CSX's Disappointing Outlook Weighs on Rail Companies
18 July 2019 - 1:34AM
Dow Jones News
By Kimberly Chin
CSX Corp.'s (CSX) weak guidance Tuesday cast a dark cloud over
other railway companies as the sector deals with pressure from
trade tensions and weakening parts of the industrial economy.
CSX's shares were off 9.2%, Union Pacific Corp. (UNP) was down
9% and Norfolk Southern Corp. (NSC) fell 12% in trading Wednesday
morning.
CSX said it continued to experience weaker-than-expected
shipping volumes for its industrial customers and saw little sign
for improvement.
Lower shipping volumes for metals, equipment and thermal coal
exports negatively contributed to weaker overall volumes, as well
as lower fertilizer volumes, which were hurt by wet weather
conditions, Cowen & Co analysts said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 17, 2019 11:19 ET (15:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Union Pacific (NYSE:UNP)
Historical Stock Chart
From Apr 2024 to May 2024
Union Pacific (NYSE:UNP)
Historical Stock Chart
From May 2023 to May 2024