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Investing.com -- CSX Corporation (NASDAQ:CSX) stock rose 5% in pre-market trading, while Norfolk Southern (NYSE:NSC) shares gained 4% following a report that Union Pacific (NYSE:UNP) is exploring a potential railroad acquisition.
According to Semafor, Union Pacific, the largest publicly traded railroad in the U.S., has hired investment bankers from Morgan Stanley (NYSE:MS) to evaluate possible acquisition targets. While the specific target was not identified, the report cited Union Pacific CEO Jim Vena’s previous public comments about the benefits of creating a transcontinental railroad network.
Such a strategic move would require Union Pacific to combine its western rail network with one of two major East Coast carriers - either CSX or Norfolk Southern. Either acquisition would represent a significant transaction in the railroad industry, with CSX currently valued at approximately $62 billion and Norfolk Southern at around $58 billion.
A successful deal would create the first coast-to-coast railroad carrier in the United States, potentially transforming the competitive landscape of the freight transportation sector.