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March 26, 2014
11:51 EDTCSXCSX urges STB to reject flawed switching scheme
CSX Transportation opposes a proposal before the Surface Transportation Board that would create unpredictable traffic flows, reduce high levels of customer service achieved over the past few years, and diminish the company's incentive to keep investing at record levels in critically needed transportation infrastructure. "Our work is focused on achieving high levels of service reliability and predictability, which are critical elements in meeting our customers' needs," said Cressie Brown, CSX's vice president-service design, in prepared testimony before the STB. A proposal from the National Industrial Transportation League "would undermine much of what we have accomplished in the areas of reliability, efficiency and customer service." Brown pointed to information and data gleaned from CSX's Customer Advisory Councils and periodic surveys in which customers acknowledged improvements, but said they needed even more reliability to grow their own businesses. New or expanded businesses create job growth and economic development, and rail transportation's fuel efficiency offers significant environmental benefits.
News For CSX From The Last 14 Days
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November 20, 2015
06:54 EDTCSXCSX investment case remains compelling, says Citi
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05:12 EDTCSXStocks with implied volatility movement; CHK CSX
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November 18, 2015
07:24 EDTCSXCP offer for Norfolk Southern a starting point, says Citi
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November 17, 2015
17:32 EDTCSXNorfolk 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).
November 16, 2015
09:33 EDTCSXCSX management to meet with JPMorgan
Meeting to be held in Los Angeles on November 17 hosted by JPMorgan.

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