CSX
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  • Wed, Jul. 13, 2:25 PM
    • CSX (NASDAQ:CSX) declares $0.18/share quarterly dividend, in line with previous.
    • Forward yield 2.67%
    • Payable Sept. 15; for shareholders of record Aug. 31; ex-div Aug. 29.
    | Wed, Jul. 13, 2:25 PM | 5 Comments
  • Tue, Jul. 12, 5:35 PM
    | Tue, Jul. 12, 5:35 PM | 1 Comment
  • Tue, Jun. 21, 11:14 AM
    • Canadian Pacific (CP -2.7%warns that Q2 revenue will tail off 12% Y/Y in Q2 and EPS will come in 18% lower.
    • The revised guidance from the railroad company is for Q2 revenue of C$1.45B vs. C$1.56B and Q2 EPS of C$2.00 vs. C$2.48 consensus
    • Greenbrier (GBX -1.6%), Genesee & Wyoming (GWR -1.6%), CSX (CSX -1.1%), and Canadian National Railway (CNI -0.9%) are all lower after the soft view from a sector leader.
    | Tue, Jun. 21, 11:14 AM | 4 Comments
  • Thu, Jun. 9, 9:34 AM
    • Total U.S. carload traffic for the first 22 weeks of 2016 is down 8% to 10,923,300 carloads, according to data from the Association of American Railroads. Weak demand for transport of coal and petroleum products continues to be major factor.
    • Intermodal containers and trailers traffic fell 2% to 5,648,851 units.
    • U.S. rail traffic volume decreased 14% to 5,274,449 carloads.
    • Railroad traffic is also lower in Canada (-8%) and Mexico (-0.1%) on a YTD comparison.
    • Railroad stocks: UNP, NSC, CSX, CNI, ARII, GBX, CP, KSU, CNI, WAB, TRN.
    | Thu, Jun. 9, 9:34 AM | 17 Comments
  • Wed, Jun. 8, 6:19 PM
    • CSX, Norfolk Southern (NYSE:NSC) and Union Pacific (NYSE:UNP) posted solid gains in today's trade as lower coal stockpiles and a commodities rally led by grain and oil offer hope that the cargo slump may have hit bottom.
    • CSX CFO Frank Lonegro told a Deutsche Bank conference today that farmers, who have stored grain to wait for higher prices, may begin to ship more as prices for corn, soybeans and other crops begin to climb.
    • Falling coal stockpiles also are lifting investor optimism, and Lonegro says coal stockpiles have declined in the regions served by CSX, detailing 87 days of coal stocks in the northern U.S. and 113 days in the south; just two weeks ago, the CFO said there were 105 days of coal stocks in the north and 180 days in the south.
    • Today, CSX closed +2%, NSC +2.6%, UNP +1.6%.
    | Wed, Jun. 8, 6:19 PM | 6 Comments
  • Tue, May 17, 1:13 PM
    • Execs with CSX (CSX +1.6%) presented today at the Bank of America Merrill Lynch Transportation Conference. A couple of key quotes from CFO Frank Lonegro are posted below.
    • "We are seeing year-to-date volume declines across most of our markets, reflecting continued low global commodity prices, the strong U.S. dollar, and the transition in the energy markets."
    • "For the second quarter, we now expect high-single digit volume declines, which will negatively impact second quarter earnings."
    | Tue, May 17, 1:13 PM | 14 Comments
  • Fri, May 13, 8:39 AM
    • CSX (NASDAQ:CSX) declares $0.18/share quarterly dividend, in line with previous.
    • Forward yield 2.82%
    • Payable June 15; for shareholders of record May 31; ex-div May 26.
    | Fri, May 13, 8:39 AM | 8 Comments
  • Mon, May 2, 5:36 PM
    • CSX says 15 of the 16 freight cars that went off the tracks near a Washington, D.C., metro station Sunday morning are back on the rails.
    • CSX says crews were beginning to excavate soil where one of the tank cars leaked an unknown amount of sodium hydroxide, which is used to produce household products including soap and detergent.
    • Two other minor leaks, one in a derailed ethanol car and another in a tank car carrying non-hazardous calcium chloride solution, also were found and contained.
    • Now read Avoid CSX
    | Mon, May 2, 5:36 PM | 1 Comment
  • Tue, Apr. 12, 5:27 PM
    • CSX +1.1% AH after reporting in-line Q1 earnings but a 13.5% Y/Y drop in revenues that it blamed on lower shipping volumes.
    • CSX says that total shipping volume fell 5% for the quarter, including a 31% decline in the volume of coal shipments to continue a trend that has hurt the company for several quarters.
    • Even as it says it delivered strong efficiency gains in Q1, CSX continues to expect FY 2016 EPS to decline as a result of ongoing coal headwinds combined with other market fundamentals.
    • CSX expects FY 2016 coal volume to fall more than 20%, with most other markets also declining Y/Y; ~20% of CSX’s revenue last year came from coal vs. an industry average of ~15%.
    | Tue, Apr. 12, 5:27 PM | 14 Comments
  • Tue, Apr. 12, 4:07 PM
    • CSX (NASDAQ:CSX): Q1 EPS of $0.37 in-line.
    • Revenue of $2.62B (-13.5% Y/Y) misses by $60M.
    • Shares +1%.
    | Tue, Apr. 12, 4:07 PM | 9 Comments
  • Mon, Apr. 11, 5:35 PM
  • Wed, Apr. 6, 12:07 PM
    • Transportation stocks have decoupled from broad market averages this week on some macroeconomic concerns.
    • Notable movers include Heartland Express (HTLD -2.3%), Universal Truckload Services (UACL -3.8%), Kansas City Southern (KSU -1.7%), CSX Corp (CSX -1%), Genesee & Wyoming (GWR -1%), Spirit Airlines (SAVE -0.7%),  Allegiant Travel (ALGT -2.7%), Ryder System (R -1.4%), and Werner Enterprises (WERN -1.2%).
    • Related ETFs: IYT, XTN
    • Now read U.S. Equity And Economic Review: Could We Rally From Here? Edition
    | Wed, Apr. 6, 12:07 PM
  • Wed, Mar. 30, 1:48 PM
    • Total U.S. carload traffic for the first 12 weeks of 2016 fell 6.2% Y/Y to 5,990,944  carloads, according to data from the Association of American Railroads.
    • Intermodal containers and trailers traffic increased 2.2% to 3,085,831 units.
    • U.S. rail traffic volume fell 13.7% to 2,905,113 carloads.
    • Categories tied to energy markets have been a drag on demand this year.
    • AAR weekly report
    • Railroad stocks: UNP, NSC, CSX, CNI, ARII, GBX, CP, KSU, CNI, WAB, TRN.
    | Wed, Mar. 30, 1:48 PM | 12 Comments
  • Fri, Mar. 11, 6:29 AM
    • Canadian Pacific Railway (NYSE:CP) CEO Hunter Harrison is facing an uphill battle to convince CSX - not just Norfolk Southern (NYSE:NSC) - of the merits of a merger.
    • "Neither one of them think they fit well with us. So I've got a selling job to do if we're going to make this successful," he told Bloomberg Television, confirming for the first time that CSX didn't welcome Canadian Pacific's overtures.
    • Harrison has been aiming for an acquisition that would create a coast-to-coast railroad, eliminating rail-car exchanges between carriers.
    | Fri, Mar. 11, 6:29 AM | 31 Comments
  • Thu, Mar. 3, 12:52 PM
    • Total U.S. carload traffic for January and February fell 13.5% Y/Y to 1,947,084 carloads, according to data from the Association of American Railroads.
    • Intermodal containers and trailers traffic increased 8% to 2,088,747 units. The comparison was impacted by last year's West Coast port dispute.
    • Total U.S. rail traffic volume in the United States was down 3.6% to 4,035,831 carloads and intermodal units.
    • Categories showing strength in February included motor vehicles/parts and waste/nonferrous scrap. As expected, transport demand for coal and petroleum was weak.
    • "After Saudi announcements on energy pricing late last week it is painfully evident that it will take a while for the shakeout in that sector to play itself out, " warns the AAR.
    • Railroad stocks: UNP, NSC, CSX, CNI, ARII, GBX, CP, KSU, CNI, WAB, TRN.
    | Thu, Mar. 3, 12:52 PM | 20 Comments
  • Wed, Mar. 2, 6:58 PM
    • While a takeover of CSX is unlikely, Citi analyst Christian Wetherbee believes the railroad could be acquired for a price that values it in the "upper $30s" per share if a strategic buyer were to come forward.
    • WSJ reported yesterday that Canadian Pacific Railway (NYSE:CP) offered to acquire CSX for "$20B plus" in late January and CSX rejected the offer, but CP remains interested in a deal.
    • Wetherbee continues to believe CSX can fetch a takeover price equal to 11x EBITDA, but says his estimates for CSX have dropped since the previous time he estimated the company's value in a takeover scenario.
    • The analyst has a $29 price target and Buy rating on CSX shares.
    | Wed, Mar. 2, 6:58 PM | 23 Comments