Shares of GATX Corp. GATX, -2.88% took a 2.9% dive in morning trading Friday, reversing an earlier intraday gain of as much as 0.4%, after The Wall Street Journal reported that the railroad freight car owner and lessor owned the freight hopper railcar that derailed in East Palestine, Ohio last month. Citing industry documents and people familiar with the railcar’s history, the WSJ report, which detailed how the hopper was handled through its history, said the hopper was built by June 1997 by Trinity Industries Inc. TRN, +0.75%, and was certified for 50 years of service. Trinity’s stock edged up 0.1%, but had been up as much as 1.9% earlier. Meanwhile, shares of Norfolk Southern Corp. NSC, -0.10%, which operated the hopper, fell slipped 0.3% on Friday. Since the train’s derailment on Feb. 3, GATX’s stock has shed 7.7%, Trinity shares have slipped 3.0% and Norfolk Southern’s stock has slumped 9.6%, while the S&P 500 SPX, +1.61% has eased 3.0%.
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