Piper Jaffray Releases Freight Update

Piper Jaffray is out today with their week 44 freight update.

Piper Jaffray writes, "Class I US rail intermodal volumes for Week 44 were up 11.7% y-o-y on a tougher comp however decelerated modestly from the prior two weeks. October international airfreight volumes from Hactl and the Frankfurt airport (the second and ninth largest international air cargo hubs) accelerated strongly above prior historical sequential growth rates. We believe these two data points suggest reacceleration in international airfreight markets and are incremental positives for FDX and UPS."

FDX closed yesterday at $87.88.

UPS closed yesterday at $68.28.