$CP

The Surface Transportation Board ordered Union Pacific (UNP) to release a recording of CEO Jim Vena's remarks at a shipper conference, rejecting UNP's appeal. The recording allegedly contains threats of higher rates for shippers opposing UNP's proposed $85 billion acquisition of Norfolk Southern (NSC). The board expressed concerns about transparency in the merger review. Rival CPKC (CP) sought the release, arguing the remarks chilled participation in the regulatory proceeding.

The S&P/TSX Composite Index rose 2.2% to 36,317.67 on Nov. 4, 2026, following a broad market rally. Thomson Reuters (TRI) reported 10% revenue growth, Fairfax (FFH) saw increased book value, Teck (TECK) posted higher EBITDA, CPKC (CP) reported 15% revenue growth, and Rogers (RCI) showed 1% growth in service revenue and EBITDA.

CPKC reported record grain transport volumes in October 2026, moving 3.26M metric tonnes in Canada and 2.65M in the U.S. This marks the third consecutive record month in Canada and the fifth in six months in the U.S. The company attributes this performance to a strong North American crop and its extensive network. CPKC also released its 2026-2027 Grain Service Outlook Report in July, outlining plans for the upcoming crop year.

Canadian Pacific Railway Co. asked the US Surface Transportation Board to halt its review of the Union Pacific-Norfolk Southern merger due to allegations that Union Pacific's CEO used threats to prevent critical testimony. The company claims this behavior warrants ending the review process.

CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) filed an SEC Form 8-K — Other Events. Release: October 28, 2026 Canadian Pacific Kansas City Limited declares dividend Calgary – The Board of Directors of Canadian Pacific Kansas City Limited (TSX: CP) (NYSE: CP) (CPKC) today declared a quarterly dividend of $0.268 per share on the outstanding Common Shares. The divi

JP Morgan kept Canadian Pacific Kansas at Overweight but reduced its price target to $150 from $156, a 3.8% decrease. The new target suggests a 21.3% upside from the Oct 29 close of $123.70. Other recent analyst targets range from $93 to $104.

UBS maintained its Buy rating on Canadian Pacific Kansas and increased its price target to $146 from $139, suggesting a 16.1% upside from the last close. Other recent analyst targets range from $93 to $104.

Canadian resource companies reported mixed Q3 results. Agnico Eagle Mines (AEM) beat earnings expectations but missed on free cash flow, while Kinross Gold (KGC) also beat EPS but faced cash flow pressures. Eldorado Gold (EGO) lowered production guidance, and First Quantum Minerals (FM) reported strong cash flow. Whitecap Resources (WCP) exceeded production estimates, and Canadian Pacific Kansas City (CP) reported earnings below expectations due to higher fuel costs.

StoneX reiterated a Hold rating on Canadian Pacific Kansas City (CP) after Q3 earnings missed estimates due to higher operating expenses. The company maintained full-year guidance, citing growth in grain, potash, and intermodal volumes. CP stock is up 22% YTD, trading at a P/E of 28.27. Evercore ISI lowered its price target to $96, citing higher fuel costs. CP reported Q3 revenue of $4.2B, with adjusted EPS of C$1.28.

CP (CP) reported Q3 2026 earnings, highlighting record volumes in intermodal and U.S. grains, a $600M revenue land bridge, and 6% volume growth. Operational metrics improved, including train speed and fuel efficiency, while safety incidents increased. The company announced new labor agreements and investments in locomotives and technology. Freight revenues and RTMs rose 15% and 6%, respectively, with a 9% increase in cents per RTM.