伯恩斯坦的交通与航空热点事件：新卡车运输法规、美国联邦航空局声明、联邦快递货运首席执行官、自动驾驶卡车等

STOCK PERFORMANCE SUMMARYCyclicals had a rough week as trade tensions resurfaced….should see some relief this week.EXHIBIT 1:Weekly stock performanceCSXCSX CorpNSCNorfolk Southern CorpSPXS&P 500CPCanadian Pacific Railway LtdUNPUnion Pacific CorpUALUnited Airlines Holdings IncCNRCanadian National Railway CoCHRWCH Robinson WorldwideLUVSouthwest Airlines CoFDXFedEx CorpAALAmerican Airlines Group IncUPSUnited Parcel Service IncDALDelta Air Lines IncJBHTJB Hunt Transport Services IncAURAurora Innovation Inc.TickerCompanyCP and CNI based on Canadian listings (CAD)Source: Bloomberg, Bernstein AnalysisAIRFREIGHT & SURFACE TRANSPORTATION 1 week1 month1 quarter$30.82-1.6%11.7%$240.02-2.5%8.1%$5,802.82-2.6%7.9%$109.98-3.5%8.6%$222.11-4.0%1.1%$74.65-4.2%9.7%$144.21-4.5%6.3%$95.75-4.5%5.7%$30.95-5.3%21.3%$216.61-5.6%2.6%$11.19-5.6%20.1%$95.37-5.9%-1.9%$47.92-5.9%15.7%$137.42-7.2%5.4%$5.94-11.3%-7.9%Price as of5/23/2025 COFFEE TALKOn the freight side of the house, we note a steady but not deafening “hum” on the topic of consolidation in the rail industry, both frominvestors and from industry contacts. The numbers do, in our view, pencil out for transcon mergers, and it would most likely be the fourU.S. carriers involved in the next — but possibly not last — round of mergers. The topic of how much truck capacity could be impacted byincreased enforcement of language rules and commercial driver license (CDL) fraud remains topical. Demographic data from the Bureau ofLabor Statistics suggest some 18% of commercial truck drivers are foreign born; we have not seen good data on language proficiency butif we assume a fraction of the total that would put low to mid-single digit capacity in the spotlight. CDL fraud is also a thing, and if we DOTramp up enforcement that could put added pressure on industry supply.Investors continue to wonder whether airlines are worth the trouble with CPI data negative and demand stable but not exactly growing.We continue to believe that at these multiples the bad news is in the stocks with upside as in cabin mix continues to trend to premium anda portion of oil price declines are retained in the p and l for more profitable carriers. Memorial Day weekend has come and gone, and whilesevere weather impacted operations on Monday leading to some delays over what turned out to be a record travel weekend. This past weekUnited announced that a tentative agreement had been reached with its flight attendants union, with limited details released. May 28thalsomarks the end of “bags fly free” on Southwest Airlines, with new fees taking hold this month.WHAT HAPPENED THIS WEEK?NA Transportation-New Trucking Laws in 2025: What Drivers and Fleets Need to Know.New trucking laws in 2025 will bringsweeping changes designed to boost safety, modernize technology, and tighten compliance standards across the industry. Regulatoryupdates from the FMCSA and DOT include mandatory speed limiters for heavy trucks, enhanced safety technologies such as ElectronicStability Control and Automatic Emergency Braking, and stricter requirements for driver qualifications including enforced English proficiencyand revamped CDL reviews for non-domiciled drivers. Additionally, new reporting systems for medical examiner certifications will reducepaperwork while minimizing fraud, along with an extension of ELD exemptions for pre-2000 engines until June 2025. The transition from MCnumbers to USDOT numbers and updated physical standards for drivers with conditions like epilepsy.2025 trucking laws compel fleets to modernize operations to meet enhanced safety, technology, and compliance standards - burdens manystruggling trucking companies may find difficult to carry.US Airlines-FAA Statements on Newark Liberty International Airport.The FAA issued an order effective May 20 to reduce the flightarrival and departure rate at Newark Liberty International Airport, limiting operations to 28 arrivals and departures per hour during theconstruction of Runway 4-Left/22-Right (until June 15, 2025, with Saturday work continuing through the year) and rising to 34 arrivalsand departures after construction until October 25, 2025. This action aims to alleviate excessive delays caused by construction, staffingchallenges, and equipment issues across the National Airspace System. In addition, the FAA is enhancing telecommunications between theNew York-based STARS and the Philadelphia TRACON upgrading to high-bandwidth fiberoptic technology and adding redundancy, whilealso increasing controller staffing to better manage air traffic and mitigate delays.FAA reduces Newark capacity temporarily - are slot controls next?US Airlines-Airlines brace for the summer of hell.Airlines, which normally expect a busy summer, are now bracing for financialturbulence as a perfect storm of challenges crashes in. Following a fatal US air crash in January and additional safety incidents includingnon-fatal accidents and air traffic control issues at hubs like Newark, passenger confidenc