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☆ Norfolk Southern and Other Freight Railroads Agree to Join Federal Close-Call Reporting System
▼ + stars: | 2023-03-03 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The East Palestine, Ohio, train derailment has led to more scrutiny of railroad safety practices. Norfolk Southern Corp. and its rivals said Thursday they have agreed to join a federal system that lets employees confidentially report close calls, a program the biggest freight railroads had refused to join for years. Transportation Secretary Pete Buttigieg on Monday had asked the chief executives of the seven so-called Class 1 railroads— Union Pacific Corp., Norfolk Southern, BNSF Railway, CSX Corp., Canadian Pacific Railway Ltd., Canadian National Railway Co. and Kansas City Southern—to join the Federal Railroad Administration’s close-call reporting system.

☆ Union Pacific Shares Jump on Hopes for New CEO
▼ + stars: | 2023-02-27 | by ( Esther Fung | Dean Seal | ) www.wsj.com time to read: 1 min

Union Pacific’s total shareholder return, which includes dividends, has lagged behind its publicly traded rivals. Union Pacific Corp. shares surged after the railroad said it would replace its chief executive and investors cheered the possibility that a disciple of the late Hunter Harrison could take over the company. Jim Vena , who worked with Mr. Harrison for years, is a proponent of precision scheduling railroading. The strategy, which Mr. Harrison deployed in Canada and at CSX Corp., reduces costs by operating fewer, longer trains and running them on tighter schedules. It has also sparked criticism from unions about job losses and shippers about service disruptions.

☆ Bank of America upgrades Union Pacific after railroad operator says new CEO coming in 2023
▼ + stars: | 2023-02-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Bank of America says it's time to buy Union Pacific after the company announced its current CEO, Lance Fritz, would be stepping down this year. Analyst Ken Hoexter upgraded the railroad operator's shares to buy from neutral. Hoexter said the leadership change shows the company is prioritizing an operational fix after it was flagged for poor service by the Surface Transportation Board last year. The firm expressed optimism for the frontrunner for Fritz's replacement — former Union Pacific COO Jim Vena — citing his strong track record at the company. Hoexter raised his price target to $241 from $218, implying a 25% upside from Friday's closing price.

☆ Union Pacific CEO to leave after push from activist shareholder
▼ + stars: | 2023-02-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Union Pacific shares jumped 10% in premarket trading Monday after the railroad company announced CEO Lance Fritz will leave the company by year-end, following a call by an activist hedge fund for his ouster. Union Pacific just reported a record profit for the second straight year. And it said that the Surface Transportation Board, one of the regulators of freight railroads, ranked Union Pacific as providing the worst service among the major railroads. Union Pacific last year earned a net income of $7 billion, up about $500 million, or 7%, from the previous record profit it posted for 2021. Total employee compensation for the year came to $4.6 billion, far less than the $6.3 billion that Union Pacific spent repurchasing shares of stock in the period.

☆ Norfolk Southern, in wake of toxic derailment, gives in on sick days for one of its unions
▼ + stars: | 2023-02-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Norfolk Southern has agreed to give one of its unions the paid sick days it demanded for members in negotiations last year, and is in talks to grant sick days to its other unions as well. Norfolk Southern has about 19,000 employees total and about 15,000 of whom are union members. Norfolk Southern’s concession comes two weeks after another railroad, CSX (CSX), reached a deal with two of its unions to provide four sick days a year. The Norfolk Southern deal provides up to seven sick days per employee. Norfolk Southern and the nation’s other major freight railroads all faced criticism last year for refusing the unions’ demands for paid sick days for their members.

☆ Norfolk Southern is giving over a thousand times more money to shareholders than to derailment victims
▼ + stars: | 2023-02-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company spent $3.4 billion on share repurchases last year, and $3.1 billion in 2021, bringing its recent share repurchases to $6.5 billion. Billions to shareholdersIn March 2022, Norfolk Southern (NSC) announced a new $10 billion share repurchase plan. Norfolk Southern did not respond to questions Wednesday on whether it expects to change its share repurchase plans in the wake of the derailment. Other freight railroads are also reporting improving profits, and have joined Norfolk Southern in massive share repurchases. Like Norfolk Southern, both UP and CSX spent more on share repurchases than they did on total employee compensation.

☆ Buttigieg urges U.S. railroads to boost safety, not oppose reforms
▼ + stars: | 2023-02-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

[1/7] 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. Buttigieg said he would soon outline specific safety improvements railroads should take immediately. He harshly criticized them for lobbying against steps "intended to improve rail safety and to help keep Americans safe." Buttigieg said he also planned to outline "prioritized actions planned" by the U.S. Department of Transportation on rail safety. In response to the derailment, U.S. Senate Commerce Committee Chair Maria Cantwell Friday opened an inquiry into railroad hazardous materials safety practices.

☆ U.S. senator asks railroad CEOs to answer questions on hazardous shipments
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Feb 17 (Reuters) - U.S. Senate Commerce Committee chair Maria Cantwell said on Friday she was opening an inquiry into railroad hazardous materials safety practices after a Feb. 3 Ohio derailment of a train operated by Norfolk Southern (NSC.N) raised new concerns. Cantwell wrote the chief executives of Norfolk Southern, Burlington Northern Santa Fe (BNSF), Canadian National (CNR.TO), Canadian Pacific (CP.TO), CSX (CSX.O), Kansas City Southern, and Union Pacific (UNP.N) seeking information to help determine how to improve safety. "Every railroad must reexamine its hazardous materials safety practices to better protect its employees, the environment, and American families and reaffirm safety as a top priority," Cantwell wrote. Reporting by David Shepardson; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

The derailment of the train, operated by Norfolk Southern (NSC.N), forced thousands of residents to evacuate while railroad crews drained and burned off chemicals. “We have mobilized a robust, multi-agency effort to support the people of East Palestine, Ohio," White House spokesperson Karine Jean-Pierre said at a briefing. [1/3] A view of a caution tape as members of the U.S. Environmental Protection Agency (EPA) (not pictured) inspect the site of a train derailment of hazardous material in East Palestine, Ohio, U.S., February 16, 2023. DeWine called on Congress to review railroad safety regulations, lamenting states have little power to demand information about what types of hazardous goods are rolling through their borders. Transportation Secretary Pete Buttigieg said Thursday more needs to be done to address rail safety in the face of hundreds of annual train derailments.

☆ Buy these 12 stocks to profit from higher-than-expected price growth, according to an inflation fund manager who beat 96% of his competitors last year
▼ + stars: | 2023-02-16 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Top fund manager Simon Lack shared 12 top stocks to buy while inflation remains hot. The news confirmed what Simon Lack, a 37-year market veteran who runs a leading inflation fund, has long suspected: that price growth will remain an issue for investors throughout 2023 — and possibly beyond. If high inflation is the new normal, the Fed will struggle to achieve its goal of stabilizing prices, Lack said — at least not without causing a recession. His Rational Inflation Growth Fund (IGOAX) finished in the top 4% of its category in 2022 after beating its index by 14 percentage points, according to Morningstar. By contrast, his fund goes on offense by owning stocks in sectors that benefit from high prices.

☆ Viking Global adds CSX and Fortinet, exits T-Mobile in the fourth quarter
▼ + stars: | 2023-02-15 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Viking Global swapped out several positions worth hundreds of millions of dollars in an active fourth quarter for the hedge fund, according to securities filings . Viking, which is run by Andreas Halvorsen, revealed several notable new positions, including a stake in CSX worth more than $480 million. Viking Global also exited several large positions during the quarter, including stakes in T-Mobile and Salesforce that were worth about $446 million and $345 million, respectively, at the end of the third quarter. Other large positions that were zeroed out include Parker Hannifin , Take-Two Interactive and Western Digital . The listed equity holdings for Viking Global totaled about $20 billion at the end of the quarter.

☆ Keith Meister's Corvex Management bets on media companies, cuts big tech and biotech holdings
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Corvex Management increased its stakes in media-related companies while slashing technology and biotech investments, according to its latest quarterly 13F filing with the SEC. Crown Holdings was Meister's second-largest acquisition in the fourth quarter, when Corvex bought $74 million of shares. In November, billionaire Carl Icahn disclosed an 8.5% stake in the packaging company once known as Crown Cork & Seal. Corvex in the fourth quarter increased its position in Fomento Economico Mexicano , a Mexican multi-national retail and beverage company, by 9.5%, bringing the holding to almost $200 million. Corvex exited its positions in Amazon , JP Morgan Chase & Co . and Uber in the fourth quarter.

☆ Bernie Sanders, White House pressure railroads on paid sick leave for union workers
▼ + stars: | 2023-02-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

a member of the committee, demanded railroad carriers offer workers at least seven paid sick days. "If they think that those [Senate members] who voted for seven days sick pay that they forgot, they got it wrong. A House amendment that guaranteed comprehensive sick leave passed the House but failed in the Senate. After the vote, Sanders and more than 70 members sent a letter to President Joe Biden urging his administration to take action to guarantee paid sick days for rail workers. The failed vote on paid sick leave led union leaders to remind politicians that votes have election consequences.

☆ Two rail unions reach deal with CSX railroad for paid sick time
▼ + stars: | 2023-02-08 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

CNN —CSX Transportation announced Tuesday that it had reached a deal with two railroad unions regarding paid sick leave. It also allows members to use up to three personal leave days for sick leave, the two unions said. Eight unions voted to accept the tentative agreement negotiated by the Biden administration with no paid sick leave, while four voted it down. The unions asked for ten paid sick days initially — whittling down their ask to four. The three other major freight railroads — Union Pacific, BNSF and Norfolk Southern — do not currently have paid sick leave in place.

☆ Watch CNBC's full interview with CSX CEO Joseph Hinrichs
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with CSX CEO Joseph HinrichsCSX CEO Joseph Hinrichs joins 'Squawk on the Street' to break down the company's quarterly results and the future of the stock.

☆ Morning bid: Cloudy outlook
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +4 min

And deep in the weeds of the fourth-quarter corporate earnings season, Microsoft's (MSFT.O) overnight rollercoaster probably defines the uncertainty. Microsoft stock surged almost 5% in after-hours trading on Tuesday after its bottom line beat the Street consensus. The mixed earnings picture dampened early week enthusiasm surrounding tech stocks and chipmakers. The chance it may force the Reserve Bank of Australia to lift interest rates again boosted the Aussie dollar. Key developments that may provide direction to U.S. markets later on Wednesday:* Bank of Canada policy decision.

☆ Earnings Exchange: IBM, CSX, AAL & LUV
▼ + stars: | 2023-01-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings Exchange: IBM, CSX, AAL & LUVDelano Saporu, New Street Advisors CEO, joins ‘The Exchange’ to discuss a few stocks ahead of earnings, including IBM, CSX, Southwest and American Airlines.

☆ Stocks making the biggest moves after hours: Tesla, Chevron, ServiceNow, Levi Strauss, IBM and more
▼ + stars: | 2023-01-25 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Tesla — Shares rose 0.4% in volatile trading after the electric-vehicle maker reported earnings and revenue for the fourth quarter that beat analyst expectations. Chevron — Shares advanced 2.7% after the oil company announced a $75 billion stock repurchasing program. Levi Strauss — The denim company jumped 7% after its earnings and revenue for the fourth quarter came in above expectations. International Business Machines — IBM beat quarterly earnings and revenue forecasts, but the stock fell more than 2%. Analysts polled by Refinitiv expected earnings of 46 cents per share on revenue of $3.72 billion.

☆ Union Pacific: Major railroad posts record earnings, spends more on share repurchases than on its employees
▼ + stars: | 2023-01-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Union Pacific, one of the major freight railroads that successfully fought off union demands for paid sick days for workers during contentious labor negotiations in 2022, reported another year of record earnings Tuesday. The company, along with CSX, Norfolk Southern and Burlington Northern Sante Fe, narrowly avoided a strike by its unionized workers when Congress imposed new contracts on about half of its union members in December. The new labor contracts gave its employees an immediate 14% increase in pay, including back pay. And signing bonuses for union members that were paid in January will show up when the company’s first-quarter results are reported in April. While overall operating expenses for 2022 rose $2.5 billion, that was outweighed by revenue rising $3 billion to a record $24.9 billion for the year.

☆ Did the economy end 2022 with a bang or a whimper?
▼ + stars: | 2023-01-22 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

But the United States economy still seems to be chugging along just fine after experiencing a hiccup in the first half of 2022. Despite worries about weaker consumer spending during the holidays, economists are forecasting solid growth for the fourth quarter. Yearning for earningsMore blue chip companies will report fourth quarter results (and perhaps give guidance about the first quarter of 2023 and beyond) this week. But according to FactSet senior earnings analyst John Butters, earnings for the tech sector are expected to fall nearly 10% in the fourth quarter compared to the fourth quarter of 2021. Verizon (VZ), Johnson & Johnson (JNJ), Travelers (TRV), 3M (MMM), Boeing (BA), Dow (DOW), Visa (V), Chevron (CVX) and American Express (AXP).

☆ Get ready for a deluge of data next week that will shape the Fed's next moves
▼ + stars: | 2023-01-21 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Within the portfolio, we'll get the latest earnings from Danaher (DHR), Halliburton (HAL), and Johnson & Johnson (JNJ) on Tuesday before the opening bell. While the results will be important as always, we are most interested in the earnings call with analysts and investors. Housing Starts fell 1.4% in December to a seasonally adjusted annual rate of 1.38 million, slightly above the 1.36 million expected. Building permits dropped 1.6% in December to a seasonally adjusted annual rate of 1.33 million, below expectations of 1.37 million. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Earnings could keep the market on edge in week ahead as investors wait for Fed
▼ + stars: | 2023-01-20 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

I do think that will happen even more in the week ahead as the Fed is in a blackout period. S & P Global PMI data is released for both services and manufacturing Tuesday. "The market continues to think the Fed does not have to administer as much medicine as the Fed tells us they plan to. Earnings, earnings, earnings Stocks were lower in the past week, with the S & P 500 off by 1.8%. "It's a mild earnings recession, but it's an earnings recession.

☆ One woman describes the chaos aboard the Amtrak Auto Train that was delayed for 20 hours: 'I will not be going on another train, that's for sure'
▼ + stars: | 2023-01-14 | by ( Lloyd Lee | Hannah Getahun | ) www.businessinsider.com time to read: +6 min

An Amtrak Auto Train was severely delayed due to a freight derailment that occurred Monday night. The Auto Train is a 900-mile train service that goes from Lorton, Virginia, to Sanford, Florida. "I will not be going on another train, that's for sure," she told Insider on Wednesday, exhausted from her long journey. Amtrak told Insider that the incident forced the Auto Train to take a detour. One of the therapy dogs that were aboard the Amtrak Auto Train.

☆ People stuck on board an Amtrak train for more than 29 hours had to be told by the conductor they were not being held hostage: report
▼ + stars: | 2023-01-11 | by ( Cheryl Teh | Hannah Getahun | ) www.businessinsider.com time to read: +4 min

Passengers on an Amtrak train were stranded in South Carolina after their train took a detour due to another train derailing. This was just the beginning of the mess: the Amtrak passenger train's journey was then halted in South Carolina. Additionally, safety laws control how many hours train employees are allowed to work. "Hey @Amtrak my parents have been stuck on the auto train that left Lorton yesterday around 5pm. "Any help heading towards the fully booked Amtrak auto train full of elderly passengers that is now almost 10 hours past arrival time?

☆ Jim Cramer says he likes these 3 industrial stocks heading into 2023
▼ + stars: | 2022-12-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Friday identified three industrial stocks that he believes are worth owning next year, saying he expects them to outperform the sector's top performers in 2022. The best-performing industrial stocks in the S&P 500 so far this year have been Northrop Grumman , Lockheed Martin and Deere — up 36.9%, 35.6% and 25.7%, respectively. Looking ahead, though, Cramer said he'd prefer to own the likes of Caterpillar , Illinois Tool Works and railroad operator CSX . Illinois Tool Works shares are down more than 12% in 2022 because fears of an economic slowdown have trumped the company's actual results, Cramer contended. Transports such as CSX — down nearly 16% year to date — are "totally hated" on Wall Street, Cramer acknowledged.

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