YRC Worldwide Inc (YRCW)

[turbodog]

From Another board for what ever it is worth


New YRCW Analyst reports from JPM, Credit Suisse; Deutsche YRC Worldwide Neutral
YRCW, YRCW US
2Q Provides Evidence of Stability; Pension Looms as
the Key Near Term Issue

Airfreight & Surface
Transportation
Thomas R. WadewitzAC
(1-212) 622-6461
[e-mail]
Alexander K. Johnson
(1-212) 622-6513
[e-mail]
Michael R. Weinz, CFA
(1-212) 622-6383
[e-mail]
J.P. Morgan Securities Inc.

YRCW’s 2Q10 report showed meaningful sequential improvement in their
tonnage and margin performance and our sense is that they have stabilized
their position in the LTL market. Also we don’t expect YRCW to run into
liquidity issues over the next several quarters. However, YRCW still faces
significant challenges in 2H10 as it will need to address the step up in costs in
2011 from the expiration of its pension holiday with the Teamsters and it also
will likely address the potential return of cash interest costs on its bank
borrowings. We believe YRCW is likely to be successful in addressing these
challenges but uncertainty is still significant.





--------------------------------------------------------------------------------

-