The blockbuster deal raises the odds that Buffett’s Berkshire Hathaway, which owns the Burlington Northern Santa Fe railroad, will reach a deal with CSX to create a second transcontinental railroad. Union Pacific and BNSF compete in the western U.S., while CSX and Norfolk Southern are the two big Eastern railroads.

Here are some of the stories Wall Street is watching on Tuesday, July 29. Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) is trimming more of its stake in VeriSign (VRSN). Shares of Novo Nordisk (NVO) are being pummeled after warning of a slowdown in sales of its weight-loss drug in the US.

Kraft Heinz (NASDAQ:KHC) is considering undertaking a landmark separation of its business by spinning off a substantial part of its grocery division into a new, independently traded entity. The food giant's move follows years of lackluster growth,

VeriSign, based in Reston, Virginia, said the sale of 4.3 million shares was intended to reduce Berkshire's stake to below 10%, a threshold that triggers regulatory obligations. Berkshire may sell an additional 515,032 shares to meet demand. VeriSign will receive no proceeds from the sale.

(Reuters) -Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country.

Warren Buffett's departure as CEO removes the premium from Berkshire Hathaway. Read why I rate BRK.A stock a Sell for now.

Broadcom gains on AI chip strength and VMware synergy, while JNJ and BRK.B ride momentum despite looming headwinds.