Bank of America, Berkshire, BNI, KSU, CSX, UNP, CTSH, MA Popular Stocks
U.S. stocks traded lower Tuesday as the Dow Jones Industrial Average fell 27 points to 9762, the S&P 500 declined 1 point to 1042 and the Nasdaq Composite decreased 4 points to 2046.
Bank of America Corp (NYSE:BAC, $14.47, -$0.16, -1.09%) is considering allowing its next chief executive to be based in a city other than Charlotte, North Carolina, the bank’s long-time headquarters, Bloomberg reported on Tuesday.
Berkshire Hathaway Inc. (NYSE:BRK.A, $100,224.00, +$1,474.00, 1.49%; NYSE:BRK.B, $3,324.00, +$59.00, 1.81%) announced plans Tuesday to acquire control of Burlington Northern Santa Fe (NYSE:BNI, $97.59, +$21.52, 28.29%) in a deal that values the railroad operator at $34 billion, plus $10 billion in debt. The deal comes at a crucial juncture for the U.S. railroad sector and would mark Berkshire chief Warren Buffet’s largest acquisition. Shares of other railroad companies including Kansas City Southern (NYSE:KSU, $26.22, +$2.14, 8.89%), CSX Corp. (NYSE:CSX, $45.67, +$2.83, 6.61%) and Union Pacific Corp. (NYSE:UNP, $58.80, +$3.74, 6.79%) also rose.
Cognizant Technology Solutions Corp.’s (NASDAQ:CTSH, $41.45, +$2.65, 6.83%) third-quarter profit rose 21% as results topped analysts’ expectations amid a surge in demand. The provider of information-technology, consulting and business-process outsourcing also raised its 2009 forecast.
MasterCard Inc. (NYSE:MA, $216.69, -$5.96, -2.68%) recorded a third-quarter profit as the company processed more transactions, continued to cut expenses and benefited from a slowdown in the pace of decline in consumer spending. But the company repeated a warning that revenue growth in 2009 will fall short of its long-term objective of an average increase in net revenue of 12% to 15% through 2011.
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