I think FedEx's stock will be under a little bit of pressure, because UPS will be comparing and contrasting numbers. UPS saw volume growth of 14.5 percent on overnight product in the most recent quarter. FDX saw only 3.9 percent. It's too early to tell if UPS is taking away market share, but that will be the implication that comes out on the road show.

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We are increasing our valuation for the group by 10 to 15 percent based on this news. Our sense is that additional consolidation in the group will occur in the near to intermediate term. Other consolidators in addition to Deutsche Post looked closely at AEIC.

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CSX's report shows steady improvement on the cost side and it continues to benefit from the strong yield environment that all the rails are seeing. However, the vast majority of the upside in the quarter was driven by gains on sales and we don't expect estimates to rise as fast for CSX as some of the other rails.

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Once again, UPS reported stronger-than-expected volume growth but was not able to leverage that growth into strong upside margin improvement, as yields continued to decelerate.

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Not bad for a total $22 million investment eight years ago.

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(Forward) continues to operate its business flawlessly and each quarter management seems to improve upon its previous record quarter for profitability. Still, given what feels like increased competitive headwinds... we believe caution is warranted.

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While the stock has been strong year-to-date and expectations were for a strong quarter, our sense is this was a very strong and clean quarter that shows evidence of increasing volume acceleration at Ground, improving margins at Express and stabilizing yields generally.

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Materially higher than expected revenue growth and better than expected cost side performance drove the upside in what we view as a high quality, clean quarter.

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