CSX, BNI, UNP, NSC, KSU, MHP, UEC, PGR Popular Stocks
U.S. stocks rose Wednesday with the Dow Jones Industrial Average climbing 1.18% to 9988, the S&P 500 gaining 1.39% to 1088 and the Nasdaq Composite rising 1.17% to 2165.
CSX Corp.’s (NYSE:CSX, $46.80, +$2.52, 5.69%) third-quarter profit dropped 23% as revenue and volume dropped by double digits for the third consecutive quarter. But the railroad company said it believed the worst of the recession was over. Also rising were Burlington Northern Santa Fe Corp. (NYSE:BNI, $85.66, +$3.19, 3.87%), Union Pacific Corp. (NYSE:UNP, $62.12, +$2.21, 3.68%), Norfolk Southern Corp. (NYSE:NSC, $47.67, +$1.99, 4.35%) and Kansas City Southern (NYSE:KSU, $28.88, +$1.52, 5.56%).
McGraw-Hill Cos. (NYSE:MHP, $29.06, +$0.74, 2.61%) will sell BusinessWeek to Bloomberg LP, completing a drawn-out process for the publishing and information-services company to shed the business magazine. Terms of the deal weren’t disclosed, but people familiar with the matter told the Wall Street Journal that Bloomberg was paying nearly $5 million and would take responsibility for nearly $10 million in liabilities including severance for staffers who might lose their jobs.
Uranium Energy Corp. (AMEX:UEC, $3.73, $0.00, 0.00%) announced plans to pay $11.1 million in cash and stock for a Texas joint venture that owns two uranium facilities. Analysts praised the deal, saying Uranium Energy is getting a great deal on a venture that includes a uranium-processing facility with a book value of $22 million. Dundee Capital Markets analyst David Talbot added that Uranium Energy is eliminating the risks that come with permitting a new plant, while also increasing the company’s production profile.
Progressive Corp. (NYSE:PGR, $16.80, +$0.34, 2.10%) returned to the black in the third quarter after being hurt last year by $1.37 billion of investment losses. The auto and home insurance company said claims costs were also lower, as earnings handily topped analysts’ expectations.
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