STOCKCHASE

Believes there is room to move their operating ratios to be closer in line with Canadian National (CNR-T). Believes the proxy battle that is currently taking place is a real boon to investors. Trading at only 3.2X book value.

2012-01-23

HOLD

70.770

Possible new CEO who made Canadian National (CNR-T) the most efficient railroad in North America with the lowest expense ratio. (This one has the highest, which is somewhat due to geography through the Rockies.)

2012-01-13

HOLD

68.670

Ross Healy

Doesn’t think CP rail is a takeover target. Stock has moved up quite a ways since the hedge fund has tried to displace management. You want to hang on for a little bit longer, but you are not buying the stock particularly cheap.

2012-01-10

DON'T BUY

69.580

As good as management is, they will never be able to get operating ratios to the level where Canadian National (CNR-T) is. The geography has a major place in this. Feels the stock is getting fully valued.

2012-01-03

HOLD

64.750

Concerning about both the Canadian Pacific and Canadian National (CNR-T) in that they are economy stocks. Interesting that the rails are getting into the business of transporting oil and could turn out to be quite profitable. He is looking at them again.

2011-12-09

DON'T BUY

60.030

CNR is the best railroad in North America – the most efficiently run and good management so he prefers them to CP. CP’s efficiency is very low and need a change in management and attitude. Issued bonds today to take advantage of low interest rates.

2011-11-29

Comment

61.790

Keith Richards

In an uptrend but has some pretty major resistance in the high $60. Likes the stock up to about $60, $69, $70 but on a comparable basis, Canadian National (CNR-T) just took out its old highs. Would prefer CN.

2011-11-09

Comment

63.800

Prakash Hariharan

Doesn’t think there is a takeover brewing. The difference between CP and CNR has widened.

2011-10-28

BUY

61.430

Brooke Thackray

Hot time for Transportation right now. Prefers CN but CP is performing quit well here. We could get back up to the highs. Just keep putting a stop on it.

2011-10-27

Comment

59.830

Prefers Canadian National (CNR-T) because it has better North American foot print and is less dependent on commodities. This one is OK, but just not as good.

2011-10-24

BUY

57.380

This company lives or dies by the weather and last year they were brutalized by it. Rail traffic is recovering and they have great exposure to potash and coal. Just signed a new contract with Teck Resources (TCK.B-T). Could see it going back to the $60-$65 range.

2011-10-20

BUY

50.820

Rails are pretty much a barometer on the economy. We are in a very slow growth economy so stock prices have pulled back quite a bit. At this price it is a relatively good buy.

2011-09-20

WAIT

50.820

Lorne Steinberg

He said he would consider the shares if they hit $50. Earnings are more cyclical than CNR-T. Well run Canadian business. We wont rush out to buy because of economic outlook. It is not attractive enough.

2011-09-20

Comment

53.330

A duopoly. Good pricing power. Everyone worrying about an economic contraction has affected stock price. Had a couple of bad quarters in a row but are turning it around.

2011-09-14

BUY

54.040

Chyanne Fickes

Very good stock but has been weakened in this latest downturn. Dow Jones transports broke down today, which is not a very good sign. From a pure valuation play this one looks very good. Loadings have been very strong.

2011-08-22

DON'T BUY

53.750

Hasn't been performing that well. Any holdings he had was switched into Canadian National (CNR-T). A bulk carrier and will suffer if we have slower growth. Got ahead of itself.

2011-08-19

DON'T BUY

59.010

Christine Poole

Has had numerous operational problems with flooding and whether. Operating ratio has ballooned up. Prefers Canadian National (CNR-T) whose operating ratio is in the low 60's. Good entry point for CN now.

2011-08-02

Comment

59.480

Canadian National (CNR-T) or Canadian Pacific (CP-T)? With an expected bump on the stock tomorrow, should the caller sell his CNR and switch? He has considered the same thing but CN is still delivering the better earnings. He would continue to hold.

2011-07-25

WAIT

59.090

Richard Fogler

The problem is that their costs are going up because of fuel. Economy is ok, but growth is not keeping pace with increasing cost of fuel. Also they have to pour money into their pension plan. The driver will be interest rates. If interest rates go up 1%, they can stop pouring money into pension plan.

2011-07-22

BUY

59.010

Affected by heavy snows in the winter and flooding in the spring. Prefers Canadian National (CNR-T) on a longer-term basis. Big difference in their operating ratios. Both are good companies.

2011-07-15

BUY

60.690

Will have 2 or 3 quarters in a row of lousy earnings. A lot of this is weather based, flooding in North Dakota and Minnesota. Once they get through the weather issues, efficiencies will be back on track. Has under performed the other rail stocks.

2011-07-06

BUY

60.170

Rick Stuchberry

This rail has the commodities side that is feeding Asia giving leverage that can work plus or minus. Good yield and at a good price.

2011-06-30

BUY

59.520

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He prefers CP. CNR deservedly sells for a premium but he sometimes thinks the premium is of little out of line. CP has never been as efficient but has been making strides in improving their operating efficiency. Both of them are a play on economic recovery. Has seen CP forecasts having them earned $4-$5 a year over the next couple of years.

2011-06-20

BUY

60.360

Andrew Hamlin

Expecting significant growth and significant growth in cash flows in the railroad industry in the next few years. With high fuel costs, they will steal share from the trucking industry.

2011-06-03

DON'T BUY

61.060

An economy stock but very much a resource stock as well. Didn’t have a great winter because of being totally focused in Canada. He would prefer Canadian National (CNR-T) instead, which is outperforming them. A lot more of its facilities and track is in the US.

2011-05-27

Comment

60.230

Douglas Kee

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He owns both, but substantially more CN than CP. Prefers CN because it is a North American Railway going east/west and north/south where CP primarily just goes east/west. Operating ratio on CN is substantially better.

2011-05-25

TOP PICK

59.310

Bought today for new clients. Unfortunate bout of weather in the winter and now flooding, so looking forward this will be an earning machine. Thinks they can earn to reach $75/share. Nice long term contracts with TCK and POT. Rest of year will be much better.

2011-05-24

BUY

59.620

Don Lato

12-18 months good outlook. Sees continuing expansion of economy in North America. He has been moving from CNR to CP to some extent. 12-18 months good outlook. Sees continuing expansion of economy in North America. He has been moving from CNR to CP to some extent.

2011-05-18

TOP PICK

59.750

Paul Harris, CFA

Much better to run goods on rails than on trucking. Have had some really strong headwinds, especially if you look at their last quarters numbers. Bad weather and fuel issues. These things are changing over the next little while and margins will expand. Trades at a discount to its peers. Decent yield at 2%.

2011-05-13

BUY

60.620

Canadian National (CNR-T) is the better managed company but this one trades at 1 to 1.5 discount to CN. Rails benefit from growth in the emerging markets. $0.30 a share in dividends. Likes both companies.

2011-05-12

DON'T BUY

62.350

Owns and prefers CNR-T, which has a better cost and is north south, not east west. CNR raised dividend when CP profit warned because of severe winter weather. CP is not cheap enough to switch to at this time.

2011-05-10

TOP PICK

59.790

Bill Harris, CFA

Great Canadian infrastructure. Relatively cheap. Moving things by rail is going to be essential in the next 10-20 years.

2011-04-18

TOP PICK

62.720

Paul Gardner, CFA

Always has operating issues. With high oil prices, freight does better than trucking so instead of having a head wind they have a tail wind. Global economy is expanding. Got hurt last quarter because of weather related issues. Feels it is set to not only have great earnings but actually have increased cash flow and possibly increased dividends over the next couple of years.

2011-04-05

DON'T BUY

62.720

Prefers CNR. CP had a hiccup with it being a bad winter. CP is east/west and CNR is north/south. He finds CP a little expensive.

2011-04-05

BUY

62.310

Bill Carrigan

Starting to drop but thinks it is all right. Major trend has not been violated. In a channel and the trend is still up. It will be a beneficiary of the Japanese event or anything going to Asia. Rail stocks still look firm.

2011-04-01

TOP PICK

62.400

Philip Doyle

Trading at a discount to Canadian National (CNR-T) on a number of metrics. Interesting way to play recovery in volume in bulk, particularly grain and coal. Management has committed to lowering costs. Sold off recently.

2011-03-29

DON'T BUY

62.400

Doesn’t see a big increase in the price of any of the rails. Cost containment processes have not been as good as CNR. There is better growth down the road. We are at the top end of the range of PE ratio. They have the headwinds of higher fuel costs. You can’t go wrong long term with this type of stock but doesn’t see potential in the next 6-12 months.

2011-03-29

Comment

63.990

Exec VP Ed Harris announced his retirement and the stock pulled back. He likes and will continue o Hold.

2011-03-03

PAST TOP PICK

65.130

(Top Pick Feb 22/10, Up 27.30%) Smartest investor in the world bought a railroad. This is way he bought the stock. He doesn’t see them adding much more hear.

2011-03-01

BUY

67.470

Andrew Hamlin

Had a great year in 2010 on the back of continued volume strength in the resource sector. Expects volumes to continue, especially in the coal and potash. Management is focused on reducing costs and upgrading margins. Expecting more upside than on Canadian National (CNR-T).

2011-02-16

Comment

64.280

Grain and Coal, East to West Canada. Prefers Union Pacific.

2011-01-06

BUY

65.490

David Baskin

Bullish on the railways. Another way to play commodities. Prefers this one to CN (CNR-T) but not sure there is a huge difference between them. This company made a very nice deal into the powder basin in Wyoming giving it an opportunity to ship an enormous amount of coal.

2010-12-22

WEAK BUY

66.550

Derek Webb, CFA

Very good earnings recovery. Last quarter was good but not quite great enough for this market. He has been looking for a little more juice, but you would be fine with this name.

2010-11-04

Comment

66.780

Christine Poole

Rails have done well this year. She prefers Canadian National (CNR-T). Benefits from trans-Canadian exporting. Have been taking shares from trucking. Expect rails will continue to improve with improved traffic.

2010-10-25

BUY

66.860

Paul Harris, CFA

Has increased their margins. Outlook for rails is very clear. Resources market needs to grow. They are going to do very well over the long term.

2010-10-21

PARTIAL SELL

66.150

Basic freight hauling has been excellent and they’ve had a pretty good run. If you own, consider taking a little off the top.

2010-10-13

BUY

64.220

Peter Brieger

He owns CN because of US exposure. He would be a buyer of CN over CP.

2010-10-12

DON'T BUY

64.890

He disagrees with the markets on rails. He doesn’t see the reason to be all excited about rails. CP is more commodity related and more Canadian, whereas CN has more US presence

2010-09-07

PARTIAL SELL

62.240

Rick Stuchberry

Strategically, when things move up, you can trim a little and keep the core position if you like it. He is positive on the emerging markets and this is a major shipper for that.

2010-08-30

BUY on WEAKNESS

60.020

Ara Nalbandian

Canadian National Railway (CNR-T) and Canadian Pacific (CP-T). Both are coming in with very strong numbers on volume and yield. For a long-term hold, he would prefer CNR but would wait for a pullback on either.

2010-06-23

DON'T BUY

57.760

Brian Acker, CA

Model price is $58.70, 2.5% upside only. Would prefer Canadian National (CNR-T) instead.

2010-04-01

WEAK BUY

56.260

Economically sensitive, but have held up very well. CN is his favourite – less commodity sensitive.

2010-03-09

TOP PICK

51.990

Looks very attractive. Down 10% at start of year. Pretty good earnings considering economy. Highly leveraged to fertilizer and grain prices. Can buy cheaper than Buffet paid for his railway. A defensive way to play a rebounding economy.

2010-02-22

BUY

54.410

Canadian National (CNR-T) versus Canadian Pacific (CP-T) on a 4 or 5-year hold? A question he wrestles with all the time but currently he would put his cards with Canadian Pacific as he sees at benefiting from a recovery in commodities. CN is a benchmark railroad with the best operating ratio and are diversified throughout North America.

2010-01-27

HOLD

56.930

Christine Poole

Rail stocks are good indicators of economic activity. Rails have moved ahead of expectations. On the high end of its historical price/earnings ratio.

2010-01-11

HOLD

56.790

Likes the rails. Preference is Canadian National (CNR-T) but this one is fine. Has risen recently on Teck Resources (TCK.B-T) announcement on coal production. Good play on global, and more particularly, North American growth. (See Top Picks.)

2009-12-31

Comment

56.930

(Market Call Minute.) If you like East-West shipping of coal, grain and potash this would be a preference over CNR.

2009-12-30

BUY on WEAKNESS

55.610

Nick Majendie

Likes the long-term outlook very much because there is the potential for them to double earnings from $2.70 to over $5 over a 5-year period. Near-term look for further weakness.

2009-12-09

Comment

55.790

Michael Smedley

Canadian National (CNR-T) or Canadian Pacific (CP-T)? CP, the smaller railroad, is commodity oriented. On the longer term, CNR is the great railroad of Canada and this is the one he would own.

2009-12-08

BUY

49.200

It’s a western Canadian play in grains and coal, which Asia needs and wants. He likes it. He is moving back more into CN after owning both.

2009-10-23

Comment

49.060

Peter Brieger

Doesn't own it because it is more of a commodity carrier than anything and it depends on how the economy works out. When demand from China starts to rebuild he likes the outlook for them. Would like to get it 5%-10% cheaper.

2009-10-01

PAST TOP SHORT

41.100

Ken McCord

(A Top Short July 29/08. Up 36.1%.) Still concerned about this one and wouldn't own it. He covered his Short.

2009-07-15

BUY on WEAKNESS

45.020

Paul Harris, CFA

Prefers Canadian National (CNR-T) because it is a better run company. Rails have done very well considering they were supposed to be in an economic downturn. With production being down and all the other things it is hard to conceive that they can continue doing well. Would like to see a pullback before buying.

2009-07-02

HOLD

43.550

This is fine but she prefers Canadian National (CNR-T). Volumes are looking stronger. Have done a better job of cost control.

2009-06-23

DON'T BUY

45.360

Canadian National (CNR-T) versus Canadian Pacific (CP-T)? Canadian National but don't buy either until the 2nd quarter earnings come out. Expects a very rough quarter.

2009-06-11

DON'T BUY

42.600

Bill Harris, CFA

Corrected on the economic slowdown. If you wanted to Buy on a true market correction, you should always go to the better company, which in this case would be Canadian National (CNR-T).

2009-05-19

DON'T BUY

41.230

David Burrows

(Market Call Minute.) Would be careful on this one because it is so economically sensitive and so dependent on bulk shipping.

2009-05-15

SELL

41.230

Ara Nalbandian

This sector is still in contraction. Doesn't see any improvement in rail volume numbers.

2009-05-15

WATCH

40.370

Sandy McIntyre

(Market Call Minute.) He needs to see some turn in training traffic and would wait a month.

2009-05-14

SELL

45.520

Hap (Robert) Sneddon FCSI

(Market Call Minute.) Would switch to Canadian National (CNR-T).

2009-05-06

WEAK BUY

42.060

Michael Smedley

More geared to commodities vs. CNR.

2009-04-28

DON'T BUY

40.190

When you see dividend moving up to a warning level for the sector, you be careful. Positive thing is that MACD is trending upwards. We’d like to see volume dry up as it moves up.

2009-04-20

DON'T BUY

39.250

More of and East-West rail versus Canadian National (CNR-T), which is more North-South. This one is more of a commodity mover, which has taken a hit because of the recession. Slowly reaching a bottom so there is no rush to buy. He would prefer CNR.

2009-04-13

Comment

38.200

Lyle Stein

(Market Call Minute.) Likes the rails and his preference today would be Canadian National (CNR-T). It's a question of being the bigger guy and having a wider range of distribution network.

2009-04-08

PAST TOP PICK

39.550

(A Top Pick March 6/08. Down 45.2%.) Are Asian economies coming back? If so, this rail would be the better rail choice.

2009-03-23

PAST TOP PICK

36.000

(A Top Pick March 5/08. Down 48.9%.)

2009-03-10

DON'T BUY

35.490

Jim Huang

Cheaper than Canadian National (CNR-T) but historically has not been as well managed. Also has heavier exposure to commodity prices, especially coal shipments. Also have some pension issues.

2009-02-20

PAST TOP PICK

37.800

(A Top Pick Mar 6/08. Down 43.5%.) Particularly commodity exposed so got hit very hard. Still likes.

2009-02-13

PAST TOP PICK

37.440

(A Top Pick Jan 8/08. Down 38.4%.) As economy improves, rails will be among the first to benefit. Competitive advantage in terms of long-term transport, particularly if energy prices go up again.

2009-02-02

Comment

37.440

Just came out with a new issue. Companies that are not sure if they are going to have capital given their spending plans can take a bit of a haircut now in order to raise additional money.

2009-02-02

BUY

38.750

Michael Decter

Canadian Pacific (CP-T) and Canadian National (CNR-T) are at pretty good prices now. If you have a long term perspective and are willing to live with some volatility in the short-term, over the long haul both of them are going to be very good things to own. CNR would be his first choice because of the management. Consider splitting between the 2.

2009-01-28

Comment

46.090

Lyle Stein

A little bit cheaper than Canadian National (CNR-T). A value name, but could also be a value trap.

2009-01-06

Comment

38.520

Gordon Higgins, CA, MBA

Trades at a discount to Canadian National (CNR-T). An economically cyclical stock. With the economic slowdown, their volumes are going down. On any hint of an economic recovery, rails are definitely going to be there.

2008-12-22

HOLD

36.610

David Baskin

Positioned itself to take advantage of the coal market in the US and coal is in the dumper right now. The railways depend on the commodity market so with commodities out of favour, this one is too.

2008-12-02

BUY

40.470

Ross Healy

Canadian Pacific (CP-T) is pretty close to its book value and Canadian National (CNR-R) is at about 2 X book value. He likes to Buy companies close or below their book value.

2008-11-17

Comment

49.670

If you are a long-term investor, the stock is not a bad idea. He would prefer Canadian National (CNR-T), which is much more efficient and more continental. Canadian Pacific is more commodity related.

2008-11-11

Comment

50.620

Brooke Thackray

Hasn't fared as well as Canadian National (CNR-T). If it reaches its resistance level of $66 it would not be a bad place to exit.

2008-11-10

DON'T BUY

51.120

Primarily Canadian and more commodity-related, which he doesn’t like. You will like this if you are a commodity bull.

2008-10-14

BUY

57.070

Gordon Higgins, CA, MBA

Approval to make a recent acquisition but now they have to spend considerable money to expand rail lines.

2008-09-30

Comment

58.250

Bulk carrier of commodities. Ran into some problems with congestions in the Port of Vancouver. Mis-planned on having cars available. Cost of fuel has hit them reasonably hard.

2008-09-26

PAST TOP PICK

56.600

(A Top Pick Oct 29/07. Down 14%.) Stock is down because the fuel price was up. Auto and lumber shipping was down. This is a western Canadian play. Still likes.

2008-09-17

DON'T BUY

64.780

Steve Carlin

Rails are not particularly attractive to him right now. Earnings are de-accelerating and on a year over basis will be negative. Valuations are not particularly attractive.

2008-08-29

DON'T BUY

64.780

Peter Gibson

Not particularly interested in either Canadian National Rail (CNR-T) or Canadian Pacific (CP-T).

2008-08-29

BUY

61.510

Likes the rail stocks in general. Taking market share from the trucking business. Came through a really tough period and yet earnings are missing expectations by only a slight amount.

2008-08-25

BUY

64.690

(Market Call Minute.) Would look at buying it but don't expect any substantial performance in the near term.

2008-08-14

TOP SHORT

64.650

Ken McCord

Last quarter was their 1st miss in some time but it was a big one. Cockroach theory is that if you see one, there’s another behind the fridge. Increased costs and reduced volumes are a problem.

2008-07-29

Comment

64.210

Andrew Guy, CFA

Moves commodities. A slowdown of the economy will create some slowdown in the rails. Expect to see more downside in the near term but longer term, you are getting to valuation levels that is attractive.

2008-07-22

BUY

65.340

Don Lato

Cheap at 13/14X next year's earnings. Earnings growth has tailed off a little bit with the slowdown in the US economy.

2008-06-11

BUY

67.560

David Baskin

Expensive oil is positive for the rails. They are about 4 times more efficient than trucks per ton-mile of freight. Rails are going to make a lot of money hauling commodities. Everybody should own one of them.

2008-06-10

BUY

74.260