Market Currents

• Tuesday, November 24, 2009

• 17:06 PM UBS ponders a "Buffett bubble" in shares of rail stocks, which have risen 10-14% since Berkshire Hathaway (BRK.A) agreed to acquire Burlington Northern Santa Fe (BNI). Noting boom-and-bust cycles have followed other Buffett rail moves, UBS warns of a "risk of industry underperformance between now and year end if some of this Buffett-inspired enthusiasm for the group begins to wane." UNP -2.6%. CSX -1.4%. NSC -1%. 3 Comments

• Tuesday, November 3, 2009

• 09:00 AM Premarket gainers: BNI +29%. BDK +24%. KSU +11%. XOMA +7%. CSX +7%. UNP +7%. NSC +7%. SPPI +7%. BZ +6%. CTSH +5%. SWK +5%. BEXP +4%.
  Losers: HEB -17%. AIB -16%. RBS -10%. UBS -7%. HEP -6%. WYN -5%. RCL -5%. FOE -5%. CTIC -4%. VALE -4%. AEG -4%. F -4%. HGSI -4%. MGM -4%. STD -4%. MU -4%. Comment!

• Tuesday, October 13, 2009

• 16:11 PM CSX (CSX): FQ3 EPS of $0.74 beats by $0.03. Revenue of $2.3B (-23%) in-line. Shares +2.3% AH. (PR) Comment!
• 00:10 AM Notable post-market earnings: ALTR, CSX, INTC, LLTC Comment!

• Monday, July 13, 2009

• 16:40 PM CSX (CSX): FQ2 EPS of $0.72 beats by $0.10. Revenue of $2.2B (-25%) vs. $2.3B. Shares +5.6% AH. (PR) 1 Comment
• 00:10 AM Notable earnings after Monday's close: CSX, NVLS Comment!

• Monday, April 27, 2009

• 17:54 PM Jack Wx explains why Buffett (BRK.A) loves railroads; why he's most bullish on Burlington Northern Santa Fe (BNI); and why CSX (CSX) and Norfolk Southern (NSC) aren't his preferred vehicles. Comment!

• Thursday, April 16, 2009

• 13:53 PM Railway stocks tick higher after Pres. Obama unveils his $13B passenger rail service initiative, much of which is already priced in, although the president's plan was broader than expected by some. UNP +1.4%. CSX +1.1%. WAB +1.2%. Comment!

• Tuesday, April 14, 2009

• 18:24 PM CSX Corp. (CSX) Q1 EPS of 62 cents per share beats consensus by 8-11 cents. Revenues for Q1 fell 17% YOY to $2.2B vs. consensus of $2.26B. [PR] Comment!
• 15:15 PM Canadian National Railway (CNI) management was "much more upbeat" during a recent meeting than rivals Burlington Northern Santa Fe (BNI) and CSX (CSX), analyst Ed Wolfe notes. CNI has managed to reduce 15% of its train starts, about twice the amount others have achieved. Comment!
• 00:10 AM Notable earnings after Tuesday's close: CSX, INTC Comment!

• Thursday, March 19, 2009

• 09:36 AM CSX's (CSX) Greenbrier resort files for bankruptcy, signs asset purchase agreement with Marriott (MAR). CSX +3.8%. MAR +0.2%. There are plenty of vacancies these days at the resort that hosted Judy Garland, the Vanderbilts and the Rockefellers. Comment!

• Friday, January 23, 2009

• 09:43 AM Union Pacific (UNP) expects to raise freight prices 5-6% in 2009, it says on call, though prices may be kept in check by a decline in fuel surcharges - more evidence that railroads are maintaining pricing power despite the slow economy. Both CSX and Burlington Northern (BNI) also see price increases. Comment!

• Tuesday, January 20, 2009

• 16:17 PM CSX (CSX): Q4 EPS of $0.90 misses by $0.01. Revenue of $2.7B in-line. Shares +0.4% AH. (PR) Comment!
• 15:10 PM Notable earnings after Tuesday's close: BK, CREE, CSX, FULT, IBM, PKG Comment!
• 00:10 AM Notable earnings after Tuesday's close: CREE, CSX, FULT, IBM, PKG Comment!