NorthAmericaEquityResearch06November2019Correction(firstpublished04November2019)(Seepage33fordetails)Transportation&LogisticsQuestionBookfortheFallConferenceSeasonandManagementMeetingsAirfreightandSurfaceTransportationBrianP.Ossenbeck,CFAAC(1-212)622-1023brian.p.ossenbeck@jpmorgan.comBloombergJPMAOSSENBECKJ.P.MorganSecuritiesLLCSeepage33foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comWehavecompiledquestionsformanagementteamsaheadofthefallconferencecircuitwhichbeginsshortlyafter3Q19earningsendsandstretchesintoearlyDecember.Managementcommentaryon2020willremainlimitedoverthenextmonth,whichisconsistentwithprioryearsandshouldbeexpectedgiventheshiftingeconomic,tradeandpoliticaloutlook.KSUcouldprovideanew2021ORtargetbutthecompanyismorelikelytoupdatelongtermguidancewith4Q19earningsinearly2020.Includedinthedocumentarespecificquestionsforcompaniescategorizedbytopicaswellasbroadthemesrelevantforanentiregroupwithintransports;seepagetwoforalistofcompaniescoveredinthisnote.2NorthAmericaEquityResearch06November2019BrianP.Ossenbeck,CFA(1-212)622-1023brian.p.ossenbeck@jpmorgan.comTableofContentsParcelCarriers..........................................................................3FedEx(FDX,$140,N)............................................................................................5UnitedParcelService(UPS,$134,N)......................................................................7Railroads...................................................................................9CanadianNational(CNRCN,C$123,N)...............................................................11CanadianPacific(CP,C$346,OW).......................................................................12CSX(CSX,$78,N)....
