Market Roundup (CSX, BRK.A, RIMM, SPG, GGP, BAM, FNM, FRE, POT, MOS)
CSX (NYSE: CSX) chief Michael Ward said that the purchase of Burlington Northern (NYSE: BNI) by Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) was a "brilliant" acquisition" move, as the rail industry is rebounding. Shipments have risen after declining for a couple of years and CSX, the third-largest US railroad by sales, reported a 24% rise in earnings to $0.78 per share.
Research in Motion (NASDAQ: RIMM) has agreed to repurchase 2 million shares, almost reaching the end of its $1.2 billion buyback program announced in November. Shares of RIMM have moved up 0.4% to $72.88.
Simon Property Group (NYSE: SPG) has revised its offer for General Growth Properties (NYSE: GGP). The terms of its plan now matches that offered by Brookfield (NYSE: BAM) to GGP to exit bankruptcy as a standalone company. Simon has pledged to invest $2.5 billion in reorganizing GGP.
HUD secretary Shaun Donovan said that poor decision making, rather than government-mandated housing goals, was the reason behind Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) loosening their lending standards before their collapse.
Goldman Sachs has downgraded fertilizer companies Potash (NYSE: POT) and Mosaic (NYSE: MOS). The investment firm cited price increases that are "losing steam" and "fewer catalysts to propel the stocks higher near term" as reasons for the downgrade.
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