STOCKCHASE

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

2010-03-09

TOP PICK

51.990

Barry Schwarrtz

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

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

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

David Cockfield

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

Peter Gibson

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

2008-08-29

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

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

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

Liked that its exposure was more in Canada, unlike Canadian National (CNR-T) that had north/south traffic. Rails are really making money now in shipping grains, commodities, etc. Not that expensive.

2008-05-29

DON'T BUY

74.480

(Market Call Minute.) Model price is $66.21 giving it a -8% differential.

2008-05-08

BUY

68.220

(Market Call Minute.) Poor earnings today on weather and economic conditions in the US but a good long-term company to own.

2008-04-22

Comment

65.640

Canadian National (See comments under (CNR-T)) and CP are both going to have difficult 1st quarters. Weather wasn't great. If you have a longer-term view, you could hold it. If you want to try and be tricky, Sell before they report because the numbers will disappoint.

2008-04-11

Comment

65.640

Paul Thornton

The railroad sector is very strong right now, especially in the US. Canadian National (CNR-T) and Canadian Pacific (CP-T) are not trading very well right now and he is not sure why. He prefers Canadian Pacific.

2008-04-11

TOP PICK

68.560

If you are a believer in the commodity bull market story, particularly agricultural, this is a way to play it. Has gone nowhere over the last year as people worried about sensitivity of rails, but it's up 8.5% this year.

2008-03-06

SELL

68.560

In the short term, he would be out of the rails. Thinks they will miss the area of expectation for the next couple of quarters. They are great longer-term plays.

2008-03-06

TOP PICK

70.440

Thinks you are buying a little more for your $1 as opposed to Canadian National (CNR-T). One of the major shippers of potash, grains and coal. Less exposed to the US market. Thanks earnings are going to grow from the $4.30 area to over $5 in the next 2 years.

2008-03-05

TOP PICK

71.980

David Burrows

They are in the sweet spot. If there is growth anywhere in the world, it's in overseas trade. They have potash, grain and coal shipping. They are the only ones of the major railroads that are seeing an increase in loaded cars. A way to play international growth with a Canadian company.

2008-03-03

BUY

71.540

Robert Floyd

There is strong demand for resources. Also have more of an East/West capacity than Canadian National (CNR-T).

2008-02-29

Comment

70.070

Rails are very economically sensitive. Truckers and rails are like the canaries in the mines. If there is any downturn, they will feel it. Less exposed to the US economy then Canadian national (CNR-T), but a bigger commodity exposure. When the US turns around, CNR will outperform.

2008-02-11

TOP PICK

61.910

Likes the grain and the material handling. Proportionately less US exposure than Canadian National (CNR-T). Over the next couple of years, he sees them close to the agriculture and materials market. Sees earnings going well over $5 over the next couple of years.

2008-01-08

WAIT

64.020

David Cockfield

Canadian National (CNR-T) and Canadian Pacific (CP-T) are economy stocks. People are worried about the economic progress in 08 and into 09.

2007-12-21

BUY

65.700

Alex Ruus

(Market Call Minute.) Long-term Buy but there may be some volatility in the short-term.

2007-12-13

Comment

59.770

This is on his watch list. This is more commodity oriented and he is bullish on commodities.

2007-11-26

Comment

60.920

Ron Meisels

One of those things that gets hurt at the tail end of a bear period. Looking at a long-term chart, around the $60 level, there should come in some major support.

2007-11-23

BUY

63.140

Robert Floyd

One issues is that their Midwest acquisition target got stalled. Stronger Cdn$ is hurting a little bit. Also some slowdown in terms of product being delivered. Thinks transports have been overly hurt in this market slowdown. Reasonable bet at this price.

2007-11-14

BUY on WEAKNESS

62.360

This is on his radar screen. If there is a recession, which he doubts, it would further hurt the rails. Bullish on commodities.

2007-11-06

BUY

62.360

Proportionately less of their business is exposed to the US than that of CNR (CNR-T). Also liked their US acquisition but unfortunately it is going to take longer for the regulators to approve.

2007-11-06

BUY on WEAKNESS

63.820

Alex Ruus

Right now earnings estimates on the rails are falling. Countervailing that, Warren Buffet continues to buy more and more of his rail stocks. Good long-term buy but you may get a chance to buy it a little bit cheaper.

2007-11-05

BUY

64.790

He got out at near $90 on its peak at the spurious takeover thing from Brookfield. It is getting into an interesting territory here. The model price is $71.62, a 9% positive differential. He just got into it again.

2007-11-01

TOP PICK

64.840

Their reported earnings are up 33%. They are ahead of their expections. They will be a big ethanol player with a new takeover(Dakota). They bought below $50.

2007-10-29

HOLD

66.600

David Driscoll

Hold onto any of the railroads. Owns CN because prefers north, south, east, west to just east-west.

2007-10-25

WAIT

67.450

Does not own CP right now but has owned in the past. Prefers CN railway because it is a little less cyclical. Both companies have had a weak flattish quarter because of the high Canadian dollar. Long term these companies are good to own as they give a nice broad exposure to the N.A. economy. Expects the stock to go sideways for a while. Best to wait another quarter before buying.

2007-10-24

BUY

67.450

Likes cp over CN because of their product mix, and the acquisition they made in the mid-west of the US is going to turn out to be very smart over the long haul.

2007-10-23

BUY

68.860

Bob Stodgell

He likes the rails. It does have exposure to the economy. It's a good infrastructure play. He is more partial to CN then CP but they are both good.

2007-10-18

BUY

68.590

Railways are interesting. Has room for improvement. Good investment, but she chose CN rail instead, although this is still good.

2007-10-15

BUY

67.880

Michael Smedley

This is the junior of the 5 or so big rail companies. It’s probably ultimately a takeout if commodities stay strong. Well run.

2007-09-24

PAST TOP PICK

71.250

Gordon Higgins, CA, MBA

(A Top Pick Oct 12/06. Up 23.1%.) Still a Buy. Economically sensitive. Recently made an acquisition of a US rail. Good growth engine. Their exposure to coal bodes well for them.

2007-09-12

HOLD

73.470

Alex Ruus

Well run company.

2007-09-04

DON'T BUY

71.800

His model price is $69.46 giving it a negative 3% differential.

2007-08-30

Comment

71.560

Compared to Canadian National (CNR-T) it has a lot more cyclicality and is more in the commodity moving business. Also less North American exposure.

2007-08-29

DON'T BUY

72.750

Model price of $69.15. A negative 2% differential.

2007-08-22

SELL

69.540

Ran up on takeover expectations and the smart thing would have been to sell into that. The likelihood of it being taken over goes down every day as it gets harder and harder to finance.

2007-08-15

HOLD

72.550

Rob Callander

The whole subprime thing backed up into a possible takeover of this company, which shouted up to $89 but has now come back down. Given the resource strength in Canada, which will continue for many years, he would hold onto the stock.

2007-08-14

HOLD

76.340

PE on this year's earnings is 17.9 dropping 15.1 next year, which is very expensive to most of the other rails. There is still some takeover premium in it.

2007-08-03

BUY

78.950

Likes rails on a longer-term basis. Prefers Canadian National (CNR-T) as it is the best in class. This one is fine.

2007-08-02

HOLD

78.420

Bill Carrigan

Has not broken down below its trendline.

2007-07-30

HOLD

89.000

On a fundamental basis it is now overpriced. Now trading on takeover speculation. If you own, Hold.

2007-07-18

PAST TOP PICK

75.540

(A Top Pick July 27/06. Up 39.4%.) Sold about 25% of his holdings. Now trading at a high multiple of 19 X relative to its history of 15 X’s. Consider Buying on a correction.

2007-06-19

HOLD

76.770

Pat McHugh

Great long-term investment.

2007-05-28

Comment

76.000

His model price of $76.12 is right on the current price. Would consider taking money off the table.

2007-05-24

HOLD

75.820

David Burrows

Has recently bought. CP is clearly linked to the strength of the commodities and the strength of the global economy, (grain potash and coal are important to them). Don't see any significant slowdown. A good core holding for a portfolio.

2007-05-16

BUY

73.000

Both rail carriers, Canadian National (CNR-T) and Canadian Pacific (CP-T) are doing very well operationally. As fuel prices continued to rise, they have very bright future.

2007-05-08

Comment

65.230

More economically and commodity sensitive than Canadian National (CNR-T) which is slightly more vulnerable.

2007-04-02

TOP PICK

65.300

A leveraged play on the growth of all the Western commodities. Buying back shares. Increasing the dividend.

2007-03-26

BUY

64.050

Very exposed to moving coal, metals, resources, as well as agricultural products across Canada. Gateway to the Far East. Longer term, both rails will do extremely well.

2007-03-16

BUY

63.450

Reasonable investment, but she prefers Canadian National (CNR-T). Well-managed and the stock has done well. Where CNR is exposed to forest products, this one is exposed to coal.

2007-03-14

DON'T BUY

63.010

Ross Healy

Historically, this company has managed to get up to about twice Book and then peaked out. His FMV is double the current price.

2007-03-07

HOLD

63.060

Likes the outlook for rails. This one is more commodity oriented and has been enjoying the fruits of a very good commodity market. Prefers Canadian National (CNR-T) but this is a good stock.

2007-02-12

PAST TOP PICK

65.240

(A Top Pick Feb 20/06. Up 14.7%.) Still likes and would be a buyer. Can see a steady 5%-10% increase in earnings per share.

2007-02-02

WEAK BUY

63.710