(The Associated Press issued the following on October 15.)
NEW YORK — Major North American railroad stocks are down on fears of recession and a cautious outlook issued by CSX Corp.
Shares of CSX fell $5.29, or 11%, to $42.85 Wednesday, a day after saying 2008 earnings should come in at the low end of its forecast range of $3.65 to $3.75 per share.
The news dragged down other major railroads as well. Union Pacific’s stock fell $8.82, or 14%, to $54.14. Burlington Northern Santa Fe Corp. was down $5.94, or 7.3%, to $75.91. And Norfolk Southern’s shares fell $5.06, or 9.2%, to $50.27.
Norfolk Southern operates approximately 21,000 miles of tracks in Virginia, West Virginia, the District of Columbia and 20 other states.