"The underlying economy in Q2 seemed somewhat weaker than it did in Q1," says Union Pacific (UNP +1.1%) CEO John Koraleski on the CC (transcript). The railroad used all of its lumber cars in Q1, but some had to be put back in storage as demand for building materials slowed. Has coal bottomed out? Volumes were about even with last year's weak levels. Weather will be key. "We're doing high fives," says Koraleski, noting the 97 degree weather in Omaha today.