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Norfolk Southern announced on Tuesday that it agreed to pay $600 million to settle a class-action lawsuit stemming from a February 2023 derailment of a train carrying hazardous materials in East Palestine, Ohio. The settlement, which must be approved by U.S. District Judge Benita Y. Pearson, includes payments to residents and businesses within 20 miles of the derailment. It also resolves personal injury claims within a 10-mile radius of the derailment. “Individuals and businesses will be able to use compensation from the settlement in any manner they see fit to address potential adverse impacts from the derailment,” Norfolk Southern said in a statement. “This could include health care needs and medical monitoring, property restoration and diminution, and compensation for any net business loss.”The lawyers representing the victims said the settlement was “a fair, reasonable and adequate result for the community on a number of levels,” including the speed in which the resolution was reached and how much money residents and businesses would receive.
Persons: Benita Y, Pearson Organizations: Norfolk Southern, U.S, District Locations: East Palestine , Ohio
But Norfolk Southern didn’t admit to any liability or wrongdoing as a result of the settlement. Following the February 3, 2023, Norfolk Southern freight train derailment, residents were ordered to evacuate temporarily. But several class-action lawsuits say the company hasn’t done enough to remediate the toxic chemicals released into the area. They also blamed Norfolk Southern for negligence. Shares of Norfolk Southern (NSC) fell 2% in premarket trading.
Persons: , , Seth Katz, Burg Simpson Eldredge Hersh, Jardine, Elizabeth Graham of Grant, Eisenhofer, Jayne Conroy, Simmons Hanly Conroy, Michael Morgan, Morgan, Norfolk Southern Organizations: New, New York CNN, Norfolk Southern, Norfolk, National Transportation Safety, Senate Locations: New York, Palestine , Ohio, State, East Palestine
BlackBerry — BlackBerry shares popped more than 9% after the company announced a partnership with Advanced Micro Devices on robotics systems. Neogen Corp — The food safety stock shed 9% after the company reported a surprise loss of 1 cent per share. The company also trimmed its previous guidance, saying it now expects revenue to range between $920 million and $910 million for the full year. Norfolk Southern announced that it reached a $600 million settlement related to its derailment in East Palestine. Nvidia — Shares fell more than 2%, putting the chipmaker on track for its fifth losing session in six.
Persons: Tilray, FactSet, Goldman Sachs, Molson Coors, Molson, — CNBC's Michelle Fox, Sarah Min, Pia Singh, Yun Li Organizations: Moderna, Reuters, Merck, Boeing, New York Times, Google, American Eagle Outfitters, JPMorgan, Eagle Outfitters, Bank of America, EV, Molson, Pfizer, Neogen Corp, Norfolk Southern, Nvidia —, Netflix Locations: East Palestine
"We are reinstating coverage of AVGO with a buy rating and a new price target of $1,500." "We are upgrading Take-Two from Neutral to Buy and raising our target price from $170 to $200." KeyBanc reiterates Nvidia as overweight Key raised its price target on the stock to $1,200 per share from $1,100. Oppenheimer reiterates Alphabet as outperform Oppenheimer raised its price target on the stock to $185 per share from $172. "We resume coverage after a period of Rating Suspended with a Buy/High Risk (1H) rating and target price of $11."
Persons: Morgan Stanley, Jefferies, Piper Sandler, Piper, selloff, Goldman Sachs, Goldman, Bernstein, Tesla, underperform Bernstein, Wolfe, Eaton, underperform, ETN, Needham, it's, KeyBanc, Oppenheimer, Chipotle, Stefan Larsson, Zac Coughlin, Investor Relations Sheryl Freeman, Evercore, Cantor Fitzgerald, Cantor, Nvidia, Huntington, BTIG, Truist, Melius, Dell Organizations: Norfolk Southern, CP, NSC, JPMorgan, GE, Deutsche Bank reinstates Broadcom, Deutsche, Tesla, Citi, Netflix, AMD, ARM, Meta, Google, NASDAQ, Investor Relations, Disney, Susquehanna, Nvidia, Bank of America, of America, U.S, TAM, Dell, Apple Locations: FSLY, F1Q
Last month, Norfolk Southern hired Orr away from rival CPKC, paying tens of millions of dollars to buy him out of his contract. A witness told the arbitrator that, in one instance, Orr told the employee that she "was so f------ stupid it was embarrassing." Prior to the announced hiring of Orr, Ancora drew attention to claims about his behavior in emails to two Norfolk Southern board members that CNBC obtained. Norfolk Southern told CNBC in a statement that Ancora's analysis of the value of the route — the Meridian Speedway agreement — "is completely inaccurate and based on a flawed premise," in that it assumes Norfolk Southern is forgoing more revenue than it actually is. Regarding Orr, Norfolk Southern said he has a "track record of improving performance while operating safely and with integrity."
Persons: Ancora, Alan Shaw, John Orr, Orr, Jim Barber, Jamie Boychuk, Shaw, John, Mr, Neuberger Berman, Gordon Haskett, Don Bilson, it's, isn't Organizations: Norfolk Southern, Getty Images, Wall, Canadian National, Canadian, CNBC, Norfolk, Meridian, CSX, Longacre Square Partners, Barclays Locations: Atlanta , Georgia, Getty Images Norfolk, Norfolk, Norfolk Southern, U.S, Orr, East Palestine , Ohio
It had a magnitude of 4.8 and an epicenter 30 miles west of Newark, New Jersey, per the USGS. AdvertisementA rare earthquake outside New York City rattled the tristate area on Friday morning. New York City experienced an earthquake on Friday. While earthquakes in New York City are rare, North America is home to some of the world's biggest. In 2011, a 5.9 magnitude earthquake hit Virginia, marking the last major rattler to hit the East Coast.
Persons: , Paul Earle, Talia Lakritz, Earle, Jessica Jobe, Phil Murphy, Kathy Hochul, John F, Flightradar24, Eric Adams Organizations: Service, New York City, United States Geological Survey, Gov, New York Police Department, New, New York City Fire Department, Business, Newark Liberty International, Kennedy, Federal Aviation Administration Locations: Philadelphia, Boston, Newark , New Jersey, New York, New Jersey, East, Norfolk , Virginia, Maine, New York City, Newark, Holland, North America, Virginia, Toronto
Just days after CSX announced a new rail line in response to the Port of Baltimore closure, the Baltimore-bound containers that were diverted to the Port of New York and New Jersey are back being unloaded in Baltimore. CSX started discussions last week with Ports America to see how it could effectively move the diverted cargo. The train route moving the diverted cargo includes Chicago; Kearney, New Jersey; and Baltimore. Norfolk is in discussions with Ports America to extend this service directly on-dock at their Seagirt Intermodal Container Transfer Facility. As the Port of Baltimore crisis unfolded, many major ocean carriers invoked contract clauses transferring responsibility for transportation of cargo from diverted ports to shipping clients.
Persons: Mark Schmidt, Schmidt, Scott Cowan Organizations: CSX, Port, Ports, Canada, Plan Investment Board, Ports America, Norfolk Southern, Elizabeth Marine, Norfolk Southern's Triple Crown Services, International Longshoremen's Association, Baltimore Locations: Baltimore, of New York, New Jersey, Ports America, North, Chicago, Kearney , New Jersey, Norfolk, New York, Wilmington, Newark, Elizabeth , New Jersey, Port of New York, North America, Port of Baltimore, East Coast, Gulf, U.S, , Puerto Rico, Eastern Canada
Federal regulations had not previously specified a minimum crew size, but the nation’s largest freight railroads typically have two workers on each train, an engineer and a conductor. The Federal Railroad Administration proposed requiring two-person crews in 2022, arguing that doing so would improve safety. The issue received further attention after a Norfolk Southern freight train derailed last year in East Palestine, Ohio, putting the issue of railroad safety in the spotlight. A bipartisan rail safety bill introduced in Congress in response to the derailment included a requirement for two-person crews, though the legislation has stalled. The Norfolk Southern train, which investigators believe derailed because of an overheated wheel bearing, had three crew members on board: an engineer, a conductor and a conductor trainee.
Organizations: Biden, Federal Railroad Administration, Norfolk, Norfolk Southern Locations: Norfolk Southern, East Palestine , Ohio
One year after the East Palestine, Ohio train derailment created an environmental disaster, the Biden administration on Tuesday unveiled new regulations intended to shore up freight rail safety. Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Yet the new rule stops short of the kind of rail safety updates that the Biden administration and members of Congress had originally envisioned as a response to the East Palestine disaster. Making any major updates to rail safety will require congressional funding that has not yet been approved. The stalling of the Railway Safety Act also underscores the power of the freight rail industry's Washington lobbying shop, the Association of American Railroads (AAR).
Persons: Pete Buttigieg, Biden, Vince Verna, Buttigieg Organizations: Federal Railroad Administration, NTSB, Norfolk Southern, Railway, of Locomotive Engineers, Trainmen, Association of American Railroads, CNBC, CSX, Union Pacific, AAR, ARA, Transportation Department Locations: States, United States, Palestine , Ohio, East Palestine , Ohio, U.S, East Palestine, Norfolk, Palestine, Ohio, Washington
"A lot of people like the actual new 3M," Jim Cramer said, while referring to the company's years of litigation fights. "This is CrowdStrike and Palo Alto. Buy some Palo Alto on this. The CNBC Investing Club owns shares of Palo Alto Networks. The Club owns Coterra.
Persons: Jim Cramer's, Jim Cramer, Cramer, I'm, they've, J.B, Robinson Organizations: CNBC, Club, Palo Alto, CNBC Investing Club, Palo Alto Networks, Devon Energy, Wells, The, Skechers, Barclays, Hunt Transport Services, C.H, Werner Enterprises Locations: Palo, Alto, Devon, Skechers USA, Norfolk Southern
Lorraine Graves, a ballerina known for her willowy frame and majestic grace who starred as a principal dancer for the groundbreaking Dance Theater of Harlem for nearly two decades, died on March 21 in Norfolk, Va. She was 66. Her nephew Jason Graves said the cause of her death, in a hospital, was yet to be determined. For a female dancer, “five foot four, five foot six is considered tall,” Virginia Johnson, a former principal dancer and artistic director for the Dance Theater of Harlem, said in an interview. “Because once you get on pointe, you’re adding another six inches to your height, and so having a partner who’s tall enough to partner you is an issue.”Fortunately, the company had plenty of tall male dancers. That allowed Ms. Graves an opportunity to leverage her unique physicality, which over the course of her career she showed off in performances around the world, including before world leaders like Mikhail Gorbachev and Nelson Mandela.
Persons: Lorraine Graves, Jason Graves, Graves, Virginia Johnson, , Mikhail Gorbachev, Nelson Mandela Organizations: of Harlem, Dance Theater of Harlem Locations: Norfolk, Va
But what if I told you this group shrunk its share count dramatically since 2019? The numbers tell the story: Lennar now has 276 million shares outstanding, down from 318 million five years ago. Other than Toll, most of the homebuilder management teams do not emphasize this fundamental change in share count. Management has been buying hand over fist since 2019, shrinking the share count to 215 million from 264 million. My rather unassailable conclusion is pretty simple: Check the share count before you buy a stock.
Persons: PulteGroup, DR Horton, , Douglas Yearley hadn't, homebuilders, Jim Umpleby, Eaton, Dow, Cummins, Elliott, Marc Benioff, Colette Kress, Williams, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Federal Reserve, DR, Management, Dick's, Goods, Abercrombie, Fitch, Williams, Walmart, Caterpillar, DuPont, Marathon Petroleum, Elliott Management, Valero Energy, Pacific, Norfolk Southern, CSX, Apple, Microsoft, NFL, Jim Cramer's Charitable, CNBC Locations: tatters, California, Sonoma, America, Williams Sonoma, San Marcos , California
CNN —Officials using DNA analysis have identified the remains of a 19-year-old Virginian sailor killed in a World War II attack more than 80 years ago, the United States Defense POW/MIA Accounting Agency announced Thursday. David Walker, of Norfolk, Virginia, served as a Mess Attendant 3rd Class while assigned to the battleship USS California. The ship was docked at Pearl Harbor on December 7, 1941, when Japan conducted a surprise military strike on the Hawaii naval base. Multiple torpedoes and bombs hit the vessel, causing it to catch fire and slowly flood, resulting in the deaths of 103 crewmen including Walker, according to a news release from the agency. His remains were identified using anthropological, dental analysis and mitochondrial DNA analysis by the Armed Forces Medical Examiner System, the release states.
Persons: David Walker, Walker, Walker’s, Edna Lee Ward Organizations: CNN, United States Defense POW, Agency, Hawaii, Armed Forces Medical, System, Norcom, School, US Navy, Memorial, of, Pacific, Arlington National Cemetery Locations: Norfolk , Virginia, California, Harbor, Japan, Hawaii, I.C, Portsmouth , Virginia, Pearl
Kate Middleton, Princess of Wales, announced her cancer diagnosis on March 22. Some criticized Prince William for not appearing in the video statement beside Middleton. In the video, Middleton donned casual clothes and sat on a bench in the garden while delivering details about her health. "I do think they could have done more, but we also don't know what Kate wanted," von Mueffling said. SANDRINGHAM, NORFOLK - DECEMBER 25: Catherine, Princess of Wales, Princess Charlotte of Wales, Prince George of Wales, Prince William, Prince of Wales, Prince Louis of Wales and Mia Tindall attend the Christmas Morning Service at Sandringham Church on December 25, 2023 in Sandringham, Norfolk.
Persons: Kate Middleton, Princess of Wales, Prince William, Dini von Mueffling, Prince William's, , Middleton, von Mueffling, would've, Von Mueffling, Monica Lewinsky, Jane Barlow, Stephen Colbert, Mueffling, Kate, Catherine , Princess of Wales, Princess Charlotte of Wales, Prince George of Wales, Prince William , Prince of Wales, Prince Louis of Wales, Mia Tindall, Samir Hussein, Prince George, Princess Charlotte, Prince Louis, Buckingham, Charles Organizations: Service, Kensington Palace, Sandringham Church, Buckingham Palace, Associated Press Locations: Middleton, Kensington, Wales, New York City, Virginia, SANDRINGHAM, NORFOLK, Sandringham , Norfolk
California, the flagship of the Navy’s Pacific Fleet, was moored on “battleship row” at Pearl Harbor when it was struck by Japanese torpedoes and bombs. The ship caught fire, flooded and sank over the course of three days, and 103 crew members were killed. Officials were initially unable to identify all of the victims and the remains of 25 “unknowns” were buried in Hawaii. Accounting Agency, or D.P.A.A., an arm of the Pentagon whose mission is to find and return missing military personnel. “It’s a promise fulfilled to the service member,” he said, adding that “we also owe it to the families to give them answers.”
Persons: David Walker, , Sean Everette, Organizations: Navy’s, Defense, Accounting Agency, Pentagon Locations: . California, Pearl, Hawaii, Norfolk, Va
One of its cruises, the Carnival Legend, departed on Sunday for a seven-day round trip from the Baltimore port and will return instead to Norfolk. Competitors Royal Caribbean and Norwegian Cruise Line were up around 3% and 6% respectively at closing. American Cruise Line also frequents the Baltimore port on East Coast itineraries — its American Glory cruise is set to sail next week. The company has over 30 cruises scheduled from the Baltimore port for the rest of 2024. The Baltimore port is the 17th-largest in the US, and the bridge collapse has left six construction workers presumed dead.
Persons: , Josh Weinstein, Weinstein Organizations: Royal, Cruise, Service, Coast Guard, Royal Caribbean, Cruise Line, Washington Post . Locations: Baltimore, Norfolk , Virginia, Royal Caribbean, Baltimore's, Norfolk, New York, Washington, East
Rose Hanbury and David Cholmondeley live at Houghton Hall in Norfolk. Built in the 1720s, the 106-room estate is close to Prince William and Kate Middleton's home. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementHoughton Hall in Norfolk, England, is home to David Cholmondeley, the 7th Marquess of Cholmondeley, and his wife, Lady Sarah Rose Hanbury. Take a look inside the historic estate, which has been a center of arts and culture for centuries.
Persons: Rose Hanbury, David Cholmondeley, Prince William, Kate Middleton's, , Marquess of Cholmondeley, Lady Sarah Rose Hanbury, Kate, Kate's, Cholmondeley, Hanbury Organizations: Houghton Hall, Houghton, Service Locations: Norfolk ., Norfolk, England
Baltimore's Francis Scott Key Bridge collapsed Tuesday morning after a container ship crashed into it. Carnival Cruise Line is temporarily relocating the Carnival Legend's homeport from Baltimore to Norfolk, Virginia. The company is providing guests on the ship, returning on Sunday, with a bus back to Baltimore. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOn Sunday, travelers on Carnival Cruise Line's Legend ship will return home after a relaxing weeklong vacation in the Caribbean.
Persons: Baltimore's Francis Scott Key, , Francis Scott Key Organizations: Service, Business Locations: Baltimore, Norfolk , Virginia
Read previewThe collapse of the Francis Scott Key Bridge on Tuesday is a reminder that the economy remains vulnerable to sudden supply-chain shocks, experts say. Here's how the catastrophe could affect the economy, trade, and the city of Baltimore. "This event will have greater economic implications for the Baltimore economy than nationally," Oxford Economics' chief US economist Ryan Sweet said on Tuesday in a research note. The container ship Dali collided with a key bridge in Baltimore on Tuesday. The port of Baltimore is the busiest for "roll-on/roll-off" cargo, which includes cars, light trucks, and agricultural and construction equipment.
Persons: , Francis Scott Key, Dali, Ryan Sweet, Michael A, McCoy, Sweet, Michael Tamvakis, Tamvakis, Ioannis Moutzouris, Moutzouris Organizations: Service, Business, Maersk, Oxford Economics, Washington Post, Getty, JPMorgan, International Monetary Fund, City , University, London's Bayes Business, Maxar, University of London Locations: Baltimore, Norfolk, New York, New Jersey, Suez
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorfolk Southern CEO: We have offered board seats to activist investor'Mad Money' host Jim Cramer sits down with Norfolk Southern CEO Alan Shaw to discuss the ongoing proxy battle led by Ancora Holdings.
Persons: Jim Cramer, Alan Shaw Organizations: Norfolk Southern, Ancora Holdings
Norfolk Southern CEO Alan Shaw denounced Ancora Holdings, the activist investor currently engaged in a proxy fight with the railroad company's board, during an interview with CNBC's Jim Cramer on Wednesday. "We've gone to the activist, and we've offered a settlement — their responses have been unreasonable at the determination of our board," he said. Norfolk Southern faced criticism over the past year after one of its freight trains derailed in East Palestine, Ohio in February 2023 and released toxic chemicals into the soil, water and air. Based in Cleveland, Ohio, 90 minutes from East Palestine, Ancora challenged Norfolk Southern in February, aiming to add eight directors to the board and oust Shaw as CEO. "We enhanced safety, we're making it right in East Palestine," Shaw said.
Persons: Alan Shaw, Ancora, CNBC's Jim Cramer, We've, we've, Shaw, he's Organizations: Norfolk Southern, Ancora Holdings, Norfolk, Regulators Locations: East Palestine , Ohio, Cleveland , Ohio, East Palestine, Norfolk
Cramer gets a closer look at the railroads with Norfolk Southern CEO Alan Shaw'Mad Money' host Jim Cramer sits down with Norfolk Southern CEO Alan Shaw to discuss the ongoing proxy battle led by Ancora Holdings, the company's push for higher efficiency, and more.
Persons: Cramer, Alan Shaw, Jim Cramer Organizations: Norfolk Southern, Ancora Holdings
"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.
Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port
The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed, Baltimore, Maryland, on March 26, 2024. At the time of the collision, the vessel had two pilots from the Port of Baltimore on board. The steel frame of the Francis Scott Key Bridge lies in the water after it collapsed in Baltimore, Maryland, on March 26, 2024. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. "The collapse of the Baltimore bridge primarily affects coal exports from CNX and CSX terminals," said Madeleine Overgaard, dry market data manager for the global trade data platform Kpler.
Persons: Francis Scott Key, Dali, Roberto Schmidt, Paul Brashier, Brashier, Goetz Alebrand, Wes Moore, Larry, Richard Meade, Meade, Kena Betancur, Andy Lipow, Lipow, Helen Delich Bentley, Judah Levine, Madeleine Overgaard, Levine, Tasos Katopodis Organizations: Afp, Getty Images Logistics, Port, Eastern Seaboard, ITS Logistics, Getty, Americas, DHL Global, Maryland Gov, Baltimore, AFP, Uber Freight, IKEA, Lipow Oil Associates, Maersk, Freightos, CSX, East, Francis Scott Key Bridge Locations: Baltimore , Maryland, Baltimore, New York, New Jersey, Norfolk, Port of Baltimore, Colombo, Sri Lanka, Port, American, Taicang Port, Suzhou, China's, Jiangsu, East Coast, Norfolk , Virginia, Maryland, Midwest, New England, Virginia, North East , Maryland, Gulf Coast, Philadelphia, Suez, CNX, Freightos, Asia, U.S
The collision of three Norfolk Southern trains in Pennsylvania early this month highlights the shortcomings of the automated braking system that was created to prevent such crashes. Not only was the system incapable of stopping the second train before it smashed into the back of a stopped train, but it also couldn't stop the third train. Congress required railroads to develop the positive train control system after a deadly 2008 collision between a Metrolink commuter train and a Union Pacific freight train in Chatsworth, California. Norfolk Southern's safety practices have been in the spotlight since one of its trains derailed in East Palestine, Ohio, in February 2023. The report also didn't say whether there were any curves or hills that made it hard for the crew to see the stopped train.
Persons: Chris Barkan, Keith Holloway Organizations: Norfolk Southern, National Transportation Safety, “ PTC, Union Pacific, Metrolink, NTSB, Rail Transportation, Engineering Center, University of Illinois Locations: Pennsylvania, Chatsworth , California, Lower Saucon Township, Lehigh, Atlanta, Norfolk, East Palestine , Ohio, Urbana, Champaign
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