Norfolk Southern Stock (NYSE:NSC), Trade Ideas

Norfolk Southern

Class-I railroad Norfolk Southern operates in the Eastern United States. On more than 20,000 miles of track, the rail hauls shipments of coal, intermodal traffic, and a diverse mix of automobile, agriculture, metal, chemical, and forest products.

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Rising Treasury yields have investors cautious despite positive news from the earnings season.



The yield on the long-dated 30-year Treasury bond has surged to 4.79%. It’s on track to close at the highest level since early November, ahead of crucial economic data on Thursday.

Treasury Yields Rise, Tesla Jumps On Cheaper Model Pledge, Yen Plummets To 34-Year Lows: What&#39;s Driving Markets Wednesday?

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Norfolk Southern shares drop after disappointing Q1 results, with revenue down 4% and expenses up 15%. Quarterly dividend declared.

Why Is Norfolk Southern Stock Taking A Hit Today?

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TSLA

Nasdaq and S&amp;P 500 futures signaled a higher open on Wednesday, thanks to upbeat guidance from EV giant Tesla, Inc. (NASDAQ:TSLA) and semiconductor m

Nasdaq Futures Get A Lift From Tesla, Texas Instruments Earnings: Analyst Points To Key Catalyst For Boosting Rally

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Rising Treasury yields have investors cautious despite positive news <a href="https://www.benzinga.com/calendars/earnings">from the earnings season.</a>
The yield on the long-dated 30-year Treasury bond has surged to 4.79%. It&#8217;s on track to close at the highest level since early November, ahead of crucial economic data on Thursday.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.9%, extending its year-to-date drop to 10%. 
Rising yields are propelling the greenback higher, particularly against the low-yielding Japanese yen which tumbled to past 155 per dollar, hitting the lowest level since June 1990.
Tesla Inc. posted lower-than-expected results last quarter, but shares rose 10%. Investors reacted to the automaker&#8217;s pledge to produce more affordable models to broaden the market.
The S&amp;P 500 fell 0.4% by midday trading in New York; the tech-heavy Nasdaq 100 managed to hold steady; and small caps saw wider declines, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) down 1%. 
Gold remains unchanged, while oil prices edged up by 0.5%, despite the Energy Information Administration revealing a 6.368 million barrel drop in crude oil inventories last week, significantly below market expectations of a 1.6 million barrel increase.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.7% to $64,500 amid waning sentiment towards riskier assets. 
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,470.46</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,334.54</td>
<td>-0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,048.09</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,983.56</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.5% to $503.45, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.4% to $383.43 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.1% lower to $424.43, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 0.3%. The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) was the major laggard, down 1.5%. 
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) rose 6.5%, after beating both earnings and revenue estimates last quarter. </li>
<li>Other companies reacting to earnings were Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (down 2.5%), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) (up 3.6%), Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) (down nearly 2%), Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), (down over 3%), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) (down over 10%), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) (down 5%), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) (up over 6%), AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) (up 1.8%), Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) (down 1.6%), CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) (down 1.4%), General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) (down 3.2%) and Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) (up 4.3%). </li>
<li>Notable names reporting after the close are Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38410454/treasury-yields-reach-5-month-high-lift-mortgage-rates-expert-warns-federal-debt-">Treasury Yields Reach 5-Month High, Lift Mortgage Rates; Expert Warns &#8216;Federal Debt Blob Is Out Of Control&#8217;</a>

Treasury Yields Rise, Tesla Jumps On Cheaper Model Pledge, Yen Plummets To 34-Year Lows: What's Driving Markets Wednesday?

Norfolk Southern Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) shares are trading lower following worse-than-expected&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38401399/norfolk-southern-confirms-first-quarter-2024-results-in-line-with-preliminary-release" rel="noreferrer noopener">first-quarter FY24 financial results</a>.
Railway operating revenue declined 4% Y/Y to $3.004 billion, missing the&nbsp;consensus of $3.046 billion.
Sales by segments: Merchandise $1.86 billion (-1% Y/Y), Intermodal $745 million (-8% Y/Y), and Coal $396 million (-10% Y/Y).
Railway operating expenses increased by 15% Y/Y to $2.79 billion.&nbsp;Income from railway operations declined by 70% Y/Y to $213 million.&nbsp;
Adjusted EPS was $2.49 (-25% Y/Y),&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">below the consensus of $2.58.</a>
Operating cash flow totaled $839 million versus $1.17 billion a year ago. Norfolk Southern held $652 million in cash and cash equivalents at the end of the quarter.
Dividend: The company declared a quarterly dividend of&nbsp;$1.35&nbsp;per share, payable&nbsp;on May 20, 2024, to shareholders of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38388688/norfolk-southern-declares-quarterly-dividend" rel="noreferrer noopener">record on&nbsp;May 3, 2024</a>.
The company said that first-quarter FY24 results&nbsp;were in line&nbsp;with the&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38165007/norfolk-southern-agrees-to-600m-settlement-over-east-palestine-derailment-class-action-details" rel="noreferrer noopener">preliminary results announced on April 9</a>.&nbsp;
The report highlights a significant financial impact from a $600 million settlement related to the East Palestine derailment class action lawsuit, compensating without admitting fault. This move reflects their commitment to aid affected communities and&nbsp;pursue&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38199337/preliminary-q1-results-at-embattled-norfolk-southern-miss-expectations" rel="noreferrer noopener">insurance for the settlement</a>.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38240139/norfolk-southern-to-pay-600m-in-ohio-train-derailment-lawsuit" rel="noreferrer noopener">Norfolk Southern to Pay $600M in Ohio Train Derailment&nbsp;Lawsuit</a>
Investors can gain exposure to the stock via&nbsp;TCW Transform Supply Chain ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/SUPP#BATS">SUPP</a>) and&nbsp;First Trust Nasdaq Transportation ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>).
Price Action: NSC shares are trading lower by 4.4% at $234.23 at the last check Wednesday.
Photo via Wikimedia Commons

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Norfolk Southern shares are trading lower following worse-than-expected Q1 financial results.

Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) reported quarterly earnings of $2.49 per share which missed the analyst consensus estimate of $2.58 by 3.49 percent. This is a 25 percent decrease over earnings of $3.32 per share from the same period last year. The company reported quarterly sales of $3.004 billion which missed the analyst consensus estimate of $3.046 billion by 1.39 percent. This is a 3.10 percent decrease over sales of $3.100 billion the same period last year.

Earnings Misses

Norfolk Southern Q1 2024 Adj EPS $2.49 Misses $2.58 Estimate, Sales $3.004B Miss $3.046B Estimate

Nasdaq and S&amp;P 500 futures signaled a higher open on Wednesday, thanks to upbeat guidance from EV giant Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and <a href="https://www.benzinga.com/news/earnings/24/04/38390554/texas-instruments-q1-earnings-eps-beat-revenue-beat-despite-decline-across-all-end-markets">semiconductor major Texas Instruments, Inc. </a>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), although Dow futures were marginally lower. Investors will keep their eyes peeled for some important economic data, including early quarterly GDP growth and personal consumption expenditure figures, later this week.
The PCI reading will likely be the last inflation reading before the&nbsp;Federal Reserve&nbsp;announces its&nbsp;next&nbsp;verdict in May. Bond yields resumed their climb, reflecting worries the Fed was not cutting rates enough this year.
 Futures Performance On Wednesday ( as of 6:10 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.46%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.09%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.08%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.41%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Wednesday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.07% to $505.98,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.51% to $427.22, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Past Session:
Traders relished <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38381361/us-private-sector-growth-unexpectedly-slows-in-april-marks-lowest-increase-in-4-mon">weak private-sector activity data </a>on Tuesday, pushing bond yields lower, as they saw it as a catalyst that could keep the Fed dovish. S&amp;P Global&#8217;s manufacturing purchasing managers&#8217; index unexpectedly fell into contraction territory and the service sector PMI came in below expectations, with the composite PMI falling to a two-month low.
The major indices opened higher and rose in early trading before moving roughly sideways for the remainder of the session. The Dow Jones Industrial Average climbed for a fourth straight session and settled at a two-week high, while the Nasdaq Composite and the S&amp;P 500 Index notched up their second straight session of gains. 
IT and communication services stocks led the gains on a day when only the material space came under selling pressure.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.59%</td>
<td>15,696.64</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.20%</td>
<td>5,070.55</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.69%</td>
<td>38,503.69</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.79%</td>
<td>2,002.64</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market may have resumed the rally after the early-April lull, said Carson Group&#8217;s Ryan Detrick. &#8220;Late April tends to be strong. We had a weak first part. Now are we getting the stronger late part,&#8221; he said. The analyst noted that late last week, there were multiple signs of a pending low forming, along with the CBOE volatility index in backwardation, huge inflows, and strong breadth under the surface.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Late April tends to be strong. We had the weak first part &#x2705; Now are we getting the stronger late part &#x2753; I think so, as noted many times late last week, multiple signs of a pending low were forming (VIX in backwardation, huge outflows, strong breadth under the surface). <a href="https://t.co/aeJuXd83vn">https://t.co/aeJuXd83vn</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1782877381448859715?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption"> FundStrat&#8217;s Tom Lee said in a post at the start of the week that it was surprising to see pessimism surge so quickly following two weeks of market wobble. &#8220;This is why equities risk/reward has improved so much to start this week,&#8221; he said, adding that &#8220;tops&#8221; rarely happen when bearishness prevails. The analyst sees the need for just one catalyst that can bring back the momentum. In an interview with CNBC, he <a href="https://twitter.com/fundstrat/status/1782457285689614681">said</a>, &#8220;Now we just need a positive catalyst. I think as long as inflation tracks better than expected, I think we're in a good position to rally.&#8221; Upcoming Economic Data:</figcaption></figure>
The Commerce Department is scheduled to release the durables goods orders report for March at 8:30 a.m. EDT. Economists, on average, expect durable goods orders to rise 2.6% month-over-month, faster than the 1.3% increase in February. Excluding the volatile transportation orders, the order growth may have slowed from 0.5% to 0.3%.
The Energy Information Administration will release its petroleum status report at 10:30 a.m. EDT.
The Atlanta Fed is due to release its first-quarter GDP data at 12:30 p.m. EDT.
The Treasury will auction five-year notes at 1 p.m. EDT.
See Also: <a href="https://www.benzinga.com/money/best-futures-brokers">Best Futures Brokers</a>
Stocks In Focus: 
<ul>
<li>Tesla rallied over 10% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the release of its quarterly results.</li>
<li>The other stocks moving on earnings reporting Tuesday after the market close are Texas Instruments (up over 7%), Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (up over 3%), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) (up about 3%), and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) (down over 3%).</li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>), Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>), General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>), Biogen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) and AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting their earnings ahead of the market open.</a></li>
<li>Notable names reporting after the close are Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures, which staged a moderate recovery on Tuesday, have reversed course, with a barrel of WTI-grade crude trading down 0.45% at under $83. Gold futures also saw weakness but held above the $2,300 level.
The 10-year note yield, which eased on Tuesday, inched its way back up to 4.64% ahead of Friday&#8217;s inflation data.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to hold the $66,000 level, as it moved in a tight range. 
Asian stocks rallied across the board, tracking the positive lead from Wall Street overnight and latching on to the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38349204/can-magnificent-7-help-script-market-turnaround-earnings-pick-up-pace-with-microsof">optimism over positive tech earnings.</a> The Australian market, however, ended marginally lower. Sentiment in Europe was positive, although the upward move was more muted, given the markets in the region have been higher for a third straight session. The Euro STOXX 50 was up about 0.33% in early trading.
Read Next: <a href="https://www.benzinga.com/news/24/04/38371547/ray-dalios-way-loses-shine-as-investors-yank-out-billions-from-risk-parity-funds-after-disappointing">Ray Dalio&#8217;s Way Loses Shine As Investors Yank Out Billions From Risk-Parity Funds After Disappointing Returns: But Is It A &#8216;Classic Investment Error?&#8217;</a>
Photo via Shutterstock

Highlights Opportunity to Install Trustworthy Leadership with Governance Acumen and the Operational Experience to Implement a PSR-Powered Scheduled Network that has Underpinned Superior Service, Safety and Value at Other Class I Rails
Outlines Shareholder Slate's Commitment to Protecting Norfolk Southern's Interests in the Meridian and Wylie Assets Following the Board's Costly, Opaque Deal with CPKC to Hire a Third COO in 2.5 Years Amidst a Contest &nbsp;
Underscores the Risks Associated with Giving Incumbent Leadership More Time to Control the Company's Governance and Run a Resilience Network Producing Worst-in-Class Results
Shares an Appendix with Facts-Based and Well-Sourced Responses to Incumbent Leadership's Claims
Ohio-based Ancora Holdings Group, LLC (collectively with its affiliates, "Ancora" or "we"), which owns a large equity stake in Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) ("Norfolk Southern" or the "Company"), today updated shareholders on its campaign to elect seven unaffiliated and qualified candidates (the "Shareholder Slate") to the Company's 13-member Board of Directors (the "Board") at the Annual Meeting of Shareholders (the "Annual Meeting") on May 9, 2024. Vote on the BLUE Proxy Card to elect the entire Shareholder Slate at the Annual Meeting.

Management

Ancora Sends Letter To Shareholders About Collective Opportunity To Transform And Turn Around Norfolk Southern; Highlights Opportunity To Install Trustworthy Leadership With Governance Acumen And The Operational Experience To Implement A PSR-Powered Scheduled Network That Has Underpinned Superior Service, Safety And Value At Other Class I Rails

As the <a href="https://www.benzinga.com/news/large-cap/24/04/38342737/nasdaq-100-notches-worst-day-since-late-2023-worst-week-since-late-2022-as-ai-driven-chipmakers-tu">market runs into rough weather,</a> the importance of the upcoming week&#8217;s earnings cannot be emphasized enough. A lot is riding on the earnings reports of companies like Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (GOOG).
The Season So Far: The percentage of S&amp;P 500 companies that have reported positive earning surprises and the magnitude of earnings surprises are at or above their 10-year averages, <a href="https://insight.factset.com/sp-500-earnings-season-update-april-19-2024?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-04-19-2024&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdateapril192024">said</a> FactSet in its report released Friday. That said, substantial downward revisions to earnings per share (EPS) estimates of two healthcare companies have led to a decline in earnings growth over the past two weeks.
The combined earnings per share growth rate of S&amp;P 500 companies, considering both the already reported actual results and the estimates for those yet to report, is at 0.5%, according to FactSet. The metric, however, fell from the 0.9% estimated previous week and the 3.4% estimated at the end of the first quarter. Earnings growth for the quarter may extend the positive growth streak to three quarters.
So far, 14% of the S&amp;P 500 companies have reported March quarter results. 
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks To Buy Right Now</a>
Look Ahead: The upcoming week will likely feature earnings releases from 158 S&amp;P 500 companies, including 11 Dow 30 components. With the bank earnings tapering off, the spotlight shifts to tech companies, as they begin to roll out their quarterly scorecard this week.
Apart from some big techs, which are part of the group called the &#8220;Magnificent Seven,&#8221; homebuilders, defense contractors, airlines and transportation companies are also due to release their quarterly reports. 
All eyes are focused on Tesla as analysts expect a downbeat report from the company. Analysts see the scope of a further contraction in margin and potentially a double miss yet again in the first quarter.
AI stalwarts Microsoft, Alphabet and Meta are widely expected to report strong results. Following the recent tech-led sell-off, Wedbush analyst Daniel Ives said, &#8220;We believe 1Q earnings will be a major positive catalyst for the tech sector and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38252477/why-microsoft-alphabet-amazon-palantir-and-meta-could-rise-15-in-2024-according-to-">expect tech stocks to be up another 15% for the year</a> adding to the strong start to 2024.&#8221;
The earnings schedule of key names are as follows:
Monday 
<ul>
<li>Before the bell: Albertsons Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>), Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), Zions Bancorporation, National Association (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>)</li>
<li>After the close: Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>), Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) and SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>), Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>)</li>
</ul>
Tuesday 
<ul>
<li>Before the bell: D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), Fiserv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), General Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), PepsiCo. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NYSE">PEP</a>), PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) and Xerox Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NYSE">XRX</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</li>
<li>After the close: Visa, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Tesla, Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Canadian National Railway Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>)</li>
</ul>
Wednesday 
<ul>
<li>Before the bell: Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>), Hasbro, Inc. (NASDA: HAS), General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>), Biogen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) and AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>
<li>After the close: Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
</ul>
Thursday 
<ul>
<li>Before the bell: Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), AstraZeneca Plc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), CMS Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</a>), Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>), Harley-Davidson, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>), Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>), Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>), Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) and STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>)</li>
<li>After the close: Alphabet, Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), Microsoft, Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>), T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)</li>
</ul>
Friday 
<ul>
<li>Before the bell: AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>), Autoliv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>), AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>), Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>), Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>)</li>
</ul>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the broader S&amp;P 500 Index, ended Friday&#8217;s session down 0.87% at $495.16, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an ETF levered more to high-profile, non-financial tech companies, has lost 7.72% from its all-time intraday high of $449.34 (March 21).
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/04/38342737/nasdaq-100-notches-worst-day-since-late-2023-worst-week-since-late-2022-as-ai-driven-chipmakers-tu">Nvidia In Correction Territory — Did AI-Led Tech Stock Bubble Just Burst? This Data Point Offers A Clue.</a>
Photo: Shutterstock

Analyst Color

ABBV

CHTR

CMCSA

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GOOGL

INTC

JBLU

JNPR

KLAC

MBLY

MSFT

NDAQ

ROKU

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TDOC

TMUS

ZION

Can Magnificent 7 Help Script Market Turnaround? Earnings Pick Up Pace With Microsoft, Meta, Alphabet And Tesla Expected This Week

Norfolk Southern Says Ancora Alternatives LLC's Near-Term Targets Are 'highly unrealistic'; Urges Shareholders For Vote For Co.'s Nominees

&nbsp;
Norfolk Southern says it is on a clear and achievable path to close the margin gap with peers by achieving a sub-60%&nbsp;operating ratio (OR) in three to four years.
<ul>
</ul>

Norfolk Southern Sends Letter To Shareholders In Connection With Its Annual Meeting Of Shareholders On May 9, 2024; Urges Shareholders To Vote For Company's 13 Nominees On White Proxy Card

Loop Capital analyst Rick Paterson maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Buy and raises the price target from $261 to $270.

Price Target

Analyst Ratings

Loop Capital Maintains Buy on Norfolk Southern, Raises Price Target to $270

Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) has outperformed the market over the past 20 years by 6.84% on an annualized basis producing an average annual return of 14.55%. Currently, Norfolk Southern has a market capitalization of $54.52 billion. 
Buying $1000 In NSC: If an investor had bought $1000 of NSC stock 20 years ago, it would be worth $14,633.79 today based on a price of $241.36 for NSC at the time of writing.
<h3>Norfolk Southern's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713364219_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $1000 Invested In Norfolk Southern 20 Years Ago Would Be Worth Today

<div>Norfolk Southern (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nsc#NYSE">NSC</a>) announced Tuesday that it has agreed to pay $600 million to settle a class-action lawsuit after a 2023 train derailment in East Palestine, Ohio, caused a fire and spilled chemicals.</div>

The agreement, if approved by a court, will resolve all class-action claims within a 20-mile radius of the derailment site and personal injury claims within 10 miles of the site, a news release from the railroad said. The company said the settlement is not an admission of liability or wrongdoing.

In February 2023, a Norfolk Southern train derailed in East Palestine, a village near the Pennsylvania border that is home to about 4,800 people. Thirty-eight of the general merchandise train's railcars, including 11 tank cars carrying hazardous chemicals that caught fire, derailed, a preliminary National Transportation Safety Board investigation found. Up to 2,000 residents were evacuated.

"This resolution comes shortly after the one-year anniversary of the disaster and will provide substantial compensation to all affected residents, property owners, employees and businesses residing, owning or otherwise having a legal interest in property, working, owning or operating a business for damages resulting from the derailment and release of chemicals" attorneys for plaintiffs said in a statement.

Hazardous substances including vinyl chloride, phosgene and hydrogen chloride were released, the Environmental Protection Agency reported. Despite residents' fears of long-term health issues, the EPA didn't declare a public health emergency. No deaths or injuries were reported.

Norfolk Southern has also paid $104 million in community assistance to East Palestine and the surrounding areas, including $25 million for a regional safety training center, $25 million for East Palestine park improvements, $21 million to residents and $9 million to first responders.  
The NTSB plans to release its final findings on the derailment this summer. The agency has said an overheating wheel bearing on one of the railcars likely caused the crash.

The post <a href="https://www.freightwaves.com/news/norfolk-southern-to-pay-600m-in-ohio-train-derailment-lawsuit">Norfolk Southern to pay $600M in Ohio train derailment lawsuit</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

Legal

Norfolk Southern to Pay $600M in Ohio Train Derailment Lawsuit

Stifel analyst Benjamin Nolan maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Hold and raises the price target from $233 to $244.

Stifel Maintains Hold on Norfolk Southern, Raises Price Target to $244

<div>By Bart M. Schwartz, chairman of Guidepost Solutions</div>

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

There are approximately three railroad incidents in the United States each day. Some are fatal and otherwise more destructive than others.

In early March, a Norfolk Southern (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nsc#NYSE">NSC</a>) train derailed, with two cars landing in the Hoosic River in New York. In February 2023 — just over a year ago — a Norfolk Southern train derailed in East Palestine, Ohio, an accident that made national headlines. The latter was carrying hazardous materials, creating conditions that are dangerous to the environment and the people in the local community. NS agreed on Tuesday to pay $600 million to settle a class-action lawsuit but said the settlement is not an admission of liability or wrongdoing.

According to the U.S. Department of Transportation, between 2000 and 2022, there were on average 1,615 train derailments each year. In 2023 derailments again surpassed the 1,000 mark and rose for the top five freight rail companies, including Norfolk Southern, compared to previous years. <script type="text/javascript">
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Train derailments remain an urgent safety and economic issue that has devastating human, environmental and economic ramifications for all communities, the companies that rely on the rail system, their employees  and the government. The railroad industry plays a central role in our national supply chain network and thus the overall health of the national economy.

The DOT has acknowledged the importance of improving the safety of railroad transportation, but the path to achieving that remains unclear. Until we can gain that clarity, the rail system will remain vulnerable and our dependence on it at risk.

The DOT and the Federal Railroad Administration launched a pilot program called Confidential Close Call Reporting System, designed to enable the reporting of unsafe events. According to the FRA, as of January 2024, only one of the top five freight companies, Norfolk Southern, had joined the program.

Another stalled attempt at a solution is the Railway Safety Act of 2023 introduced by Sen. Sherrod Brown of Ohio. It has not passed the Senate. The bill aims to enhance safety requirements for rail carriers "operating a train carrying hazardous materials" and "provides funding for research and development to improve railway safety" according to the Library of Congress. <script type="text/javascript">
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Despite the new reporting mechanisms, public awareness, legislative efforts and the launch of a special investigation by the National Transportation Safety Board, success has been limited. This is in part because current efforts are independent of one another and do not cohesively contribute to a comprehensive solution that is needed to address the complexity of the problem.

This is not the first and probably not the last time that a major federal agency has faced a problem of this magnitude that has an impact on consumers, businesses and communities throughout the country.

In the auto industry, for example, the government used a variety of mechanisms to hold companies accountable, assess compliance with laws and court orders, make recommendations, and issue reports informing the public and the authorities on how to improve their operations.

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In some cases, the government has appointed a federal monitor to help companies implement changes. This is beneficial when the magnitude of the problem is so great that the government does not have the capacity to address or recommend the wide range of improvements needed over an extended period of time in a way that would sustain the industry while improving it.

By developing open, cooperative and transparent relationships with the railroad companies, federally appointed monitors would be in a unique position to diagnose issues, develop effective strategies and, if necessary, make tough decisions to implement needed changes. Furthermore, because they are independent, they can objectively and effectively communicate with the public and other impacted parties.

Government agencies are hesitant to undertake such vast mandates themselves, in part due to stretched resources. However, the statute gives the secretary of transportation significant power and authority to inquire into railroad companies, issue subpoenas, investigate, and, among other things,  bring civil actions against carriers if violations are uncovered.

To address the pressing issues in the railroad industry, we need to put people on the ground, employ experts, speak to the impacted constituencies and effectively communicate about the issues that exist, how they are being addressed and the effectiveness of the efforts to implement improvements. Government agencies simply do not have the resources to do that for every industry they oversee, and we cannot expect them to.

The future of the railroad industry depends on its ability to analyze and diagnose issues and to monitor compliance with applicable rules, laws and regulations, while identifying deficiencies in the system and proposing modern, achievable, cost-effective solutions. <script type="text/javascript">
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We know that train derailments and other incidents are often caused by track and equipment issues, dated technology and human error. Additionally, there is often a lack of reporting and transparency about accidents and other safety issues that impedes necessary repairs and improvements.

The industry needs to tackle each of these issues, dive into the existing data, conduct interviews with affected parties and rail workers, propose solutions, and monitor the implementation for a successful outcome.

It's unclear to what extent they can do that on their own.

We need to deploy adequate resources in a consistent way to effect the needed change and renew confidence in the industry. We also need to change the culture of the railway industry. Encouraging workers and others to report safety incidents and concerns is a good start.

However, railroad companies also need to be held accountable if they drag their feet or prove obstinate or obstructive to these efforts.

The residents of East Palestine are still living with the unknown as to what the medium- and long-term effects of the derailment will be on their community and quality of life. Hundreds of other communities every year will continue to be impacted by train derailments and related incidents until there is a comprehensive solution to deal with these problems.

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To get the railroad industry back on track, we need to deploy a proven, effective strategy and hold rail companies responsible and accountable while also equipping them to succeed as responsible stewards of the vitally important service they supply to our country.

The post <a href="https://www.freightwaves.com/news/railroads-can-prevent-further-derailments-by-looking-at-history">Railroads can prevent further derailments by looking at history</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

Railroads Can Prevent Further Derailments by Looking at History

<div>Norfolk Southern (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nsc#NYSE">NSC</a>) heads toward its May 9 annual meeting and the resolution of its battle with activist shareholder Ancora over control of the company with a public campaign that may have taken a hit Tuesday, judging from a preview of the railroad's first-quarter numbers.</div>

In an outlook for Q1 earnings, which are to be released April 24, Norfolk Southern said adjusted earnings would come in at $2.49 a share and adjusted operating ratio would be 69.9%.

Those numbers are both below Wall Street consensus on how the railroad, which serves the Eastern half of the U.S., performed in the quarter. The report initially pushed Norfolk Southern stock down before a later rebound.

According to SeekingAlpha, the consensus forecast for adjusted EPS was $2.59 a share, 10 cents more than Norfolk Southern said it made in the quarter. The adjusted OR was expected to be 69%, according to consensus, 90 basis points better than what Norfolk Southern now says it will report. <script type="text/javascript">
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The nonadjusted numbers are far different from the adjusted figures, primarily as a result of the company's $600 million settlement over the East Palestine, Ohio, derailment and chemical spill last year. Those GAAP results, which take into account charges connected to East Palestine as well as other charges, take the OR up to 92.9% and diluted earnings per share to 23 cents a share.

<h2 id="h-sitting-down-with-wolfe-research">Sitting down with Wolfe Research</h2>

As part of its campaign against the Ancora push for new management, which is taking place now through proxy voting, Norfolk Southern management has been making numerous public appearances. On Wednesday, an online interview with transportation analyst Scott Group of Wolfe Research had embattled CEO Alan Shaw saying the Tuesday report wasn't all that bad. 

"We had said that first-quarter OR was going to be 100 to 200 basis points deterioration from the fourth quarter, and it's up 110 basis points with normal seasonality" Shaw said. "But we're encouraged by the fact that OR improved throughout the quarter each and every month and really positions us well to deliver that 400-to-500-basis-point improvement in the second half of the year."

But Amit Mehrotra, the head of the transportation research group at Deutsche Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>), described the railroad's preliminary numbers as "very difficult" in his daily transportation email update.

<div>
<h1>Settlement before May 9?</h1>



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Mehrotra, who will host an online session with Shaw and other NS executives next week, added that the outcome of the proxy battle will not necessarily stretch until the May 9 annual meeting. Before that, Mehrotra said, there likely will be "significant visibility" on which way the vote is going. "So, it's very possible for there to be a settlement in early May, in our view, if the results are overwhelmingly one sided" he said.

"The bottom line is change is coming to NSC one way or another, in our view" Mehrotra wrote. "Either with current management that will remain under pressure until tangible progress is achieved, or with new management and a new board that will likely adjust and accelerate the profit improvement plan."

Ancora recently boasted that its effort to replace existing management got the backing of asset manager Neuberger Berman. 

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Shaw, in the interview with Group, of Wolfe Research, said there have been negotiations between the Norfolk Southern board and representatives from Ancora. He said part of the offer Norfolk Southern has made is to have "some" of what the railroad considers "their better candidates" become members of the Norfolk Southern board.

"The response from the activists has been unreasonable" Shaw said. "They're looking for wholesale change. And that's not something that the board feels is the right approach for our shareholders going forward."

But he added that the company is open to a settlement.

(Settlements between company management and activist investors often end a proxy battle. That occurred Tuesday in a battle over control over Macy's (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/m#NYSE">M</a>).

The Norfolk Southern statement of its projected first-quarter earnings reviewed the company's operations during the three months. Among the highlights: Volume was up 4%, but revenues were down 4% because of headwinds from lower fuel surcharges and "the continuation of adverse mix" a euphemism for the type of cargo the company is hauling being less profitable than might be seen at other times. <script type="text/javascript">
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But NS also said the company had record revenue less fuel in its merchandise markets.

The report was not so dire as to change any Wall Street analyst ratings on Norfolk Southern stock. Wire services reported that the current outlook for the railroad was held steady by RBC Capital and Susquehanna even after the preliminary numbers were released.

<h2 id="h-orr-hiring-attacked-by-ancora">Orr hiring attacked by Ancora</h2>

Ancora also released a letter to shareholders last week, which criticized the hiring of rail veteran John Orr as COO.

The letter held back little. Ancora criticized Norfolk Southern for not interviewing its candidate for COO, former CSX executive Jamie Boychuk. It also said Orr was hired primarily because of his ties to Claude Mongeau, a Norfolk Southern director and a former CEO of Canadian National, where Orr had worked before he was at Canadian Pacific, now known as Canadian Pacific Kansas City (CPKS) after its merger with Kansas City Southern. 

Norfolk Southern said when it announced Orr's hiring on March 20 that it had paid $25 million to CPKS (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cp#NYSE">CP</a>) for the right to hire Orr. But the Ancora letter questions that figure, saying an analysis of what CPKC said about the deal and its impact on earnings suggests a figure that is far higher in total value.

Boychuk's Ancora-backed candidacy for COO at Norfolk Southern runs alongside the candidacy of former UPS executive Jim Barber Jr. to replace Shaw if he is pushed out. Ancora also has nominated eight directors.

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The letter also brought up accusations from Orr's past that he was abusive to employees, with plenty of redacted adjectives he allegedly used to describe employees. The letter leveled charges of racism and sexual harassment.

Former Orr colleagues interviewed by Ancora representatives "indicated that they would provide sworn affidavits regarding Mr. Orr's conduct" the activist shareholder group said. "We do not understand how the Board and Mr. Shaw have decided to bet the Company's future on Mr. Orr."

The issues raised by Ancora did not come up in the interview with Wolfe Research. 

The post <a href="https://www.freightwaves.com/news/preliminary-q1-results-at-embattled-norfolk-southern-miss-expectations">Preliminary Q1 results at embattled Norfolk Southern miss expectations</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

General

Preliminary Q1 Results at Embattled Norfolk Southern Miss Expectations

RBC Capital analyst Walter Spracklin reiterated a Sector Perform rating for shares of Norfolk Southern Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a price target of $270.
The company reported preliminary first-quarter FY24 revenues of <a href="https://www.benzinga.com/pressreleases/24/04/n38158823/norfolk-southern-reports-preliminary-first-quarter-2024-results">$3.004 billion and an adjusted EPS of $2.49</a>.
The company reiterated guidance for the operating ratio improvement of 400 basis points in H2/24 and a sub-60% operating ratio over the next 3-4 years, in line with the analyst's expectations.
The analyst expects new operating management to enact meaningful change at Norfolk.
NSC also reached a $600 million agreement in principle to resolve a consolidated <a href="https://www.benzinga.com/pressreleases/24/04/n38158699/norfolk-southern-reaches-agreement-in-principle-to-settle-east-palestine-derailment-class-action">class action lawsuit relating to the East Palestine derailment</a>.
According to the analyst, the $600 million was incremental to the $1.1 billion of impact from environmental and legal costs and represented roughly 22% of FY24 consensus net income and was an important negative.
The analyst lowered the first quarter EPS estimate to $2.49 from $2.61 and second quarter  to $2.65 from $2.95 to reflect lower revenue.
NSC's exposure to coal (14% of FY23 revenue) will act as a headwind to earnings into the future, noted the analyst.
The analyst, though, was constructive on the rail sector and the view was based on limited and rational competition, high barriers to entry and sustainable growth in demand.
The analyst expected these attributes to drive real rate increases, volume growth and margin expansion over the long term supported by service improvements, efficiency initiatives and the implementation of smart technology. 
NSC Price Action: Norfolk Southern shares are trading lower by 1.769% at $249.25 at publication Wednesday.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38188181/real-estate-regional-bank-stocks-tank-energy-cushions-the-blow-march-inflation-rates-shake-up-se">Real Estate, Regional Bank Stocks Tank, Energy Cushions The Blow: March Inflation Rates Shake Up Sectors</a>
Photo: Courtesy Norfolk Southern

Reiteration

Norfolk Southern's $600M Agreement To Solve East Palestine Derailment Is A Negative, Says Analyst

Benchmark analyst Nathan Martin maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Buy and raises the price target from $250 to $277.

Benchmark Maintains Buy on Norfolk Southern, Raises Price Target to $277

RBC Capital analyst Walter Spracklin reiterates Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Sector Perform and maintains $270 price target.

RBC Capital Reiterates Sector Perform on Norfolk Southern, Maintains $270 Price Target

Susquehanna analyst Bascome Majors maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Neutral and lowers the price target from $270 to $265.

Susquehanna Maintains Neutral on Norfolk Southern, Lowers Price Target to $265

Norfolk Southern Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) reported its preliminary financial outcomes for the first quarter of 2024, revealing adjusted earnings per share of $2.49, slightly below the estimated $2.61, with railway operating revenues reaching&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38158823/norfolk-southern-reports-preliminary-first-quarter-2024-results" rel="noreferrer noopener">$3.004 billion (consensus $3.048 billion).</a>
The report highlights a significant financial impact from a $600 million settlement related to the East Palestine derailment class action lawsuit, compensating without admitting fault. This move reflects their commitment to aid affected communities and&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38158699" rel="noreferrer noopener">pursue insurance for the settlement.</a>
If approved by the court, the arrangement will resolve all class action claims within a 20-mile radius from the derailment and, for those residents who choose to participate, personal injury claims within a 10-mile radius from the derailment.
The quarter&#8217;s finances were also affected by expenses of $691 million from workforce cuts, appointing a new COO, shareholder expenses, and a tax adjustment. These contributed to the increase in operating ratio by 2,300 basis points and reduced earnings per share by $2.26.
Despite a 4% rise in volume, revenue fell by 4% mainly due to lower fuel surcharges, a challenging service mix, and issues like domestic truck market over-capacity and falling seaborne coal prices. Yet, strong pricing and better service aided revenues in the Merchandise markets, excluding fuel.
&#8220;We are encouraged that non-GAAP margin improved each month throughout the quarter. Looking ahead, we have strong momentum in our effort to achieve a full year 100-150 basis points improvement, including 400+ basis points of year-over-year improvement in the second half of the year,&#8221; commented Alan H. Shaw, Norfolk Southern&#8217;s President and Chief Executive Officer.
Earlier, Norfolk Southern launched new measures to boost efficiency, such as Operations restructuring, new projects, making two hump yards &#8220;High Performance Terminals&#8221; to cut dwell times by 33% in 60 days, and a lane rationalization effort. These steps have led to an 8% better Terminal Dwell, <a href="https://www.benzinga.com//node/38127539">10% faster Merchandise Train Speed, and 11% fewer Active Trains.</a>
Norfolk Southern will announce its first quarter 2024 financial results on Wednesday, April 24, 2024.
Related:&nbsp;<a target="_blank" href="http:////www.benzinga.com/news/24/03/37948764/bridge-collapse-snarls-consol-energy-coal-exports-from-port-of-baltimore" rel="noreferrer noopener">Bridge Collapse Snarls Consol Energy Coal Exports From Port Of Baltimore</a>
Price Action:&nbsp;NSC shares are trading higher by 0.59% at $251.74 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Norfolk Southern Agrees To $600M Settlement Over East Palestine Derailment Class Action: Details

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The latest update is out from Norfolk Southern (NSC). Norfolk Southern Corporation has announced its first-quarter results for 2024, initially thro...

Norfolk Southern Releases First-Quarter 2024 Financial Results

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Norfolk Southern Q1 results impacted by East Palestine settlement

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Norfolk Southern Corporation (NSC) Q1 2024 Earnings Call Transcript

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Norfolk Southern (NYSE:<a href="https://investorplace.com/stock-quotes/nsc-stock-quote/">NSC</a>) just reported results for the first quarter of 2024.<ul><li>Norfolk Southern reported earnings per share of $2.49. This was below the analyst estimate for EPS of $2.58.</li><li>The company reported revenue of $3.00 billion.</li><li>This was 1.51% worse than the analyst estimate for revenue of $3.05 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/04/nsc-stock-earnings-norfolk-southern-for-q1-of-2024/">NSC Stock Earnings: Norfolk Southern Misses EPS, Misses Revenue for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

NSC Stock Earnings: Norfolk Southern Misses EPS, Misses Revenue for Q1 2024

Norfolk Southern: A Dumpster Fire With Strong Annual Return Potential

U.S. weekly rail traffic rises 0.8% year-over-year

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Buy Rating on Norfolk Southern: Stability, Undervaluation, and Room for Efficiency Gains

BIPC

Press Releases

Norfolk Southern highlights the strength of its highly qualified and engaged board

NORFOLK SOUTHERN CORPORATION (NSC) SHAREHOLDER ALERT UPDATE: Company to Pay $600 Million Class Action Settlement for 2023 East Palestine Train Derailment - Current Shareholders Urged to Contact Schubert Jonckheer & Kolbe LLP Regarding Potential Claims Against Company's Officers and Directors

Ancora's Proposed Management Team and Director Candidates to Participate in Fireside Chat with Deutsche Bank on the Value Creation Opportunity at Norfolk Southern

NORFOLK SOUTHERN INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Norfolk Southern Corporation - NSC

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Norfolk Southern presentation: We are creating a safer, more profitable railroad with long-term upside for shareholders

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Norfolk Southern confirms first quarter 2024 results in-line with preliminary release

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