In late morning trading, Union Pacific shares rose 80 cents to $64.13 on the NYSE.

Belo Corp. (BLC: chart), which publishes The Dallas Morning News and is owner of 19 TV stations, reported 6% rise in 1Q on lower operating expenses and better-than-expected newspaper revenue.

Results exceeded Wall Street estimates and its shares rose more than 2 percent.

The media company said its quarterly income rose to $23.7 million, or 20 cents per share, in the January-March period from $22.3 million, or 19 cents per share, a year ago. Operating costs slid 1 percent to $286.8 million, with a 2% reduction in salaries and benefits due to job reductions.

Revenue slid 1% to $346.7 million vs. $351.3 million last year, the results of a 1.8 percent decline in television revenue and a 0.4 percent drop in newspaper revenue.

Belo expects 2005 earnings in the range of $1.17 to $1.24 per share. Analysts estimate 2005 earnings per share of $1.19.

Belo shares rose 48 cents, or 2.1 percent, to $23.25 in midday trading on the NYSE.