大通通过交通选择缓解下半年担忧</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131454237","media":"Seeking Alpha","summary":"Recent results from the transportation and logistics stocks are giving JPMorgan Chase more confidenc","content":"<p><ul> <li>Recent results from the transportation and logistics stocks are giving <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> more confidence about the second half, as post-earningsperformance has marked a turnaround from the past few months.</li> <li>The stocks have trailed the market and the industrials sector since May, the firm says, based on worries about a peaking cycle and an uncertain connection to leveraging record freight rates.</li> <li>But groups like rail companies have \"found their footing,\" the firm says, as \"inflation-plus pricing becomes a more valuable attribute.\"</li> <li>J.P. Morgan had put a few stocks on review for upgrade in mid-May - and since then upgraded <a href=\"https://laohu8.com/S/UPS\">United Parcel Service Inc</a> amid some greater parcel pricing power and a new $5 billion buyback.</li> <li>As for sentiment on the sector, the firm expects it will stay mixed as the market looks for that aforementioned leverage to near-record freight: \"Some investors are still sidelined after recent 2H21 growth scares and prefer to steer clear of potential valuation de-ratings on peak of the cycle concerns,\" it says.</li> <li>UPS and <a href=\"https://laohu8.com/S/FDX\">FedEx</a> earnings disappointed, which has cut sentiment on the parcel companies. Rails are still the favored inflation trade, while <a href=\"https://laohu8.com/S/XPO\">XPO Logistics</a> - and its spin-off, <a href=\"https://laohu8.com/S/GXO\">GXO Logistics Inc</a> - have \"the highest amount of increment interest by a wide margin.\"</li> <li>As for rails, a volume step-down from the first quarter to the second was a key concern ahead of an expected second-half recovery, but J.P. Morgan isn't concerned as it says intermodal made up 55% of that quarterly decline, on rising port congestion - and other commodities declining month-over-month aren't really surprises.</li> <li>Overall the firm says it's been warming up to rails ever since putting them on its \"buy the dip\" list in mid-May. There, it's Overweight on Norfolk Southern(NSC)$ .</li> <li>Turning to mid-cycle stocks, there's the greatest potential downside for <a href=\"https://laohu8.com/S/JBHT\">JB Hunt Transport</a> and C.H. Robinson Worldwide(NASDAQ:CHRW), since they've usually de-rated when spot truckload momentum decreases, J.P. Morgan says. J.B. Hunt is well above historical premiums, while \"the best time to own CHRW has likely passed.\"</li> <li>In larger sector themes, the firm says high frequency data isn't pointing to a consumer slowdown ahead; labor shortages aren't hitting every company the same (freight tech most disadvantaged, other than truckers); companies aren't likely to quickly lower cyclicality of earnings; the truckload rate cycle is showing clear signs of deceleration; and the new infrastructure bill is still not a \"needle-mover\" for freight (with activity spread out over several years, and involving lower-rated commodities like aggregates).</li> <li>Overall in the sector, its top picks are FedEx (FDX), Norfolk Southern (NSC) and <a href=\"https://laohu8.com/S/TFII\">TFI International Inc</a>.</li> <li>And it would stay clear of truckloads (it's Underweight on <a href=\"https://laohu8.com/S/KNX\">Knight Transportation</a>), <a href=\"https://laohu8.com/S/SNDR\">Schneider National Inc.</a> and <a href=\"https://laohu8.com/S/WERN\">Werner Enterprises</a>).</li> </ul></p><p><blockquote><ul><li>运输和物流股最近的业绩给出<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>对下半年更有信心，因为财报后的表现标志着过去几个月的好转。</li><li>该公司表示，由于担心周期见顶以及与利用创纪录运费的不确定联系，自5月份以来，该股一直落后于市场和工业板块。</li><li>但该公司表示，随着“通胀加定价成为更有价值的属性”，铁路公司等集团已经“找到了立足点”。</li><li>摩根大通在五月中旬对一些股票进行了升级审查，此后又进行了升级<a href=\"https://laohu8.com/S/UPS\">联合包裹服务公司</a>在更大的包裹定价权和新的50亿美元回购中。</li><li>至于对该行业的情绪，该公司预计，随着市场寻求上述接近创纪录的货运杠杆，该行业将保持涨跌互现：“在最近的2H21增长恐慌之后，一些投资者仍然观望，更愿意避开潜在的估值下调。周期担忧达到顶峰，”报告称。</li><li>UPS和<a href=\"https://laohu8.com/S/FDX\">联邦快递</a>盈利令人失望，这降低了人们对包裹公司的信心。铁路仍然是受青睐的通胀交易，而<a href=\"https://laohu8.com/S/XPO\">XPO物流</a>-及其分拆，<a href=\"https://laohu8.com/S/GXO\">GXO物流公司</a>-拥有“大幅增加的利息金额最高”。</li><li>至于铁路，在预期的下半年复苏之前，从第一季度到第二季度的运量下降是一个关键问题，但摩根大通并不担心，因为它表示多式联运占季度下降的55%，港口拥堵加剧——以及其他大宗商品环比下降并不令人意外。</li><li>总体而言，该公司表示，自5月中旬将rails列入“逢低买入”名单以来，该公司一直在升温。那里，是Norfolk Southern(NSC)$上的跑赢大盘。</li><li>转向中期周期股票，潜在下行空间最大<a href=\"https://laohu8.com/S/JBHT\">JB亨特运输公司</a>还有C.H。摩根大通表示，Robinson Worldwide（纳斯达克股票代码：CHRW），因为当现货卡车装载势头下降时，他们通常会下调评级。J.B.亨特的溢价远高于历史溢价，而“持有CHRW的最佳时机可能已经过去”。</li><li>在更大的行业主题中，该公司表示，高频数据并不表明未来消费放缓；劳动力短缺对每家公司的打击并不相同（除了卡车司机之外，货运技术公司处于最不利的地位）；公司不太可能迅速降低盈利的周期性；汽车装载率周期出现明显减速迹象；新的基础设施法案仍然不是货运的“推动力”（活动分散在几年内，并涉及骨料等评级较低的商品）。</li><li>总体而言，在该行业，其首选是联邦快递(FDX)、诺福克南方航空(NSC)和<a href=\"https://laohu8.com/S/TFII\">TFI国际公司</a>.</li><li>它会远离卡车的货物（这是跑输大盘<a href=\"https://laohu8.com/S/KNX\">骑士运输</a>),<a href=\"https://laohu8.com/S/SNDR\">施耐德国家公司。</a>和<a href=\"https://laohu8.com/S/WERN\">沃纳企业</a>).</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>J.P. Morgan bucks second-half worries with transport picks<blockquote>摩根大通通过交通选择缓解下半年担忧</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJ.P. Morgan bucks second-half worries with transport picks<blockquote>摩根大通通过交通选择缓解下半年担忧</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-12 07:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul> <li>Recent results from the transportation and logistics stocks are giving <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> more confidence about the second half, as post-earningsperformance has marked a turnaround from the past few months.</li> <li>The stocks have trailed the market and the industrials sector since May, the firm says, based on worries about a peaking cycle and an uncertain connection to leveraging record freight rates.</li> <li>But groups like rail companies have \"found their footing,\" the firm says, as \"inflation-plus pricing becomes a more valuable attribute.\"</li> <li>J.P. Morgan had put a few stocks on review for upgrade in mid-May - and since then upgraded <a href=\"https://laohu8.com/S/UPS\">United Parcel Service Inc</a> amid some greater parcel pricing power and a new $5 billion buyback.</li> <li>As for sentiment on the sector, the firm expects it will stay mixed as the market looks for that aforementioned leverage to near-record freight: \"Some investors are still sidelined after recent 2H21 growth scares and prefer to steer clear of potential valuation de-ratings on peak of the cycle concerns,\" it says.</li> <li>UPS and <a href=\"https://laohu8.com/S/FDX\">FedEx</a> earnings disappointed, which has cut sentiment on the parcel companies. Rails are still the favored inflation trade, while <a href=\"https://laohu8.com/S/XPO\">XPO Logistics</a> - and its spin-off, <a href=\"https://laohu8.com/S/GXO\">GXO Logistics Inc</a> - have \"the highest amount of increment interest by a wide margin.\"</li> <li>As for rails, a volume step-down from the first quarter to the second was a key concern ahead of an expected second-half recovery, but J.P. Morgan isn't concerned as it says intermodal made up 55% of that quarterly decline, on rising port congestion - and other commodities declining month-over-month aren't really surprises.</li> <li>Overall the firm says it's been warming up to rails ever since putting them on its \"buy the dip\" list in mid-May. There, it's Overweight on Norfolk Southern(NSC)$ .</li> <li>Turning to mid-cycle stocks, there's the greatest potential downside for <a href=\"https://laohu8.com/S/JBHT\">JB Hunt Transport</a> and C.H. Robinson Worldwide(NASDAQ:CHRW), since they've usually de-rated when spot truckload momentum decreases, J.P. Morgan says. J.B. Hunt is well above historical premiums, while \"the best time to own CHRW has likely passed.\"</li> <li>In larger sector themes, the firm says high frequency data isn't pointing to a consumer slowdown ahead; labor shortages aren't hitting every company the same (freight tech most disadvantaged, other than truckers); companies aren't likely to quickly lower cyclicality of earnings; the truckload rate cycle is showing clear signs of deceleration; and the new infrastructure bill is still not a \"needle-mover\" for freight (with activity spread out over several years, and involving lower-rated commodities like aggregates).</li> <li>Overall in the sector, its top picks are FedEx (FDX), Norfolk Southern (NSC) and <a href=\"https://laohu8.com/S/TFII\">TFI International Inc</a>.</li> <li>And it would stay clear of truckloads (it's Underweight on <a href=\"https://laohu8.com/S/KNX\">Knight Transportation</a>), <a href=\"https://laohu8.com/S/SNDR\">Schneider National Inc.</a> and <a href=\"https://laohu8.com/S/WERN\">Werner Enterprises</a>).</li> </ul></p><p><blockquote><ul><li>运输和物流股最近的业绩给出<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>对下半年更有信心，因为财报后的表现标志着过去几个月的好转。</li><li>该公司表示，由于担心周期见顶以及与利用创纪录运费的不确定联系，自5月份以来，该股一直落后于市场和工业板块。</li><li>但该公司表示，随着“通胀加定价成为更有价值的属性”，铁路公司等集团已经“找到了立足点”。</li><li>摩根大通在五月中旬对一些股票进行了升级审查，此后又进行了升级<a href=\"https://laohu8.com/S/UPS\">联合包裹服务公司</a>在更大的包裹定价权和新的50亿美元回购中。</li><li>至于对该行业的情绪，该公司预计，随着市场寻求上述接近创纪录的货运杠杆，该行业将保持涨跌互现：“在最近的2H21增长恐慌之后，一些投资者仍然观望，更愿意避开潜在的估值下调。周期担忧达到顶峰，”报告称。</li><li>UPS和<a href=\"https://laohu8.com/S/FDX\">联邦快递</a>盈利令人失望，这降低了人们对包裹公司的信心。铁路仍然是受青睐的通胀交易，而<a href=\"https://laohu8.com/S/XPO\">XPO物流</a>-及其分拆，<a href=\"https://laohu8.com/S/GXO\">GXO物流公司</a>-拥有“大幅增加的利息金额最高”。</li><li>至于铁路，在预期的下半年复苏之前，从第一季度到第二季度的运量下降是一个关键问题，但摩根大通并不担心，因为它表示多式联运占季度下降的55%，港口拥堵加剧——以及其他大宗商品环比下降并不令人意外。</li><li>总体而言，该公司表示，自5月中旬将rails列入“逢低买入”名单以来，该公司一直在升温。那里，是Norfolk Southern(NSC)$上的跑赢大盘。</li><li>转向中期周期股票，潜在下行空间最大<a href=\"https://laohu8.com/S/JBHT\">JB亨特运输公司</a>还有C.H。摩根大通表示，Robinson Worldwide（纳斯达克股票代码：CHRW），因为当现货卡车装载势头下降时，他们通常会下调评级。J.B.亨特的溢价远高于历史溢价，而“持有CHRW的最佳时机可能已经过去”。</li><li>在更大的行业主题中，该公司表示，高频数据并不表明未来消费放缓；劳动力短缺对每家公司的打击并不相同（除了卡车司机之外，货运技术公司处于最不利的地位）；公司不太可能迅速降低盈利的周期性；汽车装载率周期出现明显减速迹象；新的基础设施法案仍然不是货运的“推动力”（活动分散在几年内，并涉及骨料等评级较低的商品）。</li><li>总体而言，在该行业，其首选是联邦快递(FDX)、诺福克南方航空(NSC)和<a href=\"https://laohu8.com/S/TFII\">TFI国际公司</a>.</li><li>它会远离卡车的货物（这是跑输大盘<a href=\"https://laohu8.com/S/KNX\">骑士运输</a>),<a href=\"https://laohu8.com/S/SNDR\">施耐德国家公司。</a>和<a href=\"https://laohu8.com/S/WERN\">沃纳企业</a>).</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3729319-jp-morgan-bucks-second-half-worries-with-transport-picks\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NSC":"诺福克南方","GXO":"GXO Logistics Inc","FDX":"联邦快递","KNX":"Knight Transportation Inc","XPO":"XPO Logistics","JBHT":"JB Hunt运输服务","WERN":"沃纳企业公司","SNDR":"Schneider National Inc.","TFII":"TFI International Inc","UPS":"联合包裹"},"source_url":"https://seekingalpha.com/news/3729319-jp-morgan-bucks-second-half-worries-with-transport-picks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131454237","content_text":"Recent results from the transportation and logistics stocks are giving JPMorgan Chase more confidence about the second half, as post-earningsperformance has marked a turnaround from the past few months.\nThe stocks have trailed the market and the industrials sector since May, the firm says, based on worries about a peaking cycle and an uncertain connection to leveraging record freight rates.\nBut groups like rail companies have \"found their footing,\" the firm says, as \"inflation-plus pricing becomes a more valuable attribute.\"\nJ.P. Morgan had put a few stocks on review for upgrade in mid-May - and since then upgraded United Parcel Service Inc amid some greater parcel pricing power and a new $5 billion buyback.\nAs for sentiment on the sector, the firm expects it will stay mixed as the market looks for that aforementioned leverage to near-record freight: \"Some investors are still sidelined after recent 2H21 growth scares and prefer to steer clear of potential valuation de-ratings on peak of the cycle concerns,\" it says.\nUPS and FedEx earnings disappointed, which has cut sentiment on the parcel companies. Rails are still the favored inflation trade, while XPO Logistics - and its spin-off, GXO Logistics Inc - have \"the highest amount of increment interest by a wide margin.\"\nAs for rails, a volume step-down from the first quarter to the second was a key concern ahead of an expected second-half recovery, but J.P. Morgan isn't concerned as it says intermodal made up 55% of that quarterly decline, on rising port congestion - and other commodities declining month-over-month aren't really surprises.\nOverall the firm says it's been warming up to rails ever since putting them on its \"buy the dip\" list in mid-May. There, it's Overweight on Norfolk Southern(NSC)$ .\nTurning to mid-cycle stocks, there's the greatest potential downside for JB Hunt Transport and C.H. Robinson Worldwide(NASDAQ:CHRW), since they've usually de-rated when spot truckload momentum decreases, J.P. Morgan says. J.B. Hunt is well above historical premiums, while \"the best time to own CHRW has likely passed.\"\nIn larger sector themes, the firm says high frequency data isn't pointing to a consumer slowdown ahead; labor shortages aren't hitting every company the same (freight tech most disadvantaged, other than truckers); companies aren't likely to quickly lower cyclicality of earnings; the truckload rate cycle is showing clear signs of deceleration; and the new infrastructure bill is still not a \"needle-mover\" for freight (with activity spread out over several years, and involving lower-rated commodities like aggregates).\nOverall in the sector, its top picks are FedEx (FDX), Norfolk Southern (NSC) and TFI International Inc.\nAnd it would stay clear of truckloads (it's Underweight on Knight Transportation), Schneider National Inc. and Werner Enterprises).","news_type":1,"symbols_score_info":{"XPO":0.9,"NSC":0.9,"KNX":0.9,"UPS":0.9,"SNDR":0.9,"FDX":0.9,"JBHT":0.9,"GXO":0.9,"WERN":0.9,"TFII":0.9}},"isVote":1,"tweetType":1,"viewCount":1717,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/895368945"}
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