On July 8, 2021, The Wall Street Journal published an article entitled “Biden to Target Railroads, Ocean Shipping in Executive Order” which reported, in part, that the Biden administration “will ask the Federal Maritime Commission and the Surface Transportation Board to combat what it calls a pattern of consolidation and aggressive pricing that has made it onerously expensive for American companies to transport goods to market.”
On this news, KCS’s stock price fell $22.46 per share, or 7%, to close at $262.79 per share on July 8, 2021, on unusually heavy trading volume.
