No Major Surprises in Swift’s Second Quarter; Knight-Swift Merger Up...

Swift’s second-quarter revenue (before fuel surcharges) fell 4.0% relative to the same period last year, and was modestly below our expectations due to a larger-than-expected drop in fleet size in the for-hire truckload business. Intermodal segment revenue once again came in below our forecast as well--load count inflected upward year over year, but we expected industrywide pricing conditions to improve more in the quarter. Total profitability came in slightly shy of our forecast in part becau...