Ed Wolfe Quotes
We have noted in the past that our third-quarter earnings per share estimate of 47 cents (versus First Call consensus of 57 cents) would probably be too low if UPS settled early and a second round of freight diversion did not occur... As a result of last night's announcement, we will likely be raising our third-quarter EPS estimate in the next few days, once we get better visibility about some details of the contract.
- Ed Wolfe
We expect the stock to rally on the unexpected fuel surcharge announcement... Back of the envelope fuel surcharge could equate to 1 to 2 cents upside in the third quarter, 4 to 5 cents a share upside for the fourth quarter and 15 to 20 cents upside during 2001 if it were to remain in effect.
- Ed Wolfe
We continue to believe that the President will invoke his authority under the Taft-Hartley Act and order union members back to work in the event for a strike... Individual members of Congress from West Coast states appear to be taking a more aggressive position, and have been actively calling or writing the ILWU and PMA to encourage the parties to at least extend the current contract, which would minimize the risk of a complete work stoppage.
- Ed Wolfe
We continue to believe that the President is under some pressure to not appear anti-labor, and thus will probably not intervene until some time next week at the earliest... But despite his recent popularity with the Teamsters and the AFL-CIO, Bush will, in our view, most likely choose to protect the economy, which appears to increasingly be at risk the longer the port disruption continues.
- Ed Wolfe
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