Warren Buffett just told CNBC his plan for trains. The stocks are moving

Warren Buffett is not in the market to buy another railroad but he did meet with the CEO of CSX and discuss greater cooperation, he told CNBC’s Becky Quick on Monday.

Buffett and Greg Abel met with CSX CEO Joseph Hinrichs in Omaha on Aug. 3 in his office alone without any advisors present. They made clear to Hinrichs that they would not make a bid for CSX, but believed they could cooperate more and gain some of the same benefits from combining the two companies.

CSX shares fell more than 5% on the news. Buffett’s comments come after Berkshire Hathaway’s BNSF and CSX announced new coast-to-coast rail services on Friday.

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