Union Pacific is working with Morgan Stanley investment bankers to provide guidance on the potential acquisition of another Class I railroad, the online publication Semafor reported on Wednesday, citing people familiar with the matter.

What Happened? Shares of freight transportation company Union Pacific (NYSE:UNP) fell 3.2% in the pre-market session after reports revealed the company was considering a major acquisition of an East Coast railroad.

In a shareholder-friendly move, Union Pacific Corporation’s (UNP) board of directors approved a dividend hike of 3%, thereby raising its quarterly cash dividend to $1.38 per share ($5.52 annualized) from $1.

We recently published Jim Cramer Analyzed These 9 Stocks As He Said Tariffs Are Better Than CIA Coups. Union Pacific Corporation (NYSE:UNP) is one of the stocks Jim Cramer recently discussed. Union Pacific Corporation (NYSE:UNP) is one of the largest and oldest railroad companies in America.

Union Pacific's indoor air testing indicated levels well below the Kansas Department of Health and Environment's risk-based standards. The company is awaiting permit approval for groundwater treatment systems.