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Rail freight levels reached a record for the week ended April 16, the Association of American Railroads reported.

Union Pacific Corp. reported lower income for the first quarter, as its net income dropped to $128 million or 48 cents a share, compared with $165 million or 63 cents last year.

Covenant Transport Inc. said late Thursday it lost $650,000 or 4 cents a share in the first quarter, compared with net income of $721,000 or 5 cents a year earlier.

J.B. Hunt Transport Services Inc. announced a two-for-one stock split Thursday, to be effective May 23, and said it would buy back as much as $500 million in shares.

Wireless-services provider Qualcomm Inc. reported net income for its second quarter ended March 27 rose to $532 million or 31 cents a share, from $488 million or 29 cents a year earlier.

Manufacturing in the Philadelphia area rose to 25.3, a Federal Reserve report said Thursday. Orders and shipments also accelerated.

UPS Inc. reported Thursday its net income rose to $882 million or 78 cents a share, up 16% from $759 million or 67 cents a year earlier. The earnings topped analysts’ expectations of 73 cents a share, Bloomberg reported.

Toronto-based transportation firm Vitran Corp. reported first-quarter net income of $2.8 million or 22 cents a share, up from $1.6 million or 13 cents a year earlier.

Truck trailer maker Wabash National Corp. reported a first-quarter profit of $18.5 million or 52 cents a share, up from $6.9 million or 23 cents last year.

Truckload carrier USA Truck Inc. reported first-quarter net income of $2.7 million or 29 cents a share, compared with $1 million or 11 cents a year earlier.