Industry & Services >> Analyst Interviews >> February 21, 2011

Modal Shifts To Air Freight & Railroads – John L. Barnes, Iii – Rbc Capital Markets

John L. Barnes, III, Managing Director, joined RBC Capital Markets, Equity Research, in June 2009, and he covers the air freight, surface transportation sector, including railroad, truckload and less-than-truckload carriers, as well as freight forwarding, third-party logistics, and dedicated cargo and integrated parcel carriers. Prior to joining the firm, Mr. Barnes followed the industry as a Senior Analyst at BB&T Capital Markets, Credit Suisse First Boston and Deutsche Bank Securities, Inc., where he also covered the machinery industry. Mr. Barnes was recognized as the number four stock picker in heavy machinery and materials in the 2009 The Wall Street Journal "Best on the Street" survey and the number three stock picker in road and rail in the Financial Times/StarMine 2009 annual survey. He was named the "Best Up-and-Coming Analyst" by Institutional Investor in 2002. Mr. Barnes earned a BBA with a concentration in finance from Augusta College. Profile
TWST: You cover air freight, logistics, road and rail. What trends are developing in those areas?

Mr. Barnes: Volumes have steadily improved, more so for the rails and air freight companies over the