|Bid||177.85 x 1000|
|Ask||181.01 x 1200|
|Day's Range||178.79 - 184.80|
|52 Week Range||138.65 - 211.46|
|Beta (3Y Monthly)||1.31|
|PE Ratio (TTM)||17.51|
|Earnings Date||Oct 22, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||3.76 (2.06%)|
|1y Target Est||207.26|
(Bloomberg Opinion) -- The announcement by FedEx Corp. late Tuesday that it was slashing its profit outlook, in large part because of a softening global economy, won’t only be painful for the shipping company’s shareholders. It’s bound to worsen one of the market’s more noticeable weak spots.FedEx shares tumbled about 11% in early trading Wednesday, wiping out the stock’s gain for the year after the company said that its best-case scenario for adjusted earnings in the fiscal year ending in May was only $13 a share – a dollar short of the lowest of 25 analyst estimates compiled by Bloomberg.As the second-largest constituent in the 20-member Dow Jones Transportation Average, accounting for 9.87% of the benchmark, the decline in FedEx’s shares are sure to weigh on the index’s performance. But that’s only part of the reason why the stock market’s bulls should be worried. The bigger cause for concern has to do with something called the Dow Theory.Around for more than a century, the Dow Theory holds that if either the benchmark Dow Jones Industrial Average or the Dow Jones Transportation Average reaches a new record, the other must soon follow to confirm a bullish outlook. The broad Dow gauge has done its part, closing at a new all-time high twice in the past 12 months, first in October and again in July.The transports, whose constituents include economic bellwethers such as railroad Norfolk Southern Corp. and trucking firm Ryder System Inc. in addition to FedEx, hit a high a year ago, but has since struggled, falling 7.48% percent. That compares with a gain of 3.66% for the main gauge. In other words, the longer the transports underperform, the more tenuous the bull market in stocks looks.When it comes to FedEx, those who follow the package-delivery giant closely know that some of its troubles are its of its own making. Still, the economic headwinds it cited are real; it shouldn’t be a surprise that transport companies are struggling. The escalating trade war has done damage to the global economy, with the International Monetary Fund projecting that global economic growth this year will be the slowest since the financial crisis. The latest figures from the CPB World Trade Monitor administered by the Dutch Bureau for Economic Policy Analysis show global trade volumes have languished for seven straight months. World Bank President David Malpass said Tuesday that the global economy is poised to decelerate more than previously estimated.Closer to home, the Cass Freight Index, a monthly measure of U.S. rail, trucking and airfreight volume, dropped 3% in August from a year earlier, the ninth consecutive month of declines. The figures released Friday blamed tariffs for stalling trade, according to Bloomberg News’s Brendan Murray. “The shipments index has gone from warning of a potential slowdown to signaling an economic contraction,” according to the commentary included in the report. “We see a growing risk that GDP will go negative by year’s end.” The risk of a downturn will likely lead Federal Reserve policy makers to lower their benchmark interest rate on Wednesday as they wrap up a two-day meeting, though with rates already so low, further reductions may be less effective at spurring growth. It’s been a remarkable run in the equity markets this year, with the MSCI USA Index rallying 20%. But that doesn’t mean there isn’t this nagging feeling that the long bull market in stocks is living on borrowed time. To contact the author of this story: Robert Burgess at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
As CSX leads the industry in a new direction, Wall Street is ecstatic — but customers are pushing back against what they call abuses.
These stocks with high proportions of domestic sales and low exposure to China are well-positioned to thrive in the current macro environment.
Cost-cutting is boosting profits for North American railroads, but declining freight volumes and increasing competition from truckers may pull the brakes on growth.
Year-to-date U.S. rail volumes fell yet again for the week ending Sept. 7, according to the latest data from the Association of American Railroads. Compared with the same period in 2018, year-to-date U.S. rail volumes were 3.7% lower at 18.67 million carloads and intermodal units.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Norfolk Southern (NSC) have what it takes? Let's find out.
Hurricane Dorian, which was a Category 1 hurricane Sept. 6 after strengthening earlier this week to a Category 3 hurricane (see video: https://youtu.be/mQe9bNkZ2gI) has been hugging the coasts of the Carolinas, making landfall at Cape Hatteras and bringing risks of storm surges inland. "Traffic destined to or shipping from the affected areas may experience some delay.
Jacksonville-based Patriot Rail and Ports has been sold to New York-based First State Investments. The deal pairs the company, a combination of the former Patriot Rail and Diversified Port Holdings, with industry notable MidRail LLC. Patriot CEO John Fenton, FSI Director of Infrastructure Investments John Ma and MidRail Chairman Gil Lamphere spoke with the Business Journal about what the acquisition means for Patriot, which operates 13 shortline railroads and 10 port terminals around the country. MidRail has a decades-long reputation in the rail industry.
Wednesday's gain may not have been enough to carry the S&P 500 index all the way back above its pivotal 50-day moving average line, but the 1.08% rally was enough to get stocks to within striking distance of that feat.Source: Shutterstock General Electric (NYSE:GE) did much of the heavy lifting, gaining more than 5% after Citigroup suggested its turnaround effort "could be more significant" than the market presently appreciates. Meanwhile, Roku (NASDAQ:ROKU) may have made less of an overall impact, but still logged a bigger gain by rallying nearly 8% after D.A. Davidson analyst Tom Forte upped his target to $185 -- the highest on Wall Street.Despite the rising tide, however, not every name was a winner. American Eagle Outfitters (NYSE:AEO) tumbled more than 11% after reporting same-store sales growth of 2%, versus the 6% analysts were modeling.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Best Tech Stocks to Buy Right Now As for names worth a closer look as we move into the home stretch of the short trading week, however, take a look at stock charts of Iqvia Holdings (NYSE:IQV), Xilinx (NASDAQ:XLNX) and Norfolk Southern (NYSE:NSC). Here's why, and what may come next. Norfolk Southern (NSC)The past few weeks have been tough ones for railroad stocks. Norfolk Southern has been no exception.Since the middle of last month, things have seemingly changed. NSC stock appears to have found support -- or perhaps made support -- before matters got too far out of hand. While there's reason for optimism, there's also reason for concern. One more slip-up from here could crack a couple of different key floors and send Norfolk shares off the rails. * Click to EnlargeOne of those floors is $168.37, plotted in white on the daily chart. Shares have been unable and unwilling to move below that market since the middle of last month. * Zooming out to the weekly chart of NSC stock, it's clear there's another support line at work. The line that connects most, even if not all, the major lows since 2016 is once again being tested. * Should the two floors snap and let the bears continue on, there's not much historical precedent for the next-best landing spot. The most-likely level is December's bottom around $140. Iqvia Holdings (IQV)It's been anything but a straight-line effort, but Iqvia Holdings has been a surprisingly rewarding name over the past several years. Buying on the dip has been a savvy strategy' It still is.To that end, though some could and would argue that the lull witnessed since late June technically qualifies as a dip since it was stopped at an established technical floor, that may not be the case at all. One stumble could easily break that support level and send IQV stock to a better-established support level. And, the subtle clues suggest that's the more-likely outcome here. * Click to EnlargeThe make-or-break level on the daily chart is $150.63, marked in white in the graph. * On the weekly chart, however, the floor of interest is different. The line that connects the key lows since late December, marked in yellow, is being tested. * Should either or both floor fail to keep Iqvia propped up, the next most=likely support level is near $120. That's where the lower boundary of a trading range established in 2016 and 2017 lies, marked as a dashed blue line. * It's been relatively uneven, but it's difficult to say the daily chart's volume bars aren't more bearish than bullish. That is to say, the red lines are taller and more frequent than the green volume bars. Xilinx (XLNX)Finally, with just a quick glance, it seems Xilinx shares have sidestepped trouble. Finding the same floor they found in May, the pullback that started in late July has been halted as of last week. * The 8 Worst Stocks to Buy Before the Trade Turmoil Cools Off A closer look at the chart of XLNX stock, however, reveals shares may not be as risk-free as first thought. The stock is finding resistance at a place it can't afford to face resistance, and that could buy the bears just enough time to shore up their defensive line and force Xilinx to lose ground. One small stumble could get very big, very fast. * Click to EnlargeThe support in question is right around $97.40, plotted as a yellow line on both stock charts. Notice that's also the upper boundary of the gap left behind in January, begging to be closed now. * Not only would a move to fill in that gap possibly start a self-fueling selloff, it could lead the purple 50-day moving average line all the way below the green 200-day line. That's a sell signal in and of itself. * The last bastion of hope in the event of should the support at $97.40 snap is the 61.8% Fibonacci line around $92.64.As of this writing, James Brumley held no position in any of the aforementioned securities. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Deeply Discounted Energy Stocks to Buy * 7 Stocks to Buy In a Flat Market * 10 Stocks to Buy to Ride China's Emerging Wealth The post 3 Big Stock Charts for Thursday: Xilinx, Norfolk Southern and Iqvia Holdings appeared first on InvestorPlace.
Loose truck capacity, trade uncertainty and lower coal demand are among the headwinds that some Class I railroads are seeing for the remainder of 2019. Norfolk Southern (NYSE: NSC) also noted softer volumes in the third quarter, followed by flat volumes in the fourth quarter.
Today we are going to look at Norfolk Southern Corporation (NYSE:NSC) to see whether it might be an attractive...
Eastern Class I railroads CSX (NYSE: CSX ) and Norfolk Southern (NYSE: NSC ) say customers should expect service delays this week as Hurricane Dorian brings heavy rains and strong winds to the southeastern ...
A hearing last week on expanding rail service between Pittsburgh and points east — like Altoona and Harrisburg — revealed that any plan would likely require more than $1 billion in funding.
The $23 million overhaul of a 125-year-old prison complex in Atlanta's Grant Park area has secured construction financing. The project overlooks Glenwood Avenue near Maynard Jackson High School. A loan from Iberia Bank allows construction to begin without tenants signed to leases at the project.
Railcar manufacturer Greenbrier (NYSE: GBX) and eastern U.S. railroads CSX (NYSE: CSX) and Norfolk Southern (NYSE: NSC) are adding some new faces to executive roles. Railcar manufacturer GBX has promoted Lorie Tekorius to president and chief operating officer, the company said on August 29. Tekorius, who served most recently as the company's chief operating officer as well as its chief financial officer, will oversee several GBX divisions, including strategic planning, the repair and parts business unit and other company departments such as global corporate health, safety and security, accounting, finance and human resources.
MARTA is looking to redevelop its North Avenue station, just as south Midtown sees a wave of high-rise projects. JLL on Thursday released a request for proposals (RFP) for a 1.55-acre site at the MARTA station, located at the northeast corner of North Avenue and West Peachtree Street. A development at the North Avenue station would need to integrate the existing underground heavy rail station and street-grade bus terminal.
Mark George will be one of Norfolk Southern's first big new hires in Atlanta, where the company is building its new headquarters.
Shares of CSX (NYSE:CSX) aren't looking good. The stock has been in decline as economic and trade-related worries continue to weigh on investor sentiment. Recent quarterly results aren't helping matters and all said, CSX stock is now down 20% from its highs.Source: Shutterstock Is it enough to draw in investors, or is the start of a nasty bear market in this rail stock?If the charts are any indication, more pain may be on the way. There is some hope left for bulls, if support can buoy the name. Or if we get some positive fundamentals news for the stock. But as it stands, the technicals are struggling.InvestorPlace - Stock Market News, Stock Advice & Trading TipsLet's look at a few charts and see where CSX stock could be heading. Trading CSX Stock Click to EnlargeThere is a daily chart to the side and a below that is a weekly chart. Both highlight the not-so-hot setup of CSX stock price right now.As you can see on the daily chart, CSX stock has a very bearish-looking setup. After declining precipitously from $80 in mid-July, shares continue to put in a series of lower highs. That's squeezing CSX against a static level of support near $64. Should support give way, the stock will start probing the 2019 lows.CSX stock is already below all of its major moving averages and Fibonacci retracements. The 20-day is below the 50-day moving average, and the 50-day is crossing below the 200-day. This indicates that both short- and long-term momentum is turning in the bears' favor.For bulls to have a shot, they first need $63 to $64 to prove itself as support. From there, they need to get CSX over downtrend resistance (blue line) and the 20-day moving average. If they can muster up the strength for that, clearing the 61.8% retracement near $67 is next on the list.Should support fail, the year-to-date lows near $60 are the first target. Below that and the 52-week lows near $58 are next. Click to EnlargeOn the longer term chart, investors can see that CSX is teetering on its 200-week moving average. While the action hasn't been decisive, shares are actually below this mark now. This key moving average drew in buyers last December, halting CSX's decline and kickstarting a multi-month rally.The same momentum has not been seen this time around. Furthermore, long-term uptrend support (blue line) is being leaned on as well. If these levels give way, a decline to $58 is surely possible.On both charts, a rebound over $71 would be most encouraging for the bulls. Valuing CSX StockAn escalating trade war and worries about a recession do not help companies like CSX Corp. What does help CSX, Norfolk Southern (NYSE:NSC), Kansas City Southern (NYSE:KSU), Union Pacific (NYSE:UNP) and other rail companies is a strong consumer.Thankfully, that's exactly what we have. With a strong labor market and consumers who are willing to spend -- as noted by JPMorgan (NYSE:JPM), Visa (NYSE:V) and others -- demand for products remains high. Should that change, then the rails could be in trouble.Some of that fear is getting priced into the stock as we speak. With an inverting yield curve and manic headlines driving the news each day, how can investors not start to price in that possibility?Of course, it doesn't help when CSX stock fails to deliver as well. In July, the company missed on second-quarter expectations. Revenue of $3.06 billion missed estimates by more than $80 million and contracted 1.3% year-over-year. Earnings of $1.08 per share missed consensus estimates by 3 cents a share. Making matters worse, management cut its full-year revenue outlook.This came after five straight earnings and revenue beats. In Q1, CSX beat earnings estimates by more than 10% and grew revenue 4.75% year-over-year. To say Q2 was disappointing is an understatement.With additional tariffs looming, we may see some "pull ahead" from buyers in the current quarter. Further, we're coming up to Q3 and Q4, which are typically heavy demand months for consumers. If that's enough to improve the fundamentals for CSX stock, we'll need to it reflected on the charts.Over $67 give the bulls some spark. Over $71 and momentum can really pick up.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Kenwell is long V. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Tech Industry Dividend Stocks for Growth and Income * 7 Stocks the Insiders Are Buying on Sale * 7 of the Worst Stocks on Wall Street The post CSX Stock Charts Point to Looming Breakdown appeared first on InvestorPlace.
NORFOLK, Va. , Aug. 28, 2019 /PRNewswire/ -- Norfolk Southern (NYSE: NSC) announced today that Mark George has been appointed executive vice president and chief financial officer, effective Nov. 1 . Mr. ...
OmniTRAX is acquiring shortline railroad assets in northern Ohio, enabling the privately held company to expand its access to the Port of Cleveland. An OmniTRAX affiliate and an affiliate of the Broe Group have agreed to acquire the Cleveland Commercial Railroad Group (CCRL) and its subsidiary, Cleveland Harbor Belt Railroad (CHB). CCRL, which operates on 35 miles of track in northern Ohio, interchanges with Norfolk Southern (NYSE: NSC) and the Wheeling & Lake Erie Railway.
NORFOLK, Va. , Aug. 28, 2019 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) Executive Vice President and Chief Marketing Officer Alan H. Shaw will make a presentation at: Cowen and Company 12th ...
Author's note – this is not a financial analysis to help determine whether to buy or sell railroad stock. This is about the evolving role of rail intermodal service in a market that is dominated by trucks, whose share of volume dwarfs rail. CSX also reported an 11 percent drop in intermodal revenue for the quarter.
Norfolk Southern (NSC) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.