Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, David

Faber, Post 9 of the New York Stock Exchange. Future is pretty steady despite a patch of earnings

disappointments today out of Spotify, UPS, UNH, Whirlpool, Novo. Fed meeting begins today. M&A gets more active with the rails.

SMP is going for seven consecutive record closes today.

Our roadmap begins with a mega U.S. railroad deal.

UNP buying rival Norfolk Southern,

creating the nation's first coast-to-coast freight rail operator

and potentially reshaping the transportation landscape. We have at first on CBC with the CEOs of both companies in the 10 a.m. hour. Plus, as a car referenced, flood of earnings this morning, including Boeing, which is higher after its slash losses. Boeing CEO, Kelly Orpberg, is going to join us. That's just a few moments from now. We're going to talk to him, of course, about his outlook for the plane maker.

That's going to be great. Good. I'm glad to hear you think it's going to be great. All right, United Health also, I don't know if that's great. 2025 earnings are going to be worse than expected. In fact, stock is down, but it's off its early warning lows. Let's begin with this Union Pacific Norfolk Southern

Mega Deal, David, I know you've been working. but it's off its early morning lows. Let's begin with this Union Pacific Norfolk Southern mega deal.

David, I know you've been working on some of the deal valuations, yep.

Yeah, I mean, listen, it was, what, a week, not quite two and a half weeks ago.

We talked about all of, you know, the chatter.

I talked about the possibility of a transcontinental merger. Jim was like, whoa, and here we are.

They were working hard in Washington at the time. That's a lot of the chatter that I was starting to hear. Jim Venna being aggressive in terms of trying to get a sense for the willingness of regulators, namely the Surface Transportation Board, to approve a potential

transcontinental deal.

And, you know, said simply, I think their contention is going to be.

A transcontinental railroad is good for the United States of America.

And that may well be a winning argument, and you now have the deal to back that up. And as for the deal itself,

around 320 bucks a share is where it comes in. Let's see how UNP stock does. You're going to have

some people shorting the stock at this point. What's it composed of? One share of Union Pacific is what

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