Shares of Norfolk Southern (NSC), which announced Thursday that its expansion has led to $2.2 billion in investment -- mostly in renewable energy -- moved higher along with shares of other railroad companies.
Norfolk Southern was recently higher by 8.3%, or $2.85, to $37.39.
Norfolk said it participated in the location of 80 new industries and the expansion of 35 existing industries in 20 states along its rail lines throughout 2008.
The company said the investment will lead to 3,623 jobs in the railroad's territory and eventually generate more than 136,000 carloads of new rail traffic annually."Renewable energy projects led the way across our service area in 2008," said Newell Baker, assistant vice president industrial development. "Our group was able to assist in the location of 19 ethanol and bio-diesel production and distribution facilities across 10 states. "In addition, we completed eight projects with stone producers and electric utilities to facilitate rail shipment of high-calcium limestone for use in 'scrubbing' power plant air emissions to reduce atmospheric sulfur dioxide and meet future clean air standards." Elsewhere in the group, Kansas City Southern (KSC) shares were up 10.4%, or $1.31 to $13.93. Shares of CSX (CSX) were up $2.44, or 9.2% to $28.99. BMO Capital Markets initiated coverage of CSX Thursday with a market perform rating. Burlington Northern Santa Fe (BNI) shares were up $4.37, or 7.1% to $65.57. Canadian National Railway (CNI) was higher by $2.30, or 6.45% to $37.98. Shares of China's Guangshen Rail (GSH) were up $2.28, or 13% to $19.86.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV