Overview

• Warren Buffett said Berkshire Hathaway is not looking to buy another railroad and confirmed he told CSX that BNSF would not bid, sending CSX shares down roughly 5%–6%.
• Canadian Pacific Kansas City publicly ruled out near‑term consolidation, with CEO Keith Creel warning a transcontinental deal could trigger unnecessary industry restructuring.
• BNSF and CSX unveiled new intermodal services, including direct routes from Southern California to Charlotte and Jacksonville and a Phoenix–Atlanta lane, plus international service linking the Port of New York and New Jersey and Norfolk to Kansas City.
• Union Pacific and Norfolk Southern’s proposed $85 billion merger remains subject to a lengthy Surface Transportation Board review that analysts expect to take roughly 17–22 months, with Norfolk disclosing a $2.5 billion termination fee under certain conditions.
• Activist investor Ancora is pressing CSX to pursue a transaction or consider leadership changes, while CSX says its board is evaluating options and additional transcontinental service improvements.