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March 10, 2013
17:23 EDTKSU, RA, CNI, TRN, GWR, CP, NSC, GBX, CSX, UNPChina plans to "shake up" railway system, invite private investors, WSJ says
China plans to "shake up" its railway system and have greater participation from private investors including foreigners, says the Wall Street Journal, according to the head of the country's Ministry of Railways. Reference Link
News For NSC;CNI;UNP;CP;RA;CSX;GWR;KSU;GBX;TRN From The Last 14 Days
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November 18, 2015
07:24 EDTCP, CSX, NSCCP offer for Norfolk Southern a starting point, says Citi
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07:04 EDTCP, NSCCanadian Pacific discloses details of offer letter to Norfolk Southern
Canadian Pacific (CP) disclosed the contents of the offer letter it sent to Norfolk Southern (NSC) on November 17, 2015 to clarify the details of a proposal that would result in the creation of a pro-competitive, pro-customer, coast-to-coast transportation solution. CP also announced it wishes to correct any misconceptions about the sizable premium offered to NS shareholders. In the letter, Canadian Pacific commented, "We propose a 50% cash 50% stock transaction based on Friday's closing stock price for both CP and NSC in which NSC shareholders would receive $46.72 in cash and 0.348 shares of stock in a new company which would own CP and NSC. The new company would be listed on both the New York and Toronto Stock Exchanges, and maintain a strong investment grade credit rating. Our proposal represents a substantial initial 23.0% premium to NSC's 45-day VWAP of $79.14.1 In addition to providing NSC shareholders with a significant cash payment, the proposed transaction will provide NSC shareholders with an opportunity for meaningful upside appreciation in the future as synergies are realized as NSC shareholders will own 41% of the new company. Our advisors at J.P. Morgan have assisted us in valuing the newly merged company by taking into account future operating performance, synergies, expected earnings power and anticipated trading multiples. In light of the substantial synergies created by the combination, we believe that the fair value of the new company would be approximately $270.68 per share at the time of transaction closure-which is assumed to occur on December 31, 2017. As a result, NSC shareholders will receive at that time $46.72 in cash plus $94.16 in market value of the stock of the combined company which on a present value basis at the time of the anticipated announcement is expected to represent total value of $126.18 per share-which is a 59.4% premium to NSC's 45-day VWAP of $79.14. In addition, NSC shareholders would continue to receive a dividend of $0.59 per quarter during the pendency of the regulatory review of the transaction."
November 17, 2015
19:25 EDTNSCOn The Fly: After Hours Movers
UP AFTER EARNINGS: Jack in the Box (JACK), up 3.7%... Vipshop Holdings (VIPS), up 2.2%. ALSO HIGHER: Universal Insurance (UVE), up 5.3% after issuing a statement saying that Lakewood Capital Management's statement was misleading... Norfolk Southern (NSC), up 2% after confirming a merger offer from Canadian Pacific (CP). LOWER: Citrix Systems (CTXS), down 1.8% after announcing operational review and the spin off of its GoTo family of products.
18:31 EDTCP, NSCNorfolk Southern confirms 'low-premium' merger offer from Canadian Pacific
Norfolk Southern (NSC) confirmed it has received an "unsolicited, low-premium, non-binding and highly conditional indication of interest" from Canadian Pacific (CP) to acquire the company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk Southern share, "representing a premium of less than 10% based on closing prices today." The company noted its board of directors "will carefully evaluate and consider this indication of interest in the context of Norfolk Southern's strategic plans, and its ongoing review of opportunities to enhance stockholder value... Notably, any consolidation among Class I railroads in North America would face significant regulatory hurdles."
17:32 EDTCNI, GWR, NSC, UNP, KSU, CP, CSXNorfolk 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).
16:22 EDTCP, NSCNorfolk Southern jumps 6% in after-hours trading following merger proposal
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16:21 EDTCP, NSCCanadian Pacific proposes Norfolk Southern merger with 'sizable' premium
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16:17 EDTCP, NSCCanadian Pacific proposes business combination with Norfolk Southern
13:55 EDTNSC, CPCanadian Pacific COO won't confirm Norfolk Southern talks, Globe and Mail says
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08:18 EDTCNI, CPScotiabank to hold a conference
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November 16, 2015
09:33 EDTCSXCSX management to meet with JPMorgan
Meeting to be held in Los Angeles on November 17 hosted by JPMorgan.
November 15, 2015
12:42 EDTNSC, GWR, CPGenesee & Wyoming shares could gain 20% or more in a year, Barron's says
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November 13, 2015
19:33 EDTCP, NSCCanadian Pacific, Norfolk Southern CEO's meet to discuss merger, WSJ says
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19:02 EDTNSC, CPCanadian Pacific, Norfolk Southern CEO's met Friday, Dow Jones says
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November 12, 2015
09:19 EDTNSC, CPCanadian Pacific Norfolk Southern merger makes sense, says BB&T
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November 11, 2015
10:54 EDTUNP, NSC, CPUnion Pacific doesn't see benefits of industry M&A
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10:45 EDTUNPUnion Pacific says automotive sector continues to be positive
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10:37 EDTUNPUnion Pacific says will fall short of Q4 and full year 2014 EPS records
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07:58 EDTGWRStephens to hold a conference
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06:32 EDTGWRGenesee & Wyoming reports October traffic up 47.8% to 258,284 carloads
G&W's traffic in October 2015 was 258,284 carloads, an increase of 83,519 carloads, or 47.8%, compared with October 2014. G&W's same-railroad traffic in October 2015 was 149,007 carloads, a decrease of 25,758 carloads, or 14.7%, compared with October 2014. The term carload represents physical railcars and estimated railcar equivalents of commodities for which G&W is paid on a metric ton or other measure to move freight, as well as intermodal units. In North America, traffic in October was 137,632 carloads, a decrease of 13.0% compared with October 2014. On a same-railroad basis, traffic declined 23,026 carloads, or 14.6%. The decrease was primarily due to reduced shipments of coal & coke, metals and autos & auto parts. In aUstralia, traffic in October was 13,799 carloads, a decrease of 16.5% compared with October 2014. The decrease was primarily due to reduced metallic ores shipments from previously announced closures of customer iron ore mines. In the UK and Europe, traffic in October was 106,853 carloads. Traffic in October 2015 was led by intermodal traffic in the U.K. and continental Europe as well as minerals & stone traffic in Poland and the U.K.
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