Jacksonville Railroad Companies' Stock Downgraded As Industry Slides
Two local railroad companies have seen their stock prices fall as the industry sector slides overall.
CSX Corp.’s stock has dropped about 8 and a half percent over the past week. On Monday , it fell almost three percent from the opening bell, closing at 26.03.
The fall comes as the railroad sector has generally weakened. On Friday, a Bank of America analyst downgraded CSX and Genesse & Wyoming, which has its operations headquarters in Jacksonville.
Genesee & Wyoming’s price per share dropped from almost $70 last Tuesday to $58.89 at Monday’s close.
The sector has been battered by weakness in coal shipments, long a mainstay of the industry. Both CSX and Kansas City Southern, which was also downgraded, have issued disappointing outlooks for the quarter, saying the decline in the coal business is even worse than expected.