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☆ Train carrying hazardous materials derails in Maine
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: 1 min

April 15 (Reuters) - A train carrying hazardous materials derailed and caught fire north of Rockwood, Maine, fire officials said in a Facebook post on Saturday. Rockwood Fire and Rescue posted a photo of the derailment on its Facebook page and asked residents to "stay clear," without specifying the extent of damage. An FRA safety inspector is en route to the site of a Canadian Pacific Railway derailment near Brassua, Maine, U.S. Federal Railroad Administration said in a tweet. loading"Local responders have contained a fire in the area with no hazardous material released", it added. Reporting by Shivani Tanna in Bengaluru; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Corporate agitator Ackman tells US to raise FDIC insurance limit to shore up confidence
▼ + stars: | 2023-03-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, March 29 (Reuters) - Billionaire investor William Ackman who spent years telling corporations how to perform better is now taking on the U.S. government by calling for higher insurance limits to safeguard the banking system at the height of a banking crisis. Ackman, who runs hedge fund Pershing Square Capital Management, sent a letter to his investors saying the FDIC should raise its $250,000 per account limit days after U.S. regulators took over Silicon Valley Bank and Signature Bank, triggering a crisis in U.S. regional banks. In his annual letter to shareholders he amplified a message he has been blasting for days on Twitter. "Banking is a confidence sensitive business," and regulators' conflicting public statements have "reduced investor, business, and consumer confidence in our banking system" he wrote. Ackman's investment firm's Pershing Square Holdings portfolio has returned 25.1% per year over the last five years, handily beating its broader stock market index which gained 9.4% a year during the same time.

☆ Norfolk Southern shareholders sue over Ohio derailment
▼ + stars: | 2023-03-17 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

March 17 (Reuters) - Norfolk Southern Corp (NSC.N) shareholders have accused the railroad of defrauding them by prioritizing profit over safety prior to last month's derailment of a train carrying hazardous chemicals in East Palestine, Ohio. A Norfolk Southern spokesman declined to comment, saying the Atlanta-based company does not discuss pending litigation. Norfolk Southern has faced many lawsuits over the Feb. 3 derailment, including cases brought by local residents and Ohio's attorney general. Six of the seven largest U.S. freight railroads use Precision Scheduled Railroading: Norfolk Southern, Canadian National, Canadian Pacific, CSX, Kansas City Southern and Union Pacific. The case is Bucks County Employees Retirement System v Norfolk Southern Corp et al, U.S. District Court, Southern District of Ohio, No.

☆ After back-to-back train disasters, regulators approve the largest rail merger in decades creating a line that would stretch from Canada to Mexico
▼ + stars: | 2023-03-16 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

Regulators approved a railroad merger that would create a single route stretching from Canada to Mexico. The rail industry has seen train accidents and labor disputes in recent months. "30-40% of the United States economy depends on a well-functioning railroad," Oberman said in the Wednesday press conference. That's why the STB has been "railing about some of the rail service problems and issues affecting the rail industry," he said. Oberman also argued shippers would not lose any existing rail competition from the merger.

☆ Credit Suisse fears hit Toronto's main stock index
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

TORONTO, March 15 (Reuters) - Canada's main stock index fell 1.6% on Wednesday, dragged down by energy and financial stocks as Credit Suisse spooked world markets, renewing concerns of a banking crisis. By provisional close on Wednesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 315.32 points at 19378.84, its worst day since December 2022. Canadian financial stocks (.SPTTFS) fell 1.9% on Wednesday, mirroring global financial stocks in falling once again, following a brief relief rally on Tuesday, as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Brent crude fell 4.1% to $74.26 a barrel. The Toronto market's industrials and utilities sectors escaped the losses on Wednesday, up 0.8% and 0.2% respectively.

☆ Merger Between Canadian Pacific and Kansas City Southern Is Approved
▼ + stars: | 2023-03-15 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The rail industry’s operations have come under scrutiny as a result of recent derailments and mounting safety concerns. A federal regulator has approved with conditions a merger between Canadian Pacific Railway Ltd. and Kansas City Southern, a $28 billion deal that created the first freight rail network linking Canada, the U.S. and Mexico. “The transaction meets the public interest test for approval,” said a Wednesday decision from the Surface Transportation Board, the economic regulator primarily overseeing freight railroads.

☆ Canadian Pacific’s Merger With Kansas City Southern Is Approved
▼ + stars: | 2023-03-15 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The rail industry’s operations have come under scrutiny as a result of recent derailments and mounting safety concerns. A federal regulator has approved with conditions a merger between Canadian Pacific Railway Ltd. and Kansas City Southern , a $28 billion deal that would create the first freight rail network linking Canada, the U.S. and Mexico. The Wednesday decision from the Surface Transportation Board, the economic regulator primarily overseeing freight railroads, cements the industry’s biggest merger in two decades.

☆ U.S. Senate leader Schumer urges federal safety probe into all major freight railroads
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 15 (Reuters) - U.S. Senate Majority Leader Chuck Schumer on Wednesday urged the National Transportation Safety Board to launch an investigation into safety practices of all seven major freight railroads, following the East Palestine, Ohio derailment. The companies, in addition to Norfolk Southern, are BNSF Railway, CSX, Union Pacific, Canadian National, Canadian Pacific, and Kansas City Southern, Schumer said in a letter to the agency. On Feb. 3, a Norfolk Southern train carrying hazardous materials derailed in East Palestine, Ohio, resulting in the release of over 1 million gallons of harmful pollutants. "Norfolk Southern isn't the only rail company that has spent years lobbying to loosen regulations, neglect safety upgrades and lay off workers," Schumer said. Last week, Norfolk Southern CEO Alan Shaw testified to a Senate hearing and is set to appear at another March 22 rail safety Senate hearing.

☆ Toronto stocks join global selloff as Credit Suisse sparks concerns
▼ + stars: | 2023-03-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

March 15 (Reuters) - Canada's resources-heavy main stock index fell on Wednesday, dragged by energy and financial stocks, as Credit Suisse's turbulence sparked renewed concerns of a banking crisis. Global financial stocks slumped once again after a brief relief rally on Tuesday as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Energy stocks (.SPTTEN) were the top decliners, falling 5.7%, as oil prices extended losses with Brent crude hitting a three-month low. Financials (.SPTTFS), Canada's largest sector by weight, joined a global selloff in bank stocks, falling 2.2%. Canadian stocks have lost nearly all of their yearly gains in the last few days, with the index now at par after the collapse of U.S. lenders SVB and Signature sparked contagion concerns in global financial stocks.

☆ Schumer pushes National Transportation Safety Board to expand rail safety probe beyond Norfolk Southern
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +3 min

Senate Majority Leader Chuck Schumer, D-N.Y., on Wednesday urged the National Transportation Safety Board to broaden its rail safety investigation beyond Norfolk Southern to other large rail companies after last month's derailment in East Palestine, Ohio. Hours before Norfolk Southern CEO Alan Shaw appeared at a congressional hearing last week about the Ohio derailment, another of the company's trains derailed in Calhoun County, Alabama. It was the third derailment involving Norfolk Southern since last month. They can tell us how many fatalities there were — 2,768 — but not why or if company policies could have prevented them." The Ohio Attorney General's office on Tuesday sued Norfolk Southern in federal court, alleging it was negligent for causing the derailment.

☆ Senator Warren urges transport regulator to block U.S. railroad deal
▼ + stars: | 2023-03-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

March 3 (Reuters) - Democratic Senator Elizabeth Warren has urged a U.S. regulator to reject Canadian Pacific's (CP.TO) $31 billion deal to take control of U.S. railroad Kansas City Southern, saying it would hurt competition, prompt job losses and disrupt service, a letter seen by Reuters showed. The acquisition, which combines the sixth- and seventh-largest U.S. railroads by revenue, was agreed in 2021. The deal has since closed but Kansas City shares were transferred to a trust and the railroad must operate independently until the Surface Transportation Board, which oversees U.S. freight railroads, approves the transaction. The number of big U.S. railroads has already shrunk to just seven from 33 in 1980, Warren wrote. Last month, Senators Dick Durbin and Tammy Duckworth asked the board to defer a decision until it completes a Chicago region impact assessment.

☆ Norfolk Southern and Other Freight Railroads Agree to Join Federal Close-Call Reporting System
▼ + stars: | 2023-03-03 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The East Palestine, Ohio, train derailment has led to more scrutiny of railroad safety practices. Norfolk Southern Corp. and its rivals said Thursday they have agreed to join a federal system that lets employees confidentially report close calls, a program the biggest freight railroads had refused to join for years. Transportation Secretary Pete Buttigieg on Monday had asked the chief executives of the seven so-called Class 1 railroads— Union Pacific Corp., Norfolk Southern, BNSF Railway, CSX Corp., Canadian Pacific Railway Ltd., Canadian National Railway Co. and Kansas City Southern—to join the Federal Railroad Administration’s close-call reporting system.

☆ Reshoring is accelerating—These stocks should benefit as companies return to the U.S.
▼ + stars: | 2023-02-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Reshoring declarations are amping up, as more companies look to return operations to the United States from overseas. Corporate reshoring announcements jumped 17% in the fourth quarter compared with the prior quarter and are now tracking nearly 300% higher than the fourth quarter of 2021, according to UBS. In fact, reshoring and foreign direct investments jobs reached a record of at least 360,000 jobs last year, according to the Reshoring Initiative. The move back to the U.S . can also be seen in corporate earnings, said Ron Graziano, managing director of global accounting and tax for Credit Suisse. The company's equipment is needed for big semiconductor manufacturing plants as companies test chips as they are produced, Snyder said.

☆ Buttigieg urges U.S. railroads to boost safety, not oppose reforms
▼ + stars: | 2023-02-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

[1/7] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Buttigieg said he would soon outline specific safety improvements railroads should take immediately. He harshly criticized them for lobbying against steps "intended to improve rail safety and to help keep Americans safe." Buttigieg said he also planned to outline "prioritized actions planned" by the U.S. Department of Transportation on rail safety. In response to the derailment, U.S. Senate Commerce Committee Chair Maria Cantwell Friday opened an inquiry into railroad hazardous materials safety practices.

☆ U.S. senator asks railroad CEOs to answer questions on hazardous shipments
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Feb 17 (Reuters) - U.S. Senate Commerce Committee chair Maria Cantwell said on Friday she was opening an inquiry into railroad hazardous materials safety practices after a Feb. 3 Ohio derailment of a train operated by Norfolk Southern (NSC.N) raised new concerns. Cantwell wrote the chief executives of Norfolk Southern, Burlington Northern Santa Fe (BNSF), Canadian National (CNR.TO), Canadian Pacific (CP.TO), CSX (CSX.O), Kansas City Southern, and Union Pacific (UNP.N) seeking information to help determine how to improve safety. "Every railroad must reexamine its hazardous materials safety practices to better protect its employees, the environment, and American families and reaffirm safety as a top priority," Cantwell wrote. Reporting by David Shepardson; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

The derailment of the train, operated by Norfolk Southern (NSC.N), forced thousands of residents to evacuate while railroad crews drained and burned off chemicals. “We have mobilized a robust, multi-agency effort to support the people of East Palestine, Ohio," White House spokesperson Karine Jean-Pierre said at a briefing. [1/3] A view of a caution tape as members of the U.S. Environmental Protection Agency (EPA) (not pictured) inspect the site of a train derailment of hazardous material in East Palestine, Ohio, U.S., February 16, 2023. DeWine called on Congress to review railroad safety regulations, lamenting states have little power to demand information about what types of hazardous goods are rolling through their borders. Transportation Secretary Pete Buttigieg said Thursday more needs to be done to address rail safety in the face of hundreds of annual train derailments.

☆ Buy these 12 stocks to profit from higher-than-expected price growth, according to an inflation fund manager who beat 96% of his competitors last year
▼ + stars: | 2023-02-16 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Top fund manager Simon Lack shared 12 top stocks to buy while inflation remains hot. The news confirmed what Simon Lack, a 37-year market veteran who runs a leading inflation fund, has long suspected: that price growth will remain an issue for investors throughout 2023 — and possibly beyond. If high inflation is the new normal, the Fed will struggle to achieve its goal of stabilizing prices, Lack said — at least not without causing a recession. His Rational Inflation Growth Fund (IGOAX) finished in the top 4% of its category in 2022 after beating its index by 14 percentage points, according to Morningstar. By contrast, his fund goes on offense by owning stocks in sectors that benefit from high prices.

☆ Here comes the biggest week of earnings. Plus an AI ode to the Dow
▼ + stars: | 2023-01-28 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

While only six companies in the Dow Jones Industrial Average are reporting next week, about 20% of the S & P 500 reports, making it the biggest week of earnings this season. The Dow and the S & P 500 gained 2.2% and 2.9% this week, respectively, while the Nasdaq Composite rose 4.7%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Stocks may face an inflection point in the week ahead as the Fed meets and Apple posts earnings
▼ + stars: | 2023-01-27 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The Fed's meeting Tuesday and Wednesday comes amid a flood of corporate earnings reports, with about 20% of the S & P 500 reporting that week. The most important day for earnings is Thursday, when Apple , Alphabet and Amazon report after the bell. The Nasdaq Composite was up 11% for the month as of Friday afternoon, well ahead of the 6.2% gain in the S & P 500. Traders have been watching the S & P 500 edge closer to the key threshold of 4,100 , its high from December. AAPL 1Y line apple Apple is also important because of the signals it can send about the strength of the consumer, supply chains and China's reopening.

☆ Bill Ackman doubts Fed can tame prices: 'We'll have to ultimately accept a higher level of inflation'
▼ + stars: | 2022-11-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire hedge fund manager Bill Ackman is skeptical of the Federal Reserve's ability to bring down inflation, seeing structurally higher prices lingering. "A part of our thesis here is that we think inflation is going to be structurally higher going forward than it has been historically." "We'll have to ultimately accept a higher level of inflation." The Pershing Square hedge fund manager previously urged the Fed to put a line in the sand on soaring price by aggressively raising rates. At the end of the third quarter, Pershing Square hedge fund's top holdings included Lowe's , Chipotle , Restaurant Brands , Hilton and Canadian Pacific Railway .

☆ Three-Stock Lunch: TSM, BBWI & CP
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: TSM, BBWI & CPVictoria Greene, founding partner and CIO at G Squared Private Wealth, joins 'Power Lunch' to discuss her picks for the Three-Stock Lunch: Taiwan Semi, Bath and Body Works, as well as Canadian Pacific.

☆ Activist investor Bill Ackman increased his stake in rail stock Canadian Pacific
▼ + stars: | 2022-11-14 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Bill Ackman's Pershing Square hedge fund increased its stake in Canadian Pacific Railway during the third quarter, according to a securities filing released Monday . Pershing Square held just under three million shares at the end June. Ackman previously served as a board member at Canadian Pacific, pushing for a takeover of Norfolk Southern that never happened. It is not clear how many, if any, additional shares Ackman bought outside of those forward contracts. Ackman is an activist investor, known for pushing for change in a small group of portfolio companies.

☆ JPMorgan says this railroad stock is a top pick, citing strength in grain shipments
▼ + stars: | 2022-11-10 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Canadian Pacific will gain momentum through the fourth quarter at a time when many companies are expecting the opposite, JPMorgan said. The rail company broke its all-time monthly tonnage record for grain shipments in October. He named Canadian Pacific a top pick and has an overweight rating. Grain shipments increased 9.8% in the third quarter compared to the same period a year ago. Canadian Pacific will benefit from a new investment in a hopper car fleet in the fourth quarter, he said.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Meta, Alphabet, GM, Walmart, Coinbase & more
▼ + stars: | 2022-11-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: JPMorgan downgrades Roblox to neutral from overweight JPMorgan downgraded the stock after Roblox's earnings report, noting it now sees "modest" sales growth. Bank of America downgrades Silvergate to neutral from buy Bank of America said that Silvergate is losing it's first mover advantage. Bank of America downgrades Upstart to underperform from neutral Bank of America downgraded the consumer lending company and cited a tough macro environment. JPMorgan downgrades Vacasa to neutral from overweight JPMorgan said in its downgrade of the vacation booking company that trends appear soft. Bank of America reiterates Meta as neutral Bank of America said it's encouraged by the new "cost focus" at Meta as the company cuts jobs.

☆ Stocks could continue to break higher as Apple, big tech report earnings in week ahead
▼ + stars: | 2022-10-21 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The three major averages closed higher Friday, with the S & P 500 adding 2.37% to close at 3,752.75. Stovall said the S & P 500 had six positive moves of 1% or more in the last 17 trading days, as of Friday. Earnings, earnings, earnings About 150 S & P 500 companies report earnings in the coming week. Technically speaking Scott Redler, partner with T3Live.com, said he is watching a formation in the S & P 500 that could be positive. His first target for the S & P 500 is 3,800.

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