Shares of Union Pacific Corp. soared 10.1% in premarket trading Friday, which by themselves would lead the Dow Jones Transportation Average to outperform the...
Shares of Union Pacific Corp. UNP soared 10.1% in premarket trading Friday, which by themselves would lead the Dow Jones Transportation Average DJT to outperform the broader stock market, after railroad operator said Chief Executive Lance Fritz would step down after eight years in the role. The announcement over the weekend came after urging by activist investor Soroban Capital Partners, which owns a stake of about $1.6 billion in Union Pacific.
The announcement over the weekend came after urging by activist investor Soroban Capital Partners, which owns a stake of about $1.6 billion in Union Pacific. The implied price gain would add about 119 points to the Dow transports’ price. That by itself would imply a 0.8% gain in the Dow transports, while futures YM00 for the Dow Jones Industrial Average DJIA gained 169 points, or 0.5%.
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