If most CSX Corp. investors are like Sandy Pomeroy and T.J. McConville, Hunter Harrison will probably have a fourth railroad to run.

With U.S. railroads forecast to report their first earnings growth since 2015, a stock rally that began in anticipation of the profit rebound is looking overdone.

Canadian Pacific Railway reported second-quarter earnings that topped analysts’ estimates as the carrier reduced costs by cutting jobs and running longer trains to make up for a cargo slump.

Norfolk Southern Corp. is gaining political and customer support for rejecting Canadian Pacific Railway Ltd.’s takeover bid, which could make it harder for the Canadian company and investor Bill Ackman to wage a proxy fight.