J P M O R G A N North America Equity Research 28 July 2026 United Parcel Service First Look at 2Q26 Earnings Initial reaction - Modest Positive. We expect UPS will move higher on the 2Q26 beat and raise which essentially keeps the implied 2H26 outlook unchanged. The stock had run up into the print which could mute the reaction today, especially as there are still several questions on how UPS can achieve the back half earnings ramp. At this point, we are not as concerned as many investors appear to be on 2H2 ...

J P M O R G A N North America Equity Research 27 July 2026 TFI International Highlights from Call with the Company and Model Update TFII delivered a solid 2Q beat and 3Q guide ahead of the Street, a result that broadly played out as we expected when we added it to our list of favored longs into earnings season (details here) given its outsized industrial demand leverage. However, challenges in the LTL segment took some shine off the print, as an influx of low-priced 3PL blanket freight strained the network ...