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Rail Companies up After Berkshire's Buyout of BNI
Published November 03, 2009 |
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NEW YORK - Shares of U.S. rail companies rallied in premarket trading on Tuesday, after Berkshire Hathaway (BRKb) agreed to buy Burlington Northern Santa Fe (BNI) for $100 per share in cash and stock.
Burlington shares surged 28 percent to $97. Among the company's peers, Union Pacific (UNP) gained 8.1 percent to $59.50, CSX Corp (CSX) was up 8.5 percent to $46.50 and the iShares Dow Jones Transportation Average ETF (ITY) climbed 1.4 percent to $65.15.
Source: Reuters
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