(The Associated Press circulated the following on July 13.)
NEW YORK — Shares of railroad operators traded mostly lower Friday, after a Bear Stearns analyst said volumes continue to fall across most segments.
Analyst Edward Wolfe said total volumes were down in six of eight railroad segments last week, led by a 13.2 percent decline in paper and lumber transports, an 8.5 percent drop in grain, and a 7.1 percent slide in mineral and stone.
Auto volumes were up compared to the year-ago period, Wolfe said, and chemicals remained impressive on bullish ethanol and fertilizer volumes.
Wolfe said Burlington Northern had the most significant volume declines in the Western U.S., while volumes remained poor for the eastern rails including CSX Corp.
He reiterated an earlier suggestion that although the railroads are likely to report “sluggish” financial results, he expects the stocks to hold up, as investors are largely expecting the bad news.
In midday trading, Burlington Northern fell 19 cents to $87.98, while CSX Corp. added 8 cents to $47.99.
Union Pacific gained 38 cents to reach $120.11, and Norfolk Southern Corp. fell 17 cents to $55.62.
Kansas City Southern fell 3 cents to $39.13.