Why Union Pacific Stock Is Down Today
Union Pacific (NYSE: UNP) results fell short of expectations as the railroad works to reduce costs in a tough operating environment. Investors took the news hard, sending UNP shares down 5% as of 10:30 a.m. ET.
Union Pacific is one of two primary railroads serving the western half of the United States, with more than 32,000 miles of track and access to key Pacific ports. But demand for shipping services has been soft so far in 2024 as large customers scale back orders due to concerns about the economy.
The railroad's third-quarter report reflects that challenging environment. Union Pacific earned $2.75 per share on sales of $6.09 billion, short of Wall Street's $2.78 per share on $6.14 billion estimate.
Source Fool.com
