$CP

Analyst Cameron Doerksen upgraded Canadian National Railway (CNR) and Canadian Pacific Kansas City (CP) citing strong volume growth, though U.S. trade policy poses a small headwind. CNR's revenue ton miles rose 4.6% YoY, while CP saw a 6.4% increase. Doerksen prefers CP over CN due to superior growth outlook. RBC analyst Michael Harvey initiated coverage of Spartan Delta (SDE) with an outperform rating, citing its premium land position and strong management.

The $85B merger between Union Pacific (UNP) and Norfolk Southern (NSC) faces delays and opposition. The Port of Mobile, citing potential economic harm, plans to submit comments. Rival railroads (BNSF, CSX, CPKC) object to repeated data corrections in the merger proposal, calling for a halt to further changes.

U.S. rail fuel surcharges on grain shipments hit a record high of 48 cents per mile, up 153% year-over-year, according to USDA data. This increase, driven by higher oil prices, raises transportation costs for farmers during harvest season. Railroads like BNSF, CSX, and others collect these surcharges, which now account for 11% of total rail costs. Farmers report lower prices for crops due to these surcharges. The Surface Transportation Board noted $2.93 billion in surcharges collected in Q2, up

BNSF, CPKC, and CSX plan to request trackage rights and other concessions from the Surface Transportation Board (STB) to mitigate potential harm from a proposed UP-NS merger. BNSF seeks 824 miles of trackage rights over Norfolk Southern's Premier Corridor and a neutral switching railroad in the Gulf Coast. CPKC aims to strengthen and expand its trackage rights in Texas, Louisiana, Kansas City, and Chicago. CSX seeks access to Kansas City, eastern Pennsylvania, and a key dockside terminal at the

BNSF, CPKC, and CSX seek to depose five Union Pacific executives regarding its planned acquisition of Norfolk Southern Railway, according to MLex.

CN Railway (CNI) and Canadian Pacific Kansas City (CP) reported new August records for grain shipments, continuing from a record-setting previous crop year.

Fiera Capital's founder bought 52,000 shares for $220,000. CPKC executives sold shares, with COO Mark Redd netting over $1.4M. CPKC shares hit a record high of $96.69. CCL Industries executives sold shares, with proceeds exceeding $679,000. Exchange Income's chairman sold 5,000 shares for over $652,000.

Canada's top TSX exporters, including Royal Bank, Enbridge, Suncor, and Teck Resources, face new 50% U.S. tariffs on C$20B of goods. Canada plans retaliation. Banks, energy, and materials sectors are most exposed, with companies reporting significant U.S. revenue and market volatility. Some banks rallied despite tariffs, while oil prices fell.

Canadian Pacific Kansas City (CPKC) announced that the International Brotherhood of Electrical Workers (IBEW) has agreed to binding arbitration, ending a strike that began on May 31. The resolution follows negotiations between the company and the union.

Canadian Pacific Kansas City (CP) reported Q2 2026 earnings of $1.27 per share, beating estimates by $0.03, and revenue of $4.16B, exceeding expectations by $0.04B. Grain revenue surged 24% and free cash flow doubled to $1B, despite a 53% increase in fuel costs. The company's Precision Scheduled Railroading strategy improved operational efficiency.