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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%

$CNR.TO$CP.TO

US Equity Indexes Mixed as Fragile Iran Truce Holds, Hot Inflation Print In Line With Outlook

US equity indexes were mixed in midday trading Friday as a fragile Iran ceasefire deal looked set to hold until peace talks kick off in Pakistan, while a red-hot inflation read was in line with market expectations.The Nasdaq Composite rose 0.4% to 22,913.3, while the S&P 500 was slightly down at 6,823.6 and the Dow Jones Industrial Average slipped 0.4% to 47,979.1.Vice President JD Vance, setting off for US-Iran talks in Pakistan's capital Islamabad, said Washington is "willing to extend the open hand" in this weekend's negotiations but warned Tehran not to "try to play us," The Wall Street Journal said.A key aim of the talks is to fully reopen the Strait of Hormuz, where President Donald Trump said Thursday that Iran is "doing a very poor job" of letting oil flow through and cautioned the country against collecting tolls from ships traveling through the strategic waterway, the report said.West Texas Intermediate crude oil futures advanced 0.9% to $98.82. Brent crude futures were little changed at $95.67.In economic news, the US consumer price index accelerated to its highest monthly reading in nearly four years, rising 0.9% in March but in line with expectations, as the Middle East conflict sent energy prices sharply higher. Energy prices jumped about 11% sequentially in March, led by a 21% surge in gasoline, accounting for nearly three-quarters of the headline increase, the Bureau of Labor Statistics data showed.

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Commodities17d ago

US Gasoline Consumption Drops 1% in 2025 as Efficiency Gains Offset Travel, EIA Says

US gasoline consumption averaged 8.9 million barrels per day in 2025, down 1% over the year, signaling a structural demand shift, the US Energy Information Administration said Friday.Total gasoline consumption declined in 2025 even as vehicle miles traveled rose, falling to an average of 8.9 million barrels per day, down 1% over the year and 4% below 2019 levels, EIA said.The agency expects demand to continue easing through 2026 and 2027 as fuel efficiency improves further and growth in vehicle miles traveled slows, according to its April Short-Term Energy Outlook, EIA added.Gasoline demand remains closely tied to travel levels and vehicle efficiency, with consumption shaped by miles driven and fuel economy, which together determine overall fuel use trends, EIA noted.The agency estimates fuel economy by comparing national travel data with gasoline supplied, offering a broad indicator of how efficiency and mobility trends interact across the vehicle fleet.In 2025, travel increased 1.2% over the year, while estimated fuel economy improved by 1.9%, more than offsetting higher driving and resulting in lower gasoline consumption, EIA added.Fuel economy gains in new gasoline vehicles have been driven by Corporate Average Fuel Economy standards and emissions rules set by US regulators, requiring automakers to improve efficiency.While proposed policy changes could influence future efficiency trends, near-term impact is expected to be limited due to long vehicle development cycles, which typically span five to seven years, EIA added.Gasoline demand is forecast to decline in 2026 and 2027 as efficiency gains continue and travel growth slows, with fuel economy rising about 1% annually, according to the EIA.Growth in vehicle miles traveled is expected to slow over the next two years due to weaker employment gains and limited expansion in the working-age population, key drivers of travel demand, it said.Employment is forecast to rise 0.3% annually versus 1.4% in 2010-19, while the working-age population is seen growing just 0.1%, EIA added, citing S&P Global estimates.Gasoline prices are expected to remain higher through 2027 on rising crude oil costs, though the impact on consumption is likely limited as demand typically shows little short-term sensitivity to price changes, according to the EIA.

US Markets17d ago

Netflix Advertising Business Expected to Boost Full-Year Revenue, Wedbush Says

Netflix (NFLX) is likely to see revenue growth in 2026 amid a significant boost from advertising, Wedbush Securities said in a Friday client note.The brokerage expects Netflix's ad revenue this year to at least double to $3 billion, with "significant" growth opportunities in 2027 and beyond. Netflix said in January that it expects overall revenue of $50.7 billion to $51.7 billion this year, up 12% to 14% annually, with ad revenue anticipated to roughly double."Netflix should continue to gain incrementally from its ad business by expanding partnerships, improving targeting, leveraging (artificial intelligence), and adding more live content," Wedbush analyst Alicia Reese wrote in the note. "This year, we expect interactive ads and, ultimately, purchasing opportunities as Netflix leverages its vast data to enhance its performance marketing capabilities."Netflix's churn rate is low due to the variety, quality, and depth of its content, Wedbush said, adding that this is "significant" for advertisers. The company could see higher average revenue per member starting in the second quarter, helped by its improving advertising strategy, the brokerage said.Wedbush expects Netflix's first-quarter revenue of $12.22 billion, above Wall Street's view for $12.18 billion and the company's guidance of $12.16 billion. The brokerage expects earnings of $0.77 per share, while analysts polled by FactSet are anticipating $0.79 on a GAAP basis.Netflix is scheduled to release its latest quarterly results on April 16.The latest price increases implemented by Netflix could provide a "meaningful" boost to the streaming giant's profitability this year, the brokerage said. Last month, the company raised prices on all its plans in the US, including bumping its ad-supported standard tier to $8.99 per month from $7.99. The price of its standard plan without ads rose by $2 to $19.99 a month, while the premium tier now costs $26.99, compared with $24.99 previously.Wedbush reiterated its outperform rating on the stock and raised its price target to $118 from $115.Netflix may outperform its own guidance for the full year as the impact of the latest price increases takes hold, UBS Securities said in a separate note Thursday. Meanwhile, BofA Securities recently said the company's earlier-than-expected price increases highlight its pricing power.Price: $101.77, Change: $-0.33, Percent Change: -0.32%

$NFLX

Financial News · Live Terminal

RBC on Canadian Rails' Q1 Carload, Performance Metrics

US Equity Indexes Mixed as Fragile Iran Truce Holds, Hot Inflation Print In Line With Outlook

RBC on Canadian Rails' Q1 Carload, Performance Metrics

US Equity Indexes Mixed as Fragile Iran Truce Holds, Hot Inflation Print In Line With Outlook

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US Gasoline Consumption Drops 1% in 2025 as Efficiency Gains Offset Travel, EIA Says

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Netflix Advertising Business Expected to Boost Full-Year Revenue, Wedbush Says