Railroad stocks likely to move lower on antitrust ruling, says JPMorgan

JPMorgan expects railroad stocks to trade down after Judge Friedman certified the class in the rail fuel surcharge antitrust case. However, the firm says its analysis shows little evidence of overcharging by the railroads, and it expects the railroads to appeal the class certification decision. The defendants in the case are Union Pacific (UNP), BNSF Railway, CSX (CSX) and Norfolk Southern (NSC).