NEW YORK (Thomson Financial) - The Dow Jones Transportation Index ETF (IYT) declined to a three-week low Wednesday following a profit warning from Union Pacific Corp.

The ETF last traded down 1.1% at 82.90, after hitting an intraday low of $80.20, the lowest level since Nov. 27.

Shares of Union Pacific, which account for 13.2% of the ETF's holdings, tumbled 5.2% to $122.75 in recent trading.

The Omaha, Neb., railroad operator earlier lowered its outlook for the fourth quarter to earnings of $1.70 to $1.80 a share, a reduction of roughly 20 cents a share from a prior forecast, citing rising diesel fuel costs and a corresponding lag in fuel surcharge recoveries.

The current mean estimate of analysts polled by Thomson Financial is for a profit of $1.98 a share in the December period.

Among the ETF's other heavily-weighted components, shares of Fedex Corp. dropped 1.3% to $95.52, Burlington Northern Santa Fe fell 2.8% to $81.50, and Overseas Shipholding Group lost 2.1% to $75.13.

United Parcel Service slipped 0.8% to $71.96, C.H. Robinson Worldwide Inc. fell 0.9% to $51.50, and Alexander & Baldwin Inc. declined 0.4% to $51.76.

Norfolk Southern Corp. fell 2.4% to $48.90, Ryder System Inc. declined 1% to $46.19 and Con-way Inc. fell 1% to $42.20. Wanfeng Zhou wz/tk1

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