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Stock Market & Financial Investment News

News Breaks
January 16, 2014
11:40 EDTKSU, NSC, CP, CSX, UNPCSX tumbles after fourth quarter profit misses expectations
Railroad operator CSX Corporation (CSX) is one of today's losers after the company's fourth quarter profit fell below expectations. WHAT'S NEW: Last night, CSX reported fourth quarter earnings per share of 42c and revenue of $3B, compared to analysts' consensus estimate of 43c and $3.01B, respectively. The company forecast modest growth in 2014, predominantly in the second half of the year. Earnings in the first half of the year were forecast by the company to to be flat to sightly down. "Supported by the strength of an expanding economy, we delivered 6% volume growth in the quarter, despite another sharp decline in coal," said CEO Michael Ward. ANALYST REACTION: This morning, analyst commentary was mixed. Research firm Stifel downgraded CSX to Hold from Buy, citing valuation after the company missed profit estimates. Conversely, Argus upgraded CSX to Buy from Hold, citing accelerating shipments of crude oil from shale formations, near-record grain harvests, increased demand for consumer finished goods, and stabilizing coal shipments. The firm maintained a price target of $35 on the shares. PRICE ACTION: In late morning trading, CSX tumbled 65% to $27.32 on more than twice its average daily trading volume. Over the past twelve months, the stock has gained approximately 30%, making a 52-week high of $29.25 earlier this month. OTHERS TO WATCH: Other rail suppliers include Norfolk Southern (NSC), Union Pacific (UNP), Kansas City Southern (KSU) and Canadian Pacific (CP), all of which are trading lower on the session.
News For CSX;NSC;UNP;CP;KSU From The Last 14 Days
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March 2, 2015
11:22 EDTKSUKansas City Southern benefiting from expansion of auto plant into Mexico
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11:16 EDTKSUKansas City Southern seeing weakness in utility coal as nat gas prices cheap
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11:13 EDTKSUKansas City Southern says industry started slow in first two months of year
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11:11 EDTKSUKansas City Southern backs FY15 mid-single digit volume growth view
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09:03 EDTNSCNorfolk Southern names Jim Squires CEO effective June 1, 2015
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07:27 EDTKSURaymond James to hold a conference
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February 27, 2015
09:58 EDTCSXOn The Fly: Analyst Upgrade Summary
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08:48 EDTCSXCSX upgraded at BMO Capital
As reported previously, BMO Capital upgraded CSX to Outperform from Market Perform. After meeting with the company's management, the firm thinks it has a significant cost reduction opportunity; an improving pricing environment; and robust demand in the merchandise and intermodal segments. The firm believes that the coal headwind only presents a moderate risk to the company. Target to $40 from $38.
06:24 EDTCSXCSX upgraded to Outperform from Market Perform at BMO Capital
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February 25, 2015
07:20 EDTCSXCSX management to meet with UBS
Meeting to be held in Boston on February 25 hosted by UBS.
February 23, 2015
16:36 EDTCPCanadian Pacific announces new 9.14M share repurchase program
Canadian Pacific announced that it intends to renew its normal course issuer bid, NCIB, commencing March 17, subject to the approval of the Toronto Stock Exchange. CP's board of directors has authorized the repurchase of up to 9.14M of its common shares, for cancellation, representing approximately 6% of CP's "public float" of common shares as at February 20. "This new share repurchase program demonstrates CP's continued confidence in the long-term prospects of the company and underscores our commitment to enhancing total shareholder return," said CP CEO E. Hunter Harrison. "Our strong balance sheet and cash flow position enables us to return cash to shareholders while continuing to pursue our business strategy and invest in the franchise." CP is permitted to purchase up to 12,650,862 common shares during the 12 month period ending March 16, under its current program. CP has substantially completed the purchase of such shares, with 12,192,437M shares purchased at a weighted average price of $202.62 as of February 20. CP expects it will complete purchases under its current NCIB prior to the expiry of the program on March 16th.
09:59 EDTNSC, UNP, KSU, CP, CSXOn The Fly: Analyst Initiation Summary
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06:17 EDTNSCNorfolk Southern initiated with an Underweight at JPMorgan
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06:12 EDTCPCanadian Pacific initiated with an Overweight at JPMorgan
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06:11 EDTUNPUnion Pacific initiated with a Neutral at JPMorgan
Target $128.
06:11 EDTKSUKansas City Southern initiated with an Overweight at JPMorgan
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06:09 EDTCSXCSX initiated with an Overweight at JPMorgan
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February 22, 2015
13:45 EDTCSX, UNP, CP, NSC, KSUCanada introduces legislation to enhance crude-by-rail safety, accountability
The Honourable Lisa Raitt, Minister of Transport, introduced legislation in the House of Commons that will enhance railway safety and make the rail industry and crude oil shippers more accountable to Canadians. The new Safe and Accountable Rail Act proposes amendments to the Canada Transportation Act and Railway Safety Act. Changes include a new liability and compensation regime for federally regulated railways, including minimum insurance requirements; a compensation fund financed by levies on crude oil shippers; increased information-sharing provisions; and stronger oversight powers for the Minister and Transport Canada inspectors. The new liability and compensation regime will be consistent with those the Government has introduced for other modes of transport, such as marine tankers and oil pipelines. It is based on the “polluter pays” principle and makes railways and shippers responsible for the cost of accidents, protecting taxpayers and communities by ensuring that adequate resources are available for compensation if an accident were to occur. Proposed amendments to the Railway Safety Act will broaden the powers of the Minister and inspectors to order railway companies and others to take specified measures or stop any activity deemed necessary for safe railway operations. The proposed amendments will also create new regulation- making powers requiring railway companies to share information with municipalities. These changes are part of the Government’s commitment to strengthen oversight and increase collaboration between communities and the rail industry, addressing issues raised in the Transportation Safety Board’s final report on the Lac-Mégantic derailment as well as concerns of the Federation of Canadian Municipalities. Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Canadian Pacific (CP), Genesee & Wyoming (GWR), Kansas City Southern (KSU), Norfolk Southern (NSC) and Union Pacific (UNP). Reference Link
February 20, 2015
08:35 EDTKSUKansas City Southern appoints Patrick Ottensmeyer as president effective March 1
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February 18, 2015
07:07 EDTUNP, CSXBarclays to hold a conference
Industrial Select Conference is being held in Miami on February 18-19.
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