While the quarter was a solid one and forward guidance positive, we believe that valuation is stretched.

My feeling is that things are more positive. But we're having no more floods, right?

Our conclusion is that despite some of the positive remarks from Roadway, actual performance and guidance lead us to believe that it is still too early to own ground transportation names and that we may continue to see additional signs of slowing and operating ratio deterioration before the economy begins to turn,

The slight earnings disappointment is compensated by the positive outlook on dividends, where management guidance is moving towards our more aggressive dividend payment assumptions.

While this quarter didn't feature the growth acceleration of the last two, the degree of upside in spite of the impact of buyer confusion over the change in search results is encouraging.

Yahoo's revenue in the quarter was just below consensus, with profitability lagging further behind.