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  "documentTitle": "Union Pacific Corporation (UNP)",
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  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "Uses a timeline-based annotation approach to highlight the gap between management promises and actual guidance revisions.",
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      "text": "Continued operational mismanagement and poor messaging have caused investors to lose confidence",
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      "text": "2022 OR: Consensus vs. Guidance",
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      "text": "2022 Volume Growth: Consensus vs. Guidance",
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      "text": "operating ratio: 60%",
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      "kind": "quote",
      "text": "\"We've got basically one month left in 2022. It's a pretty big stretch for us to think that we're going to be able to get to 3% volume growth overall.\" — November 2022",
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      "text": "Source: Bloomberg and Visible Alpha consensus estimates.",
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      "text": "UNP's history of underperformance is highlighted by three successive guidance cuts on volumes and OR in 2022",
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