Mr. Fowler: My coverage is truckload, less-than-truckload and logistics, or the asset-light companies.
TWST: How is the trucking subsector doing?
Mr. Fowler: Broadly what we're seeing is a nice recovery in overall freight activity across, which is obviously working off a very low base from when we saw freight volumes bottom this time last year. Going back to February and March of 2009, what we've seen has been a gradual improvement. Volumes have returned to the market gradually and consistently throughout 2009. We did see a modest peak at the end of the year, which was encouraging since we haven't seen a traditional peak season that anybody has been excited about for several years at this point. But the more recent story has been midway through the first quarter, in late February and then into March, I would say there was a noticeable uptick in overall volumes, which were really strong to end the first quarter. The month of March was a very nice month for freight activity, and that persisted here into April.
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