Transports Pulled Down By Weak Reaction To Union Pacific Earnings (UNP, CSX)

In a somewhat odd move, Union Pacific UNP released earnings during the middle of the day, but this has happened twice with the railroad company, so perhaps, it is a new trend it is setting. The company said it earned $1.29 per share on revenues of $4.49 billion, which compared to Wall Street estimates of $1.31 per share on revenues of $4.412 billion. "The economy is showing signs of continued, gradual improvement, and we're optimistic about the growth opportunities ahead," CEO Jim Young said. "We've started off strong in 2011 by achieving record results in the first quarter," said Jim Young, Union Pacific chairman and chief executive officer. "We saw volume growth in all commodities and effectively leveraged that growth by running a safe and efficient network despite spiking fuel prices and winter weather challenges across most of the nation's rail network. These efforts produced a best-ever first quarter operating ratio and record cash from operations." At last check, shares of UNP were off $3.14 to $94.18,a loss of 3.2% after having been as high as $99.18 earlier in the session.