Union Pacific Considering a Norfolk Southern Buyout
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Major U.S. equities indexes were little changed to lower at midday Friday as investors digested the latest corporate earnings news.
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Stocktwits on MSNNorfolk Southern Stock Rises In Extended Trading After Report Flags Railroad Operator As Bigger Rival Union Pacific’s Buyout TargetNorfolk Southern (NSC) stock gained 4.7% in extended trading on Thursday after a report said that Union Pacific is holding talks with the company over a possible buyout. The after-hours surge came after the 3.
Following the development, Bank of America upgraded CSX Corporation ( CSX) to a Buy rating from Neutral, and boosted its price objective on Norfolk Southern ( NSC) to $350 from $290 due to the increased potential for M&A discussions.