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CP 3Q18: Gearing up for Profitable Growth

Earnings Note: 21 Oct 2018, 8:09 PM ET - Following the earnings pre-announcement, CP’s record third quarter print was no surprise, driven by strong volume growth and better productivity gains. CP also announced new share buyback program, which we believe is credit neutral.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

Canadian Pacific: 4Q17 – Upbeat About 2018

Worth Watching: 21 Jan 2018, 7:27 PM ET - Canadian Pacific (Baa1/BBB+) ended the year on strong note by posting record revenues and operating ratio performance, with revenues and net earnings exceeding consensus expectations. Management's commentary for 2018 was largely upbeat and anti ..
Focused

CSX & CP 4Q16: H. Harrison and CSX Paired Again

Earnings Note: 19 Jan 2017, 3:02 PM ET - Both CSX and CP reported fourth quarter results, but it was news of Hunter Harrison’s early departure from CP and his reported attempts at seeking a senior management position at CSX that made headlines.

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.
Focused

Canadian Pacific 3Q16: Cost Performance Improves

Earnings Note: 20 Oct 2016, 2:21 PM ET - CP’s impressive margin and cost performance was overshadowed by grain, crude oil, and FX headwinds that hurt third quarter results. After a year of debt-funded buybacks, CP will now look to divert cash to deleverage its balance sheet.

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 

XPO 1Q16: LTL Surprise; Mixed Freight Tran. Trends

Earnings Note: 05 May 2016, 5:59 AM ET - XPO’s positive momentum continues, but this is largely on the synergy and managerial front.  Underlying freight transportation fundamentals remain mixed, extending concerns about XPO’s greater asset intensity.

April 2016 US Company Recommendation Changes

US Company Recommendation Changes: 01 May 2016, 8:54 PM ET - Our monthly report provides executive summaries for the twenty-seven company recommendation changes made on US companies during the month of April.

GATX 1Q16: Downside Pricing Surprise

Earnings Note: 21 Apr 2016, 10:36 PM ET - Revenue and EBITDA continue to grow on prior-period rate increases, but the general price environment weakened.  Management reported acceleration in the rate of decline.

Norfolk Southern 1Q16: Strong Start

Worth Watching: 21 Apr 2016, 10:14 PM ET - Norfolk Southern 1Q16  (Baa1/BBB+/NR) surprised the market with much better than expected margin performance.  Cooperative 1Q16 weather and $10 million of liquidated damages helped, but so did reduced locomotive material, drayage, maintenance, ..
Focused

Canadian Pacific: Lower Buybacks To Help Leverage

Worth Watching: 20 Apr 2016, 10:53 PM ET - Canadian Pacific (Baa1/BBB+/NR) announced a new share repurchase program, following its decision to end M&A efforts (see Canadian Pacific: CP Ends M&A Effort, U/P to O/P).  As expected, the buyback program was smaller than the last and appears ..

CSX 1Q16: Coal Outlook Weakens

Earnings Note: 13 Apr 2016, 5:46 PM ET - 1Q16 results reflected weakness in coal, energy, and metals, while a less favorable mix and lower fuel surcharges added further pressure to the top line.
Focused

Canadian Pacific: CP Ends M&A Effort, U/P to O/P

Company Analysis: 12 Apr 2016, 6:00 AM ET - CP ended its effort to acquire NSC, and Harrison comments suggest a subsequent pursuit of CSX is not forthcoming.  Investors should expect a new share repurchase program.

FedEx: $750 mm 10-year and $1.25 bn 30-year Notes

Worth Watching: 21 Mar 2016, 8:43 PM ET - FedEx - FedEx (Baa1/BBB+) priced $750 million 10-year and $1.25 billion 30-year notes at T+135 bp and T+185 bp respectively.  This represents a 25 bp and 20 bp tightening from initial price talk.  A portion of proceeds will be used to redeem tw ..
Focused

Canadian Pac: Approached CSX About Merger (Again)

Worth Watching: 01 Mar 2016, 7:51 PM ET - Canadian Pac (Baa1/BBB+/NR) - CSX rebuffed a takeover offer by Canadian Pacific recently, according to the Wall Street Journal.  CP previously approached CSX in October 2014 (see Canadian Pacific: CP Approaches CSX), prior to its pursuit of Nor ..
Focused

Canadian Pac: Asks NSC Shareholders for Engage Vote

Worth Watching: 09 Feb 2016, 9:40 PM ET - Canadian Pac - Canadian Pacific (Baa1/BBB+/BBB+) will submit a resolution to NSC shareholders to ask their board of directors to engage in good faith merger discussions with CP.  NSC's by-laws say that proposals must be submitted no less than 9 ..

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