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Market/Sector Trends
10/23/2009 12:00 PM ET
(RTTNews) -
Transportation stocks are showing notable weakness during trading on Friday, with railroad stocks pulling the sector lower by a considerable margin.
The losses by railroad stocks are contributing to a 5.7 percent loss by the Dow Jones Railroads Index. With the pullback, the index is moving lower for a fourth straight session and slid to its worst intraday level in nearly two weeks earlier in the session.
Burlington Northern Santa Fe (BNI) is helping to lead the sector lower, falling 6.4 percent after reporting third quarter earnings that fell year-over-year. The loss is dragging the stock further away from last week's nearly one-year closing high.
After the close of trading on Thursday, Burlington Northern reported third quarter earnings that fell to $1.42 per share from $1.99 per share in the same quarter last year. Nonetheless, the earnings still came in well above analyst estimates of $1.28 per share.
The company also said total operating revenues for the quarter fell to $3.60 billion from $4.91 billion in the year-ago quarter. Thirteen analysts had consensus revenue estimate of $3.63 billion.
Union Pacific (UNP) is also showing a notable decline, posting a 6.4 percent loss. The loss is dragging the stock further away from the eleven and a half month closing high it set on Tuesday. Earlier, Union Pacific hit its worst intraday level in nearly three months.
While CSX Corp. (CSX) and Norfolk Southern (NSC) are also posting notable losses, American Railcar Industries (ARII) and Portec Rail Products (PRPX) are bucking the downtrend.
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com
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