The proposed $85 billion merger of Union Pacific and Norfolk Southern railroads has lost the support of two unions that represent more than half their workers over concerns it will jeopardize safety and jobs, raise shipping rates and consumer prices, and cause significant disruptions. But after months of meetings with Vena and other executives, the presidents of the Brotherhood of Locomotive Engineers and Trainmen and the Brotherhood of Maintenance of Way Employes Division unions—both affiliated with the Te ...

Union Pacific vows faster cross-country cargo deliveries if its controversial merger with Norfolk Southern goes through https://t.co/mWwoHl7K4t ...

By joining forces with Norfolk Southern, Union Pacific says it can reduce delays at Midwest interchanges, but critics say it isn't necessary. ...

Union Pacific and Norfolk Southern will try to assure regulators that they will increase carload volume if they are allowed to merge. That's a hollow promise, @tomwblack says (via @opinion) https://t.co/XnY6Qmy3eL ...

Core Viewpoint - The report summarizes significant rating changes from various investment firms that are expected to impact the market. Upgraded Ratings - Jefferies upgraded Roku (ROKU) from "Hold" to "Buy," raising the target price from $100 to $135, anticipating over 20% growth in platform revenue under optimistic scenarios [5] - Piper Sandler upgraded Unity (U) from "Neutral" to "Outperform," increasing the target price from $43 to $59, citing a favorable outlook for the mobile app advertising market entering 2026 [5] - Citigroup upgraded Thermo Fisher Scientific (TMO) from "Neutral" to "Buy," raising the target price from $580 to $660, expecting benefits from increased pharmaceutical spending and local industry advantages [5] - Bank of America upgraded Synopsys (SNPS) from "Neutral" to "Buy," increasing the target price from $500 to $560, noting reduced risks in sales to China and Intel, and potential for attractive rebound [5] - Bank of America upgraded Visa (V) from "Neutral" to "Buy," setting a target price of $382, indicating attractive return potential after recent underperformance [5] Downgraded Ratings - Bank of America downgraded PayPal (PYPL) from "Buy" to "Neutral," lowering the target price from $93 to $68, citing delays in revitalizing core payment business growth [5] - Harbor Research downgraded General Electric Energy (GEV) from "Buy" to "Neutral," without providing a target price, stating current valuation is reasonable [5] - Bank of America downgraded Alcon (ALC) from "Buy" to "Underperform," reducing the target price from $100 to $75, due to limited upside and market uncertainties [5] - Deutsche Bank downgraded Norfolk Southern Railway (NSC) from "Buy" to "Hold," setting a target price of $297, attributing the downgrade to unresolved merger issues with Union Pacific Railway (UNP) [5] - Deutsche Bank downgraded Union Pacific Railway from "Buy" to "Hold," setting a target price of $245, despite strong performance over two quarters, citing poor stock performance [5] Initiated Coverage - Freedom Capital initiated coverage on Shift4 Payments (FOUR) with a "Buy" rating and a target price of $80, viewing recent pullbacks as an attractive entry point [5] - Bernstein initiated coverage on BridgeBio Pharma (BBIO) with an "Outperform" rating and a target price of $94, suggesting that short-term expectations are reasonable but long-term may be overly optimistic [5] - B. Riley initiated coverage on Chime Bank (CHYM) with a "Buy" rating and a target price of $35, indicating a 40% potential upside, highlighting its profitable and high-growth digital banking services [5] - Morgan Stanley initiated coverage on Elbit Systems (ESLT) with a "Hold" rating and a target price of $531, noting that most growth potential is already reflected in the current stock price after a 95% increase this year [5] - Goldman Sachs initiated coverage on Abercrombie & Fitch (ANF) with a "Buy" rating and a target price of $120, favoring companies with store expansion capabilities and pricing power in the apparel retail sector [5]

UBS GLOBAL INDUSTRIALS & JIM VENA – CHIEF EXECUTIVE OFFICER JENNIFER HAMANN – CHIEF FINANCIAL OFFICER KENNY ROCKER – EVP MARKETING & SALES UNION PACIFIC CORPORATION TRANSPORTATION CONFERENCE UP-NS Merger: Path to Completion The Board of Directors of both Union Pacific and Norfolk Southern have unanimously approved the transaction STB application anticipated to be filed before the end of the year; analyst conference call to follow Transaction subject to obtaining Surface Transportation Board ("STB") approval ...

Core Viewpoint - The proposed merger between Union Pacific and Norfolk Southern is seen as potentially disruptive and unlikely to benefit shippers or carriers, according to BNSF Railway [1]. Industry Impact - The merger is pitched as a means to enhance freight movement efficiency by reducing delays and costs associated with transferring freight between railroads at congested hubs [2]. - A combined UP-NS railroad could reshape the North American rail network, which raises concerns among other Class I railroads that rely on sharing freight with competitors [3]. Customer Concerns - BNSF's executive expressed that the merger would limit competitive options for customers, particularly in carload shipping, by reducing the number of transcontinental railroads available [4]. - Analysts estimate that the merged entity would control nearly 50% of U.S. rail freight, including significant shares of container traffic (45%), automotive shipments (47%), and metals transport (56%) [5]. Customer Sentiment - BNSF noted that its customers are not advocating for the merger, suggesting a disconnect between industry consolidation and customer needs [6]. - The response to the merger will depend on the specifics of the filing with the Surface Transportation Board, which is expected in early December [7].

Core Points - The Brotherhood of Railway Carmen (BRC) and Union Pacific Railroad have reached an agreement ensuring job security for hundreds of union employees following the merger of Union Pacific and Norfolk Southern to create America's first coast-to-coast railroad [1] Group 1 - The agreement provides a commitment of job security for BRC members employed at both Union Pacific and Norfolk Southern at the time of the merger [1]

Core Viewpoint - A coalition of nine Republican state attorneys general has expressed competition concerns regarding Union Pacific's proposed $85 billion acquisition of Norfolk Southern, which aims to create a larger freight transportation entity [1] Group 1: Competition Concerns - The attorneys general are worried that the merger could reduce competition in the freight transportation market, potentially leading to higher prices and reduced service quality for consumers [1] - The acquisition is seen as a significant consolidation in the industry, which may have implications for market dynamics and competition levels [1] Group 2: Financial Implications - The proposed deal is valued at $85 billion, indicating a substantial financial commitment from Union Pacific to expand its market presence [1] - The merger could reshape the competitive landscape of the freight transportation sector, affecting both operational efficiencies and pricing strategies [1]

Core Points - Union Pacific (UP) and Norfolk Southern (NS) have received overwhelming shareholder approval for their merger, with nearly 99% of NS shareholders and 99.5% of UP shareholders voting in favor of the $85 billion deal [1][2] - The merger aims to create America's first coast-to-coast transcontinental railroad, enhancing network capabilities and providing benefits to stakeholders [2] - NS shareholders will receive one share of Union Pacific common stock and $88.82 in cash for each share of Norfolk Southern [2] - UP shareholders approved the issuance of new shares of UP common stock as part of the merger process [3] - The railroads plan to file their merger application with the Surface Transportation Board in early December [3]