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Stock Market & Financial Investment News

News Breaks
April 2, 2014
05:08 EDTCPCanadian Pacific COO addresses Agriculture Committee hearing on Bill C-30
Canadian Pacific's president and COO Keith Creel provided his comments on Bill C-30 to the Standing Committee on Agriculture. Creel encouraged the Committee to consider the serious capacity constraints within the current grain supply chain and highlighted that interswitching would worsen the situation for the movement of Canadian grain to markets. "The reality is the current grain supply chain, of which rail is only one component, cannot move these extraordinary volumes over this short period of time," said Creel. "We need solutions that will increase throughput of grain from farm to ship." Creel also addressed CP's operating performance this crop year. CP moved record grain volumes last fall which was later impacted by the extraordinary cold temperatures in December and January. With the improved weather, the railway has regained momentum, moving 15% more Western Canadian grain in February and 20% more in March than the previous year. With respect to the proposed extended interswitching, Creel expressed concerns with its potentially damaging unintended consequences and how it would slow down the grain supply chain due to increased handlings, further constraining capacity. He noted that allowing grain to be interswitched to U.S railroads could also potentially lead to a negative impact on the Canadian economy. CP is asking all supply chain partners to engage in a collaborative dialogue to find immediate solutions which will create longer term capacity in the grain supply chain.
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June 30, 2015
08:09 EDTCPRail estimates need to come down further, says Citi
Citi analyst Christian Wetherbee noted that consensus estimates in the rail sector for Q2 EPS have fallen an average of 8% since the firm moved below consensus last month, but believes the numbers have to come down further. Wetherbee cut his Q2 estimates by another 5%, lowered Q3 by 4% and cut his forecast for 2016 EPS by 3% and lowered price targets on stocks in the space by 6% on average. Wetherbee added that he believes Union Pacific (UNP) and Norfolk Southern (NSC) have the highest the pre-announcement risk in the group and lowered his targets on those stocks, as well as for Canadian National (CNI), Canadian Pacific (CP), CSX (CSC) and Kansas City Southern (KSU).
June 16, 2015
18:14 EDTCPCanadian Pacific plans to purchase up to 853K shares through going private deals
Canadian Pacific announced that it intends to purchase for cancellation up to 853,000 of its common shares pursuant to private agreements to be entered into between CP and three arm's-length third-party sellers. Purchases will be made in accordance with three issuer bid exemption orders issued by the Ontario Securities Commission each dated June 16, and pursuant to the Orders, may be made in several transactions prior to March 17, 2016. The price CP will pay for its common shares purchased by way of private agreements will be at a discount to the prevailing market price of CP common shares on the Toronto Stock Exchange at the time of purchase. Purchases made by CP will be counted towards CP's normal course issuer bid announced on March 16, 2015 for up to 9.14M CP common shares and will not exceed, in aggregate, one third of the maximum number of common shares CP may purchase under the Bid, being 3.05M common shares.
07:41 EDTCPRail sector risk/reward attractive, but patience required, says UBS
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