(The Associated Press circulated the following on August 28.)
NEW YORK — Shares of railroad operators traded lower Tuesday as the broader market slid and car volumes continued to disappoint.
Stifel Nicolaus & Co. analyst John Larkin said in a recent note to clients that although overall freight volumes are up slightly compared to 2006, rail volumes last week and so far this year remain soft.
The most significant volume losses are in lumber, paper products, and metals, which all posted double-digit decreases so far this year.
Larkin attributed the losses to the stumbling housing market, slowing Asian imports and higher rail intermodal rates.
Here’s how the top rail company shares finished Tuesday:
Canadian National Railway Co., down $1.60, or 3.1 percent, to close at $50.25.
Union Pacific Corp., down $2.34, or 2.1 percent, to close at $106.82.
Burlington Northern Santa Fe Corp., down $1.67, or 2.1 percent, to $78.66.
CSX Corp., down $1.98, or 4.6 percent, to $40.95.
Norfolk Southern Corp., down 77 cents, to $50.21.
Canadian Pacific Railway Ltd., down $2.02, or 2.9 percent, to $67.01.