The shares of railroad company CSX Corp. (CSX), which I first wrote about on May 1, 2009, at a price of $30.56, have surged through $60 and $70 resistance levels, and now obviously would be a good time to consider taking some profits, if you're near $30 with CSX.

However, those investors who can tolerate the risk can maintain their full position with CSX, as there's more upside ahead.

Look for CSX's 2011 revenue to increase 6% to 8%, after a nearly 18% surge in 2010. Volumes should rise 5% to 7% this year, and overall prices for transport services should rise, albeit with some softness in selected price categories. Any above-trend U.S./global GDP growth rates will improve CSX's performance.

The shares of railroad CSX Corp.'s (CSX), which I first wrote about on May 1, 2009, at a price of $30.56, have zoomed higher after a summer lull, and I obviously still like the shares at this stage.

Look for CSX's 2010 revenue to increase 6% to 8% in 2011, after a 15% to 17% surge in 2010. Volumes should rise 6% to 8%, and overall prices for transport services should firm, albeit with some softness in selected price categories. Any above-average U.S. or global GDP grow rates will improve CSX's performance.

MAJOR PAPERS:

• The Wall Street Journal reported that Berkshire Hathaway Inc (NYSE: BRK.A) chair Warren Buffett is in a position to help companies like Ambac Financial Group Inc (NYSE: ABK) and MBIA Inc (NYSE: MBI), possibly providing relief amid the credit market turmoil; sources speculate the company could also get into the bond-insurance business.
• Retailer Kohl's Corporation (NYSE: KSS) is today expected to announce an exclusive multi-year active wear licensing partnership with Fila Luxembourg S.a.r.l., a part of Fila Korea, according to the Wall Street Journal.
• According to a senior executive at Telefonica SA (NYSE: TEF), the company's efforts to obtain exclusive control of Vivo have stalled, the Financial Times reported.
• CEOs of CSX Corporation (NYSE: CSX), Union Pacific Corporation (NYSE: UNP) and Burlington Northern Santa Fe Corporation (NYSE: BNI) told the Financial Times that if any of the new four bills to regulate rates, that are currently being debated in congress, becomes law, accelerating investment in U.S. railroads' capacity could come to a halt.

• News Corp's (NYSE: NWS.A) Rupert Murdoch said the company plans to replace nearly one million paid subscribers of the online Wall Street Journal with 10-15 million "who wouldn't pay a thing." Murdoch's long-term plan is to penetrate developing markets, The Australian reported.

MOST NOTEWORTHY:

• Morgan Stanley downgraded CACI International (NYSE: CAI) and SAIC Inc (NYSE: SAI) to Underweight from Equal Weight to reflect concerns over an increasingly unfavorable political environment as the risk of reduced funding for federal IT initiatives grows.

• Soleil downgraded shares of CenturyTel (NYSE: CTL) to Sell from Hold on valuation and a possibly active hurricane season.

• Honda Motor Co (NYSE: HMC) was cut to Neutral from Buy at Merrill Lynch.

• Micron Technology (NYSE: MU) was downgraded to Sell from Neutral at Goldman Sachs as the firm believes improvements in DRAM pricing will be short lived and that the company will continue to generate losses given its poor cost structure.

• CSX Corp (NYSE: CSX) was downgraded to Reduce from Neutral at Calyon on valuation and deteriorating volume.

• Rockwell Automation (NYSE: ROK) was cut to Neutral from Overweight at JP Morgan.

• Inverness Medical Innovations, Inc (AMEX: IMA) was downgraded to Hold from Buy at Stifel.

• WebSideStory, Inc (NASDAQ: WSSI) was downgraded to Sector Perform from Outperform at RBC, citing short-term execution risks.

• Jefferies downgraded Cerner Corp (NASDAQ: CERN) to Hold from Buy.