(The Associated Press circulated the following on September 16.)
NEW YORK — Shares of railroads lost ground in early trading Tuesday, as the broader market extended its steep slide from a day earlier.
Nervous investors were awaiting a decision on interest rates from the Federal Reserve and growing increasingly concerned about the financial security of insurer American International Group Inc.
Also Tuesday, analyst Edward Wolfe of Wolfe Research suggested that while rail damage from Hurricane Ike was less than expected, chemical volumes should remain weak as production is shutdown across most of the Texas Gulf.
Union Pacific Corp. will likely be the hardest hit from the disruptions, Wolfe predicted, followed by Kansas City Southern and Burlington Northern Santa Fe Corp.
In morning trading, shares of Union Pacific dropped $2.04, or 2.8 percent, to $70.46. Burlington Northern fell $1.11 to $97.27, and Kansas City Southern lost $1.53, or 3.3 percent, to $44.86.