The chief executive of No. 1 U.S. railroad Union Pacific Corp said on Thursday that he does not think mergers of major railroads "make sense" because of the regulatory hurdles they face and the service issues they create."The (service and regulatory challenges) add a whole layer of concerns for me," the CEO, Jack Koraleski, told analysts in a conference call after Union Pacific reported a higher-than-expected third-quarter profit and said it expected a solid fourth quarter."I'm really not a fan (of mergers), I don't think it's a good solution," Koraleski said.Canada's No. 2 railroad, Canadian Pacific Railway Ltd, recently made a failed bid for CSX Corp, the No. 3 U.S. railroad. The CEOs of CSX and Norfolk Southern Corp have made comments in the past week stressing that past mergers between large railroads have led to significant service disruptions.
CSX Corporation (CSX), together with its subsidiaries, is a transportation supplier. Shares of CSX traded higher by 3.27% or $1.11/share to $35.09. In the past year, the shares have traded as low as $25.84 and as high as $34.42. On average, 7160930 shares of CSX exchange hands on a given day and today's volume is recorded at 3245105.
Norfolk Southern Corporation (Norfolk Southern) is a Virginia based company that controls a railroad, Norfolk Southern Railway Company. Shares of NSC traded higher by 1.19% or $1.27/share to $107.77. In the past year, the shares have traded as low as $84.52 and as high as $113.50. On average, 1708900 shares of NSC exchange hands on a given day and today's volume is recorded at 925443.
Union Pacific Corporation (UPC) owns transportation companies. Shares of UNP traded higher by 4.2% or $4.4907/share to $111.35. In the past year, the shares have traded as low as $74.62 and as high as $110.84. On average, 3526890 shares of UNP exchange hands on a given day and today's volume is recorded at 2152452.
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