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March 22, 2014
19:44 EDTCNICanadian National offers union 'opportunity' to settlement through negotiation
CN said it is offering the Teamsters Canada Rail Conference - Conductors, Trainpersons and Yardpersons one last opportunity to reach a contract settlement through negotiation on the condition the union agrees upfront to binding arbitration if the talks fail. The TCRC-CTY represents approximately 3,000 CN train conductors, trainpersons, yardpersons and traffic coordinators on CN's network in Canada. Senior CN officers are prepared to meet immediately with the union's bargaining committee, enlisting the assistance of federal mediators if necessary, to break the impasse with the TCRC-CTY. Unfortunately, the union has yet to accept the company's March 20 offer of binding arbitration to settle outstanding contractual issues. Claude Mongeau, CN president and CEO, said: "CN's extensive, good-faith bargaining with the TCRC-CTY throughout the fall of 2013 produced a progressive agreement to address the union's concerns about work-life balance and help the company improve service and efficiency. "After that agreement failed to ratify in January 2014, CN resumed negotiations with the union and secured a second tentative agreement against the backdrop of a union strike notice. This second tentative agreement narrowly failed ratification this week by a margin of less than 40 votes. "CN is willing to go back to the bargaining table with TCRC-CTY one last time to achieve a fair settlement. But we can only do that if the union commits upfront to binding arbitration in the event our negotiations fail. In the current circumstances, we must move forward with an approach that will provide certainty of outcome for our employees, customers and other stakeholders." CN is asking the TCRC-CTY to respond to its final bargaining offer by tomorrow, March 22, at the latest.
News For CNI From The Last 14 Days
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October 13, 2015
06:42 EDTCNICanadian National downgraded to Hold from Buy at Canaccord
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September 30, 2015
12:26 EDTCNIRails advance after Goldman says rate of volume declines improving
Shares of railroad operators are advancing after Goldman Sachs moved its Rails coverage view to Attractive from Neutral. WHAT'S NEW: In a note to investors, Goldman Sach's Tom Kim and team said while rail volumes continue to contract, the rate of change has begun to improve and the firm sees this as an early inflection indicator. The negatives in the rail sector appear to be well known as the sector has been under "significant" selling pressure since peaking in the fourth quarter of 2014, added Goldman Sachs. The firm sees structural improvement in the profitability of the rail sector as operating margins for 2015 are estimated to have expanded to 35% from 29% in 2010. Goldman thinks the negative earnings per share revisions cycle for rails is over and that investor expectations are achievable. The firm sees earnings as a catalyst for sector performance and believes carloads will grow again in 2016 with 4% year-over-year growth in intermodal. WHAT'S NOTABLE: Kim upgraded Canadian Pacific (CP) to Buy from Neutral and reiterated its Buy rating on Union Pacific (UNP). The firm sees upside potential for Canadian National Railway (CNI), CSX (CSX), Kansas City Southern (KSU), and Norfolk Southern Corporation (NSC), but it maintained its Neutral ratings on those names as the firm expects these stocks to trade in-line with its broader Transportation coverage universe. PRICE ACTION: In afternoon trading, shares of Canadian Pacific are up nearly 3%, while Union Pacific is higher by almost 1%. CSX is advancing 2.2%, while Canadian National Railway, Kansas City Southern, and Norfolk Southern Corporation are each up over 1%.
08:08 EDTCNIRails sector upgraded to Attractive from Neutral at Goldman
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