Norfolk Southern ( NSC), which said Wednesday that it sees business bottoming, closed slightly higher, but shares of most railroad stocks finished lower.

Norfolk Southern finished at $37.50, up 0.4%, after CEO Wick Moorman told analysts and reporters that the company is still seeing "significant pressure" on volumes in the second quarter. But he predicted declines might bottom out before the quarter ends in June.

Moorman said demand could improve as early as the back half of this year, as federal stimulus money starts spurring business. Rail demand picked up slightly when stimulus funds were spent last year, but later plunged to levels worse than they were before.

Elsewhere, Union Pacific ( UNP) closed up 1.5% to $47.72.

Burlington Northern Santa Fe ( BNI) finished down 0.7% to $66.43.

CSX ( CSX) closed at $28.85, down 1.3%.

Kansas City Southern ( KSU) closed at $15.90, down 1%.

Canadian Pacific ( CP) closed at $33.08, down 1.8%.

Canadian National ( CNI) closed at $40.13, down 1%.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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