$CNR.TO

CN Rail Sets New Monthly Record For April Grain Movement

CN Rail (CNR.TO) moved 3.2 million metric tonnes of grain from Western Canada during the month of April, setting a new monthly record, the company said on Monday.The April figure makes eight months of strong performance for this crop year, with seven months being new monthly records, a statement added.CN Rail shares were last seen down $0.41, to $151.78, on the Toronto Stock Exchange.Price: $151.92, Change: $-0.27, Percent Change: -0.18%

CN Says Union Pacific-Norfolk Southern Merger Fails To Address Competitive Harms

Canadian National Railway (CNR.TO, CNI) after the close Thursday said it is reviewing Union Pacific UNP) and Norfolk Southern's (NSC) amended merger application submitted to the Surface Transportation Board (STB) and will remain "actively engaged" in this process.According to a statement, the applicants have failed to "materially improve the amended application" in ways that address the competitive harms of the merger. They have not remedied the "significant competitive harms" posed by the merger, nor have they offered any meaningful competitive enhancements as required under the board's new rules, said CN, adding that "these failures should be fatal to the application"."Given the magnitude of this transaction, the board's authority to impose conditions that protect competition and the public interest must be paramount. If Union Pacific and Norfolk Southern have set a cost cap on the conditions they're willing to accept, that's their business decision and their risk. It is not a ceiling on the board's authority, and it doesn't limit what's required in the public interest," said Olivier Chouc, CN's chief legal officer.CN Rail shares closed up C$4.66 at C$152.57 on Toronto Stock Exchange.

CN Rail Adds It "Will Remain Actively Engaged In This Process"

CN Rail Says It Continues to Review Union Pacific and Norfolk Southern's Amended Merger Application Submitted to Surface Transportation Board

CN Rail Kept Outperformer Rating, Price Target Raised To C$164 From $153 at CIBC With Q1 "Setting A Solid Foundation For When Volumes Recover

CN Rail Kept Outperformer Rating, Price Target Raised To C$164 From $153 at CIBC With Q1 "Setting A Solid Foundation For When Volumes Recover

RBC Raises Price Target on CN Rail, Lowers Target on CP Kansas City

RBC Capital Markets raised its price target on Canadian National Railway Co. (CNR.TO, CNI) to $178 from $160, and lowered its target on Canadian Pacific Kansas City Ltd. (CP.TO, CP) to $127 from $128.Analyst Walter Spracklin maintained an Outperform rating on both Canadian-based railways following their quarterly results."While CN delivered an inline result vs consensus (note that estimates moved higher into the quarter report), expectations for higher operating leverage following the strong performance across US peers did not materialize in Q1, leading to an early sell-off in the shares," Spracklin said in a note to clients."Key is that we believe this to be a knee-jerk reaction to the headline result, as management did a good job on the call to flag what we characterize as discreet Q1 costs," the analyst said."We expect operating leverage to pick up through the course of the year and see upside to guidance and consensus numbers.""We expect CP shares to come under some pressure on the back of Q1 results that were below expectations and trends that put full year guidance at risk," Spracklin said."Notable was a coal production issue at a major customer, which was called out as a 100bp headwind to volumes," the analyst said."While management guided to a strong sequential improvement in Q2, we are taking our numbers down to the very low end of management guidance for MSD volume and LDD EPS, with risk to the downside."

TSX Down 230 Points at Midday With Info Tech, Industrials, The Worst Performers

The Toronto Stock Exchange is down near 230 points at midday, with most sectors lower, led by info tech (-2.0%) and industrials (-1.8%).Energy (+1.9%) is the top performer, boosted by higher oil prices.The Bank of Canada held its key benchmark interest rate steady at 2.25%. Avery Shenfeld, chief economist at CIBC Capital Markets, said the decision to leave the policy rate at 2.25% came as no surprise given the clouded outlook ahead.Shenfeld noted the Bank assumed that oil prices will gradually decline to US$75/bbl in mid-2027, "still lifting near term inflation but leaving the growth outlook little changed from the prior forecast, one that only makes very gradual progress in eliminating economic slack". While the BoC sees "little evidence" of a spillover to core inflation so far,", it said that it will not let "higher energy prices become persistent inflation".Shenfield said, "If that sounds hawkish, its worth noting that the Bank doesn't see that happening, projecting a spike to 3% inflation but a return to the 2% target early next year, a view we share, and while it says it might need to adjust the policy rate, those changes "can be expected to be small."In stocks, CGI (GIB-A.TO) is down near 14% after it reported its second-quarter results this morning.CN Rail (CNR.TO) is 6.1% lower after reporting inline first-quarter results.

CN Rail Files Shelf Prospectus With Securities Regulators

Canadian National Railway (CNR.TO), down 6% on last look, filed a shelf prospectus with Canadian securities regulators, the company said on Wednesday.The prospectus allows CN to issue debt securities in Canadian markets over the next 37 months, and replaces CN's previous shelf prospectus that expires on May 3.Proceeds from the sale of securities may be used to pay down debt, share repurchases, acquisitions and other business opportunities.A registration statement has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.CN Rail shares were last seen down $9.46 to $147.90 on the Toronto Stock Exchange.Price: $147.84, Change: $-9.52, Percent Change: -6.05%

CN Rail Q1 Adjusted Earnings, Revenue Dip, But Meet Forecast

CN Rail's (CNR.TO) first-quarter adjusted earnings, revenue edged down, the company said on Wednesday, but met forecasts.Adjusted net income edged down to $1.1 billion, or $1.80 per adjusted diluted share, from $1.16 billion, or $1.85 per share, but met the consensus analyst forecast of $1.80 per share, according to FactSet.Revenues dipped 1% to $4.38 billion, inline with the consensus forecast of $4.38 billion.Operating ratio, defined as operating expenses as a percentage of revenues, rose 120 basis points to 64.6%, while the adjusted operating ratio of 64.2%, was an increase of 80 basis points over the prior year period, the company said.Revenue ton miles (RTMs) also increased 3% during the quarter, which CN Rail said was a record.For 2026, CN is guiding to "flattish" volume growth in terms of RTMs. It expects that adjusted diluted EPS growth will slightly exceed volume growth.CN still plans to invest $2.8 billion in its capital program, net of amounts reimbursed by customers.The company will pay a regular quarterly dividend of $0.915 per share on June 30, to shareholders of record on June 9.CN Rail shares were last seen down US$0.65, to US$114.25 in U.S. pre-market trading.

CN Rail Q1 Adjusted Operating Ratio of 64.2%, an Increase of 80 BPS

CN Rail Q1 Revenues of C$4,379 Million, a decrease of C$24 Million, or 1%

CN Rail Q1 Adjusted Diluted EPS of C$1.80, a Decrease of 3%; Or C$1.83 on an Adjusted Basis at Constant Currency, a Decrease of 1%

CN Rail and CP Kansas City Price Targets Raised at Raymond James

Raymond James raised its price target on Canadian National Railway (CNR.TO, CNI) to $170 from $162, and on Canadian Pacific Kansas City (CP.TO, CP) to $125 from $120 on Thursday.Analyst Steve Hansen maintained an Outperform rating on both Canadian railways."Canadian rail traffic is off to a better-than-expected start in 2026," Hansen said in a note to clients. "While January struggled (acute weather), traffic accelerated through February/ March driven by sustained tailwinds in Grain, Intermodal, and PetChem.""Both Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) outperformed our expectations," the analyst said."After an underwhelming FY26 volume guide ('flattish'), CN stood out, in particular, outperforming not only Street expectations, but also its closest peer for a 2nd consecutive quarter. Share price performance followed," Hansen said."Looking forward, we remain cautiously optimistic on both carriers. While the threat of further US trade action still lingers, we see a realistic path to LSD to MSD traffic growth underpinned by: 1) sustained bulk tailwinds (grain, potash); 2) incremental self-help traction; and 3) a rapidly improving economic/freight outlook south of the border. At the same time, emerging inflections in key categories (PetChem, Forestry, FracSand) are expected to influence the growth and yield mix."

RBC on Canadian Rails' Q1 Carload, Performance Metrics

Canadian railways' revenue ton miles (RTMs) were higher in the first quarter, with RTMs at Canadian National Railway (CNR.TO) up 3% and up 2% at Canadian Pacific Kansas City (CP.TO), notes RBC Capital in its review of the first quarter.Volumes at both rails benefited from higher grain volumes on the back of a record Canadian grain crop, write analysts Walter Spracklin and James McGarragle. According to StatsCan, Canadian crop production in 2026 is expected to be up 10% y/y due to higher yields, the analysts noted.Performance metrics also improved in the first quarter, mainly due to better winter conditions. Class 1 train velocity was up 4% and terminal dwell was down 6% in the quarter.RBC is calling for a modest recovery in the second half, in line with recent PMI readings, with tariffs and geopolitical conflicts posing key risks to the outlook. Spracklin and McGarragle also flag potential upside, in terms of over-the-road conversion prompted by higher truck rates, surging diesel prices, as well as a pick-up in industrial volumes, that are consistent with current macro indicators."We continue to see CPKC as best positioned reflecting synergy opportunities related to the KCS integration, especially in the company's intermodal franchise."Price: $152.67, Change: $+0.57, Percent Change: +0.37%