Wells Cargo: Wetherbee's Freight Weekly

Research evidence excerpt

Wells Cargo: Wetherbee's Freight Weekly

Equity Research

Industry Update — June 5, 2026

Logistics

Parcel

Rail

Trucking

See You in Chicago!

Our Call Christian Wetherbee

Next week, we host executives from 22 Transportation companies and former regulators Equity Analyst | Wells Fargo Securities, LLC

Christian.Wetherbee@wellsfargo.com | 212-214-8053

at our Wells Fargo Industrials Conference in Chicago. From trucking inflection to a rail

Robert H. Salmon, CFAmerger on the table, there’s plenty to cover, so we hope you can join us.

Equity Analyst | Wells Fargo Securities, LLC

Robert.H.Salmon@wellsfargo.com | 212-214-5016

Truck Complex Takes Center Stage - Next week, we'll host the entire trucking complex Ryan Deveikis

including: TLs (KNX, SNDR, WERN), LTLs (ARCB, OD, SAIA, XPO), Intermodal leader JB Associate Equity Analyst | Wells Fargo Securities, LLC

Hunt as well as logistics players RXO and R. We'll dig into the key issue in Transports which Ryan.Deveikis@wellsfargo.com | 212-214-8040

is the impact of TL regulatory/safety enforcement, the Montgomery case, and demand, Matthew Hortopan

to debate when and to what degree the benefits seen in the spot market can carry over to Associate Equity Analyst | Wells Fargo Securities, LLC

company financials. This is key to the health of the rally. Matthew.F.Hortopan@wellsfargo.com | 212-214-5009

Rails & Regulators - We have strong Rail representation and expect a constructive tone as • Earnings Inflection Coming

fundamentals continue to improve, with solid service execution and an improving volume • XPO: May Tonnage Positive

backdrop on display. Volume has broadly outperformed expectations to-date and higher • ODFL: Strong May Update

fuel alongside a tightening truck market could provide incremental tailwinds into 2H.