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11:36PM (15 mins delay)
Oct 26, 2009 - 4:33 AM EDT
Markos Kaminis (Wall St. Greek) submits: The Merriam-Webster Dictionary defines “railroad” as “to convict with undue haste and by means of false charges or insufficient evidence.” The definition seems to fit snugly around what happened on Wall Street Friday, while also offering an interesting play on words. Based on popular press reports, investors convicted the market on the earnings data and forecast warnings of a couple key railroad companies. Specifically speaking, Friday’s downturn was placed squarely on the engine car of Burlington Northern Sante Fe (BNI).
Railroad companies and other shippers of goods, including truckers like J.B. Hunt Transport Services (JBHT) and shipping companies like DryShips Inc. (DRYS), are considered barometers of the economic lifecycle. After all, if manufacturers and distributors are moving product, it is going to be visible in the results of the shippers.
Source: Seeking Alpha (Oct 26, 2009 - 4:33 AM EDT)
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