Union Pacific, Norfolk Southern stocks drop after JPMorgan downgrades, citing recession risks
Shares of Union Pacific Corp. sank 1.6% and Norfolk Southern Corp. dropped 0.8% in midday trading Tuesday, after JPMorgan analyst Brian Ossenbeck downgraded both railroad operators to neutral from overweight, citing lower earnings expectations due to persistently weak operations and lower economic forecasts. Ossenbeck said that although the stocks' risk-versus-reward profiles appears balanced given that prices have already dropped from peak valuations levels in late March, the selloffs have... Читать дальше...