BUZZ-Norfolk Southern falls, analyst cuts PT, NTSB suggests safety changes

Reuters06-26

(Updates prices, adds DJT, transport peer prices) ** Shared in Norfolk Southern down ~4% on Tues, leading declines in Dow Jones Transport Average index , down 1.6%; analyst cuts PT while National Transportation Safety Board held a hearing on February 2023 NSC Ohio train derailment

** NTSB making sweeping recommendations to boost rail safety after derailment that forced residents to temporarily abandon homes after train caught fire, released hazardous materials, pollutants. Last month, NSC agreed to pay millions for civil penalties, govt cleanup costs past and future

** Earlier Tues, Wells Fargo cuts price target to $260 from $270 for NSC as it cut its Q2 EPS view

** NSC shares last at $209.56 after falling to lowest level since mid-November, tracking for second straight day of declines, biggest one-day percentage decline since early May

** Other transport companies showing weakness Tuesday were United Parcel Service , down ~3%, Union Pacific , down 2.7%, CSX Corp , off ~2%, Ryder system , down 1.8%, J.B. Hunt off 1.6%

** DJT index was on track to end a three-session winning streak

** YTD shares in NSC down ~11% while DJT is down >5%

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.parmar@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment