Issue #1239, week ending July 22: UNP takes stage; Transport earnings ramp

Research evidence excerpt

Issue #1239, week ending July 22: UNP takes stage; Transport earnings ramp

Accessible version

Transport Tracker

Issue #1239, week ending July 22: UNP

takes stage; Transport earnings ramp

Price Objective Change

Hoexter’s Thought of the Week 23 July 2026

Union Pacific gets CN to ‘not oppose’ and resolves issues Equity

United StatesUnion Pacific is set to submit the second part of its response to the Surface

Transport/Infrastructure

Transportation Board’s (STB) request for additional information for its proposed

acquisition of Norfolk Southern by July 27. Last night, UNP and Canadian National

(abbreviated: CN, ticker: CNI) agreed on a commercial agreement to swap additional CN Ken Hoexter Research Analyst

trackage rights to UNP over the EJ&E rail network around Chicago in exchange for BofAS

haulage (and potential trackage) rights from Memphis to Eagle Pass, TX, enabling CN to +1ken.hoexter@bofa.com646 855 1498

provide direct Canada to Mexico service (and compete with CPKC on a North-South Adam Roszkowski, CFA

route). Concurrently, UNP resolved several merger issues, contingent upon merger Research Analyst

BofAS

consummation, providing CNI with NS’ ownership of terminal railroads in St. Louis and +1 646 855 5498

Kansas City, providing CN overhead rights to serve customers between St. Louis and adam.roszkowski@bofa.com

Kansas City, and providing CN access to Kansas City directly, including access to its Neff

Yard. In exchange CN agreed to not oppose the UNP/NSC merger (not support it, just

not oppose it). Key Data This Week:

- Week 28 Railroads: +2.9% Y-Y

17 Transport companies to report over the next week vs Week 27: +1.4% Y-Y

Over the next week (Thu am -Thu PM), Transports 2Q26 earnings ramp with results from (14th consecutive uptick week)