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Thursday, October 23, 2014

Union Pacific CEO: "not a fan" of possible rail mergers, (NYSE: UNP)

No. 1 U.S. railroad Union Pacific Corp said on Thursday that rising freight volumes and strong pricing power helped drive a higher-than-expected third-quarter profit and said that it expected a solid fourth quarter."We are optimistic about the remainder of the year," chief executive Jack Koraleski said in a statement. "Assuming the economy and weather cooperate, we are well positioned to finish up the year with record results."Freight revenue rose in all of the railroad's key commodity groups, with agricultural and industrial products both up 19 percent on the year.The major U.S. railroads have struggled to cope with demand this year. A growing economy and demand for oil by rail plus a record harvest have all put strains on the rail network. Against a backdrop of customer complaints, earlier this month the U.S. Surface Transportation Board, the top rail regulator, ordered the largest railroads to provide more detailed weekly reports with data on their performance.

Union Pacific Corporation (UPC) owns transportation companies. Shares of UNP traded higher by 3.36% or $3.59/share to $110.45. 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 831117.