DIRS.INFO The most relevant business & tech news

☆ Teamsters union endorses activist Ancora in Norfolk Southern proxy fight
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist Ancora on Thursday won the support of the BMWED Teamsters in the investor's efforts to oust Norfolk Southern CEO Alan Shaw and a majority of the railroad's 13-person board. The labor group said it would back the activist's seven director nominees over Norfolk Southern management, a significant endorsement in an industry unusually dependent on union support. The support from the BMWED Teamsters, whose members build and maintain the track infrastructure that keeps Norfolk Southern trains moving, amounts to a sharp rebuke of Shaw and Norfolk Southern's board. Norfolk Southern and Ancora have been locked in a proxy contest for several months. Neuberger Berman, for example, is backing the activist and said that Norfolk Southern had a history of poor governance and that a boardroom change was needed.

Persons: Ancora, Alan Shaw, Shaw, Tony Cardwell, Cardwell, Jim Barber, Jamie Boychuk, Boychuk, Barber, It's, John Orr, Glass Lewis, Neuberger Berman Organizations: Thursday, Teamsters, Norfolk Southern, Norfolk, BMWED Teamsters, Labor, American Federation of Labor, Industrial Organizations, CSX, Ancora Locations: Norfolk Southern, Norfolk, U.S, East Palestine , Ohio, Washington

☆ Activist Ancora may turn to a reliable tactic to enhance value at Norfolk Southern
▼ + stars: | 2024-02-10 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

When you see that in a railroad company, there is one key metric to look at, which drives railroad profitability and shareholder return: It's the operating ratio. The operating ratio is the company's operating expenses as a percentage of revenue. NSC's operating ratio is almost 69% and the right management team with the right strategy should easily be able to get the operating ratio down close to 60%. There is no need to reinvent the wheel here; the roadmap has already been drawn at Canadian Pacific and CSX. Inside the activist world, and among investors who were shareholders of Canadian Pacific and CSX, this is as sure of an activist strategy as there is.

Persons: Ancora, James Chadwick, Mantle, Hunter Harrison, Harrison, John Kasich, Sameh Fahmy, Jim Chadwick, Ken Squire Organizations: Norfolk Southern, Railroads, TCI, CSX, Pershing, Canadian Pacific, Canadian National, CP, PSR, Kansas City Southern, 13D Locations: United States, Ancora, Ohio

Before last year, paid sick leave was generally not offered to railroad workers. That's instead of joining all the other major freight railroads in negotiating jointly with rail unions on an agreement over pay and benefits. The rail industry reached the brink of a strike in the fall of 2022 before Congress and President Joe Biden intervened to force rail workers to accept a contract. Union Pacific, BNSF and Norfolk Southern now have paid sick time agreements in place with all their unions. Canadian National also trails behind the big U.S. railroads, but still offers sick time to about 46% of its U.S. workers.

Persons: —, Ed Dowell, CPKC “, ” CPKC, That's, Patrick Waldron, ” Waldron, “, CPKC, Joe Biden, wouldn't Organizations: Rail, CPKC's, American Train, Association, Kansas City Southern, Canadian Pacific, CSX, Union Pacific, Norfolk, Canadian Locations: OMAHA, Neb, Kansas City , Missouri, CPKC's U.S, Minnesota, U.S, Calgary, United States, Kansas City, Kansas, Canadian Pacific, North America, BNSF, Norfolk Southern

FORT LAUDERDALE Fla. (AP) — The National Transportation Safety Board said Saturday it will investigate two crashes involving Florida's Brightline train that killed three people at the same railroad crossing on the high speed train's route between Miami and Orlando. Friday's crash killed driver Lisa Ann Batchelder, 52, and passenger Michael Anthony Degasperi, 54, both of Melbourne. On Wednesday, 62-year-old Charles Julian Phillips was killed when the vehicle he was driving was hit by the train. Melbourne Mayor Paul Alfrey told reporters at the scene that the SUV tried to outrun the train. “I start by saying if the arm is down don’t go around,” Alfrey told Orlando television station WKMG.

Persons: Brightline, Lisa Ann Batchelder, Michael Anthony Degasperi, Charles Julian Phillips, Melbourne Mayor Paul Alfrey, ” Alfrey, “, Sarah Taylor Sulick, That’s Organizations: Transportation Safety, Associated Press, Melbourne police, Melbourne Mayor, Orlando, NTSB, “, Press, U.S, Caltrain Locations: LAUDERDALE Fla, Miami, Orlando, Melbourne, South Florida

☆ Why doesn’t the US have more passenger trains?
▼ + stars: | 2023-11-25 | by ( Samantha Delouya | ) edition.cnn.com time to read: +12 min

Today, the United States’ passenger rail system is an echo of its former self, with swathes of the network unused or surrendered to freight. In 1970, President Richard Nixon signed the Rail Passenger Service Act, which removed the requirement that private rail companies provide passenger service. Mike Segar/ReutersBut many American towns and cities have lost access to passenger trains. Can passenger trains make a comeback? A passenger rides an Amtrak train passing near the Pacific Ocean on November 9, 2021 near Oceanside, California.

Persons: you’ll, Biden, ”, Miguel Medina, JP Morgan, Jay Gould, Cornelius Vanderbilt, Christian Wolmar, “, Yonah Freemark, Bing Guan, Freemark, Dwight D, Eisenhower, Harvey Weber, Paul Hammond, Hammond, Richard Nixon, Daniel Patrick Moynihan, Mike Segar, Ulysses S, Grant, Al Drago, Joe Biden, ” Freemark, Robert Puentes, It’s, ” Puentes, Mario Tama, Brightline, Carline Jean, Tony Coscia Organizations: Los Angeles CNN, Washington , D.C, Brightline, Miami, US Department of Transportation, du, Getty, Amtrak, US, Transcontinental Railroad, Central Pacific Railroad, Union Pacific Railroad, Railroad, CNN, Bloomberg, United States Senate, Newsday, Colorado Railroad Museum, Rail, Service, Hall, Pennsylvania, Bureau of Transportation Statistics, Washington DC, Eno Center for Transportation, Private, Las, Passengers, West Palm Beach, Fort, South Florida Sun Sentinel, Tribune Locations: Europe, Asia, America, United States, Boston, Washington ,, Orlando, California, Los Angeles, San Francisco, Swedish, Paris, AFP, France, Japan, China, Promontory Point , Utah, Compton , California, American, Levittown , New York, Manhattan, New York City , New York, U.S, Indiana, Ohio, Baltimore, Baltimore , Maryland, Potomac, Delaware, Oceanside , California, South Florida, Las Vegas, West Palm, Fort Lauderdale, Florida, South

A business owner with companies near where a Norfolk Southern train derailed and caught fire in February has sued the railroad for $500 million, saying most of his eastern Ohio companies have remained closed and he hasn't been able to reach a financial settlement with the railroad. It comes amid government lawsuits against Norfolk Southern and a class action case on behalf of residents who have complained about the derailment's impact on East Palestine, Ohio. Before the derailment spilled chemicals on his property, Wang's companies employed close to 50 people and had plans to expand. Wang's lawsuit blames the derailment on Norfolk Southern having cut its workforce in recent years and its decision to rely more on longer, heavier trains. Atlanta-based Norfolk Southern is one of the nation's largest railroads and operates roughly 20,000 miles of track in the eastern United States.

Persons: hasn't, Edwin Wang, Wang can’t, Thomas Crosson, Wang Organizations: Norfolk Southern, EPA, Railroad, Transportation, Norfolk Locations: Norfolk Southern, Ohio, East Palestine , Ohio, Pennsylvania, Palestine, Norfolk, Atlanta, United States

☆ Norfolk Southern profit slumps, takes $163 mln charge on Ohio derailment
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jonathan Drake/File Photo Acquire Licensing RightsOct 25 (Reuters) - U.S. railroad operator Norfolk Southern's (NSC.N) third-quarter profit slumped 41% on Wednesday as the company took another hefty charge related to the Eastern Ohio freight train derailment. The company took a $163 million hit in the quarter following a $416 million charge on its quarterly statement in the second quarter and a $387 million charge in the first. Norfolk reported quarterly income from railway operations of$756 million, including the derailment charge, compared to $1.3 billion earned last year. The company's quarterly results were in contrast with that of peer Union Pacific (UNP.N), which reported profit above estimates last Thursday. Reporting by Ananta Agarwal and Mehr Bedi in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Drake, Ananta Agarwal, Mehr Bedi, Arun Koyyur Organizations: University of North, REUTERS, U.S . Justice, Union Pacific, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Norfolk, Eastern Ohio, of Mexico, Great Lakes, Bengaluru

Knowing which hazardous materials are on a train is key to helping firefighters decide how to respond and whether evacuations are needed. The railroads worked with emergency responders to develop the AskRail app in 2014 that firefighters could download to their phones or the computers mounted within their fire trucks. That move made the AskRail information available to about 2.3 million firefighters with hazardous materials training. Railroads are trying to ensure the information is available in multiple places to reduce the chances that firefighters will struggle to find out what is on a train after a derailment. If that effort succeeds across the Atlanta-based railroad's 22-state network in the East, the other major railroads could follow.

Persons: “ It’s, ”, Eric Brewer, “ We’re, Jessica Kahanek, Jose Mejia Organizations: —, Norfolk Southern, Association of American Railroads, Railroads, Norfolk Locations: OMAHA, Neb, Norfolk, Ohio, East Palestine , Ohio, Pennsylvania, Beaver County , Pennsylvania, East Palestine, United States, Canada, Atlanta, Norfolk Southern, railyards

☆ The UAW is playing with fire. Jim Cramer says Ford could be forced to flip the script
▼ + stars: | 2023-09-18 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The United Auto Workers strike entered Day 4 on Monday, and both sides remained far apart on pay hikes. By striking Ford, the UAW is "playing with fire," according to Jim, who said the automaker might get tired of trying to appease union demands and just lock workers out. Ford CEO Jim Farley told CNBC last week that UAW demands would bankrupt the company. In addition to top-line pressure on its EV unit and companywide cost pressure from the UAW strike, Ford needs to work its way through this transition from high-profit ICE vehicles to the currently money-losing EVs. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Jim, Ford, Jim Farley, Goldman Sachs, Tesla, Washington, Joe Biden, Biden, Jim Cramer's, Shawn Fain, Bill Pugliano Organizations: United Auto Workers, Ford, UAW, Detroit, Plant, Bronco, Ford's, General Motors, Chrysler, GM, CNBC, White House, Getty Locations: Michigan, Wayne, Wentzville , Missouri, Toledo , Ohio, U.S, Mexico, Detroit, Detroit , Michigan

☆ The auto strike at Detroit's Big 3 could be a catalyst for what every American worker fears
▼ + stars: | 2023-09-15 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The United Auto Workers targeted all three Detroit automakers — General Motors (GM), Chrysler-owner Stellantis (STLA) and Club name Ford (F) — with walkouts for the first time in its history. The union actions — and their ripple effects — have shut down 15% of America's total auto production. President Joe Biden on Friday expressed his support for the UAW , saying union workers have not been sharing fairly in the profits being made by the automakers. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. United Auto Workers (UAW) members on a picket line outside the Ford Motor Co. Michigan Assembly plant in Wayne, Michigan, US, on Friday, Sept. 15, 2023.

Persons: Stellantis, —, Jim Farley, it's, Farley, Ford, Joe Biden, Biden, That's, Jim Cramer's, Jim Cramer, Jim, Emily Elconin Organizations: United Auto Workers, Detroit, —, Motors, Chrysler, Ford, walkouts, UAW, GM, CNBC, Ford Motor Co, Michigan Assembly, Bloomberg, Getty Locations: U.S, Michigan, Wayne , Michigan

☆ Trinity Site, where first atomic blast was set off, opens for one day in October
▼ + stars: | 2023-09-12 | by ( Kathleen Bangs | ) edition.cnn.com time to read: +12 min

Trinity Site is the national historic landmark that’s home to mankind’s first nuclear blast on July 16, 1945, where plutonium gamma rays lit up the night sky. A caution sign warns of radioactive materials at Trinity Site in New Mexico back in 2008. The open house event, hosted by the US Army, is free but limited to the first 5,000 guests, on a first-come, first-served basis. Trinity Site’s atmosphere during an open house is reminiscent of a small-town carnival from a bygone era. And on April 6, 2024, Trinity Site again opens for a single day.

Persons: CNN —, “ Oppenheimer, ”, Matt McClain, Jonathan Larsen, J, Robert Oppenheimer, McDonald, Sam Wasson, you’ll, Jim Lo Scalzo, Oppenheimer, “, John Dempsey, brightens, Jim Eckles, Trinity, we’ve, Bettymaya, Patricia Henning, Henning, Karl G, Jon G, Fuller Organizations: CNN, Jornada, Trinity, Washington Post, US Army, White, Manhattan Project, Sipa, AP, Albuquerque, Army, Venture, Jumbo, Alamos National Laboratory, New Mexico Gov, National Security Research, Alamogordo Air Base, Radio Astronomy, Getty, “ SETI, Extraterrestrial Intelligence Locations: New Mexico, New York City, Nagasaki, Japan, Trinity, Hiroshima, Socorro, San Antonio . New Mexico, San Agustin, Mexico

☆ Railroad operator Norfolk Southern says outage impact to last for weeks
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. REUTERS/Jonathan Drake/File Photo/File Photo Acquire Licensing RightsAug 28 (Reuters) - Norfolk Southern (NSC.N) said it has restored all rail systems after the U.S. railroad operator experienced a hardware-related outage that affected its operations earlier on Monday. All systems were restored at 0700 pm ET (11 pm GMT), the company said, adding that it expects the impact on its operations to last at least a couple of weeks. There is no indication that the outage was a cybersecurity incident, Norfolk said, without disclosing further details. The company said it has been in touch with its customers to work on updated timings for their shipments.

Persons: Jonathan Drake, Akanksha, Sherry Jacob, Phillips Organizations: University of North, REUTERS, Norfolk Southern, U.S, Transportation, Transportation Department's Federal Railroad Administration, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Norfolk, Transportation Department's, East Palestine , Ohio, Bengaluru

☆ US agency says Norfolk Southern needs 'significant improvements'
▼ + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. REUTERS/Jonathan Drake/File PhotoWASHINGTON, Aug 9 (Reuters) - U.S. railroad regulators on Wednesday said Norfolk Southern needs "significant improvements" in its safety culture after a Feb. 3 derailment in Ohio caused cars carrying toxic vinyl chloride and other dangerous chemicals to spill and catch fire. "We expect Norfolk Southern to do their part, acting on the recommendations in this assessment as well as previous ones to increase safety." Norfolk Southern said CEO Alan Shaw and members of the company’s leadership team met with Bose in Atlanta on Tuesday to review the findings. The report found Norfolk Southern had not moved quickly to embrace findings from the 2022 audit and noted little action in the last 12 months.

Persons: Jonathan Drake, Amit Bose, Alan Shaw, Bose, Shaw, We’re, David Shepardson, Jonathan Oatis, Stephen Coates Organizations: University of North, REUTERS, Norfolk, Transportation, Transportation Department's Federal Railroad Administration, Atlanta, FRA, Southern, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Ohio, Transportation Department's, Atlanta

☆ US offers mixed review of Norfolk Southern safety culture
▼ + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. Inspections in March identified over 100 defects across 95 miles (153 km) of Norfolk Southern territory "and FRA is considering enforcement actions based on those defects. Norfolk Southern said CEO Alan Shaw and members of the company’s leadership team met with FRA Administrator Amit Bose in Atlanta on Tuesday to review the findings. The railroad delivered the report to a consultant conducting an independent review of its safety program. The report found Norfolk Southern had not moved quickly to embrace findings from the 2022 audit and noted little action in the last 12 months.

Persons: Jonathan Drake, Norfolk, Alan Shaw, Amit Bose, Shaw, Bose, We’re, David Shepardson, Chris Reese, Jonathan Oatis Organizations: University of North, REUTERS, Transportation, Transportation Department's Federal Railroad Administration, Southern, Norfolk, FRA, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, East Palestine , Ohio, Transportation Department's, Atlanta

☆ Union Pacific appoints former executive Jim Vena as CEO
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

July 26 - Union Pacific Corp (UNP.N) on Wednesday named former chief operating officer Jim Vena as its top boss, months after CEO Lance Fritz said he was stepping down, sending the U.S. railroad operator's shares up 6.7% in premarket trading. Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. Reporting by Nathan Gomes and Amna Karimi in Bengaluru; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Union Pacific, Thomson Locations: Bengaluru

☆ Union Pacific names former executive Vena as CEO, misses profit estimate
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. The company reported second-quarter profit of $2.54 per share, missing analysts' average estimate of $2.75 per share, according to Refinitiv IBES data, as its shipments fell. The railroad industry has been struggling with railcar shortages resulting in shipment delays and supply-chain disruptions.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Fritz, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Soroban Capital Partners, Union Pacific, Thomson Locations: Bengaluru

☆ Morning Bid: Markets brace for Fed decision, earnings flood
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Investors will be listening carefully to Chair Jerome Powell for indications of whether or not another interest rate hike is in the pipeline. The Fed's communication could set the tone for markets ahead of policy decisions from the European Central Bank (ECB) on Thursday and the Bank of Japan (BOJ) on Friday. Reuters GraphicsEuro zone June M3 annual growth and lending data on Wednesday are unlikely to affect markets ahead of the ECB's decision. Chinese stock markets were mostly lower on Wednesday following a steep rally the day before. China's blue-chip CSI300 (.CSI300) index was down 0.3% while the CSI 300 Real Estate index gained 0.2%.

Persons: Brigid Riley, Jerome Powell, HSI, Sonali Desai, Edmund Klamann Organizations: Federal Reserve, Federal, Market, European Central Bank, Bank of Japan, ECB, Reuters, Fisher, Union Pacific Corp, eBay, Boeing, Microsoft, Carrefour, Danone, GSK, CSI, CPI, Reserve Bank of Australia, U.S, Fed, Thomson Locations: United States, U.S, Europe, France, Asia, China

☆ The Investing Club's top 10 things to watch in the stock market Friday
▼ + stars: | 2023-07-21 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

The Club's top 10 things to watch Friday, July 21 1. Morgan Stanley raised its price target on Eli Lilly to $560 a share, up from $551. KeyBanc raised its price target on Club holding Palo Alto Networks (PANW) to $285 a share, from $242, while maintaining an overweight weighting on the stock. Stifel raised its price target on Club holding Meta Platforms (META) to $336 a share, from $280, while maintaining a buy rating on the stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: it's, Z, Morgan Stanley, Eli Lilly, KeyBanc, SLB, Halliburton, SVB Leerink, Johnson, Stifel, DA Davidson, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, American Express, Novo Nordisk, Palo Alto Networks, Johnson, . Railroad, CSX, Microsoft, Jim Cramer's Charitable, CNBC Locations: millennials

☆ US to conduct safety review of all major railroads -letter
▼ + stars: | 2023-06-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/3] General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. REUTERS/Alan FreedWASHINGTON, June 6 (Reuters) - The Biden administration will conduct safety assessments of all major U.S. railroads following the Feb. 3 derailment of a Norfolk Southern (NSC.N) operated train in Ohio, according to a letter seen by Reuters on Tuesday. Bose's letter said each major railroad will be asked to "develop corrective actions in response to FRA’s recommendations, and FRA will track those to completion." A major rail trade group did not immediately comment. Last month, the U.S. Senate Commerce Committee approved rail safety legislation that tightens rules on trains carrying explosive substances.

Persons: Alan Freed WASHINGTON, Biden, Chuck Schumer, Amit Bose, Schumer, David Shepardson, Chris Reese, Nick Zieminski Organizations: REUTERS, Reuters, Federal Railroad Administration, U.S . Senate, Norfolk Southern, Thomson Locations: East Palestine , Ohio, U.S, Southern, Ohio, Norfolk

☆ Norfolk takes $387 mln charge due to Ohio derailment, warns on volumes
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) took a $387 million charge in the first quarter due to the Ohio freight train derailment and said it expects economic headwinds to weigh on its volume and revenue during the April-June period. Shares of Norfolk, which operates in 22 states and the District of Columbia, slipped 1.1% in afternoon trade on Wednesday. The U.S. Justice Department sued Norfolk last month, seeking to ensure that the railroad operator pays the full cost of cleanup and any long-term impacts of the derailment. Norfolk posted an adjusted profit of $3.32 per share for the first quarter, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Norfolk Southern expects economic, inventory headwinds to pressure Q2 volume, revenue
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it expected inventory and economic headwinds would pressure its volume and revenue throughout the second quarter, even as demand for freight remained strong. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. "Looking at the back half of '23, clearly, the economic conditions remain uncertain," Elkins said. However, automotive shipments have boosted freight demand as car makers are ramping up production. Overall quarterly operating revenue rose 7.4% to $3.13 billion, compared with analysts' estimates of $3.11 billion.

☆ Norfolk Southern takes $387 mln charge in Q1 after Eastern Ohio derailment
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it took a $387 million charge in the first quarter after a freight train derailment in Eastern Ohio released over a million gallons of hazardous materials into the environment. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. The state of Ohio sued the railroad operator in March, seeking compensation for damages to the state's environment, economy and residents. Norfolk, which serves 22 states and the District of Columbia, posted an adjusted quarterly profit of $3.32 per share, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

April 20 (Reuters) - Union Pacific Corp's (UNP.N) chief executive officer said on Thursday the railroad operator was considering slowing down the pace of hiring in the second half of the year amid a cloudy economic outlook, becoming the latest U.S. company to evaluate its staffing plans. CEO Lance Fritz told Reuters in an interview the outlook was turning a "little cloudier" for consumer-facing companies, which is making railroad volume difficult to predict. A possible slowdown in hiring comes at a time when railroads are struggling to move cargo on time, which has invited severe criticisms from regulators and customers. Shares of Union Pacific, which connects West Coast ports to key terminals such as Chicago, lost its gains in the day to trade flat in the afternoon session. Operating revenue for the quarter ended March 31 rose 3% to $6.06 billion, in line with analysts' estimates.

☆ The wild traffic hack that could pave the way for self-driving cars
▼ + stars: | 2023-04-12 | by ( Adam Rogers | ) www.businessinsider.com time to read: +11 min

You might be able to get out of the way of a testosterone-fueled human driver in an SUV, but the self-driving cars will never see him coming. As more self-driving cars enter the market, speed through Hajbabaie's intersections goes up and fuel consumption goes down. The same will be true of proposals like white traffic lights for self-driving cars. If self-driving cars ever move beyond shared services like taxis and deliveries, the first vehicles are going to be owned by wealthy people. The world of tomorrowFor the moment, cities are in no danger of being overrun by self-driving cars.

☆ Credit Suisse fears hit Toronto's main stock index
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

TORONTO, March 15 (Reuters) - Canada's main stock index fell 1.6% on Wednesday, dragged down by energy and financial stocks as Credit Suisse spooked world markets, renewing concerns of a banking crisis. By provisional close on Wednesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 315.32 points at 19378.84, its worst day since December 2022. Canadian financial stocks (.SPTTFS) fell 1.9% on Wednesday, mirroring global financial stocks in falling once again, following a brief relief rally on Tuesday, as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Brent crude fell 4.1% to $74.26 a barrel. The Toronto market's industrials and utilities sectors escaped the losses on Wednesday, up 0.8% and 0.2% respectively.

Search resuls for: ". Railroad"

25 mentions found