(The Associated Press circulated the following on October 24.)
NEW YORK — Shares of railroad operators fell, along with the broader market Wednesday, after Norfolk Southern Corp. reported a third-quarter earnings loss and a Credit Suisse analyst downgraded shares of Burlington Northern Santa Fe Corp.
Norfolk Southern said early Wednesday its third-quarter profit fell 7 percent on slumping demand for coal, automotive and housing-related shipments, as well as a one-time tax charge.
Meanwhile, analyst Jason H. Seidl cut his rating on shares of Burlington Northern to “Neutral” from “Outperform,” saying the stock has less potential for growth after a 17 percent year-to-date stock price increase.
He noted that while the company posted third-quarter earnings that beat Wall Street expectations, the near future is expected to be challenging as carload demand continues to wane.
Here’s how major railroads finished Wednesday:
Burlington Northern Santa Fe Corp. fell 35 cents to $86.19.
Union Pacific Corp. slid 93 cents to $129.03.
Norfolk Southern Corp. declined $1.63, or 3 percent, to $52.33.
CSX Corp. eased 16 cents to $45.28.
Kansas City Southern rose 17 cents to $36.56.
Canadian National Railway Co. climbed $1.31, or 2.5 percent, to $53.05.
Canadian Pacific Railway Ltd. retreated 63 cents to $69.32.