Why CSX Shares Rose 15.6% in April
After a sharp drop alongside most industrial stocks in March, shares of railroad CSX (NASDAQ: CSX) popped 15.6% in the month of April, according to data provided by S&P Global Market Intelligence.
While investors seemed to have found value in CSX's stock price after its drop in March and the soon-to-follow government's economic stimulus package, another big trigger for the stock's jump was CSX's first-quarter earnings report.
The coronavirus outbreak and resulting lockdowns worldwide that's brought manufacturing activity to a grinding halt has unsurprisingly hit railroad traffic. So expectations from CSX's first quarter weren't really high, especially since some of CSX's end markets like coal were already trending weak for some quarters. On April 22, CSX reported a 7.7% drop in net income driven by 5% lower revenue.
Source Fool.com
