Seeking Alpha

Executive Summary

Investors betting on Conway's (CNW) pricing and margin improvement might be in for a rude shock in 2014. The competitive environment is becoming incrementally tougher which will impact both pricing and volumes. Conway's management is selling the margin recovery story to the investors which is unlikely to come to fruition as the company's mix has shifted toward national tonnage which usually has lower margin.


Conway's shares have underperformed the S&P 500 by 10% since I wrote my first bearish article on the company in September 2013. The stock was doing even worse before a sell-side analyst recently upgraded the company citing reasonable expectations, and concerns surrounding YRCW's debt restructuring boosting CNW...

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