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February 19, 2014
10:03 EDTCNICanadian National targets C$2.1B in 2014 capital investments
CN announced is targeting to spend more than C$1.2B in 2014 on track infrastructure and to improve the safety, productivity and fluidity of the network. This investment will include the replacement of rail, ties and other track materials, bridge improvements, as well as various branch-line upgrades. This envelope will also include funds for strategic initiatives and additional improvements to track infrastructure in western and eastern Canada as well as in the United States. CN's equipment capital expenditures in 2014 are targeted to reach approximately C$300M. CN in 2013 took delivery of 44 new and 37 second-hand high-horsepower locomotives and in 2014, CN will acquire an additional 45 new high-horsepower locomotives. CN also expects to spend approximately C$600M in 2014 on facilities to grow the business, including transloading terminals, distribution centers and the completion of its Calgary Logistics Park project. In 2013, CN's capital investment program totalled approximately C$2.0B.
News For CNI From The Last 14 Days
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November 30, 2015
16:03 EDTCNICanadian National amends specific share repurchase program
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November 17, 2015
17:32 EDTCNINorfolk Southern spikes after Canadian Pacific proposes merger
Shares of railroad operator Norfolk Southern (NSC) are spiking in the after-hours after rival Canadian Pacific (CP) announced that it has sent an offer letter to Norfolk Southern proposing a business combination. WHAT'S NEW: After the close of trading on Tuesday, Canadian Pacific proposed a business combination with Norfolk Southern "that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value." Canadian Pacific noted that the proposal reflects a "sizable premium in cash and stock offered to NS shareholders." The combined company would have a potential for faster earnings growth than either of the companies independently, CP noted, while offering unparalleled customer service and competitive rates to shippers." The combined company would innovate a new approach to terminal access that would allow another carrier to operate from a point of connection in the event the combined company failed to provide adequate service or competitive rates. The combination of NS and CP would provide a solution to "bottleneck pricing" and alleviate congestion in Chicago by channeling rail traffic away from Chicago. WHAT'S NOTABLE: According to a Globe and Mail report from earlier Tuesday, Keith Creel the COO of Canadian Pacific, who was speaking at a transportation conference, said rail mergers are inevitable but the executive "refused" to confirm past reports that the railroad operator was in talks to acquire rival Norfolk Southern. ANALYST VIEW: ON November 12, research firm BB&T said it believes there are many scenarios in which a merger between Canadian Pacific and Norfolk Southern would benefit both companies. The firm said that Norfolk Southern shareholders would get a 20%-30% premium above the stock's current level, while Canadian Pacific's potential revenue growth issues would be solved and its 2018 EPS would be boosted by 20% plus. PRICE ACTION: Shares of Norfolk Southern are up 6.9% to $93.00, while Canadian Pacific shares are unchanged. OTHERS: Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Genesee & Wyoming (GWR), Kansas City Southern (KSU) and Union Pacific (UNP).
08:18 EDTCNIScotiabank to hold a conference
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