|Bid||85.50 x 800|
|Ask||93.65 x 800|
|Day's Range||92.19 - 93.65|
|52 Week Range||70.36 - 96.49|
|Beta (3Y Monthly)||0.93|
|PE Ratio (TTM)||15.94|
|Forward Dividend & Yield||1.64 (1.75%)|
|1y Target Est||N/A|
About 3,000 CN conductors, trainpersons and yard workers could walk off the job at midnight if a settlement isn’t reached between the union and the company.
(Bloomberg) -- About 3,200 workers at Canadian National Railway Co. went on strike at midnight Tuesday, threatening to crimp shipments of oil, potash and grain across the country.Conductors and railyard operators at Canada’s largest railway walked off the job after failing to reach an agreement with the company over issues including working conditions and drug benefits, the Teamsters Canada Rail Conference union said.“Unfortunately, we were unable to reach a deal with CN,” the union said in a statement. Workers have been without a contract since July and served a strike notice on Saturday.CN Rail is one of two main rail networks that Canada uses to ship consumer goods and exports of canola, wheat, potash and other resources from the prairies to seaports. The company carries C$250 billion ($189 billion) worth of goods annually and has increasingly been moving into shipping oil amid a bottleneck of pipelines from Alberta’s oil sands.A representative for the Montreal-based company declined to immediately comment on the strike. On Saturday, it said it continued to negotiate in good faith and had offered to go to binding arbitration, which the union rejected.Managers may step in to operate trains, blunting the impact of any walkout. Allison Landry, an analyst with Credit Suisse Group AG, said a walkout may crimp CN’s cargo volume, the labor action likely wouldn’t last long and the impact on the company’s earnings wouldn’t be meaningful.“Historically, rail strikes have lasted a few days, and the Canadian government has been quick to step in and implement back-to-work legislation given the significant threat to the economy,” Landry said in a note to clients.Government MonitoringStill, the government may have less leverage to push for a resolution over the next couple of weeks because parliament isn’t scheduled to convene until Dec. 5. That could delay the adoption of back-to-work legislation until then.Canadian Labor Minister Patty Hajdu traveled to Montreal on Monday to meet representatives from both sides. In a Nov. 16 statement, Hajdu said the federal government is monitoring the situation closely and “has faith” in the collective bargaining process.The Teamsters argue that workers are being forced to operate trains alone from outside the locomotive while hanging on to moving trains with one hand and working a remote-control device in the other, creating a safety hazard. The union is also balking at a lifetime cap on prescription drug coverage and said the company is making it more difficult to take time off and work longer hours.Canadian National fell 0.2% to close at C$123.76 in Toronto on Monday. It has gained 22% this year.(Updates with workers going on strike.)\--With assistance from Theophilos Argitis.To contact the reporter on this story: Thomas Black in Dallas at email@example.comTo contact the editors responsible for this story: Brendan Case at firstname.lastname@example.org, Jacqueline Thorpe, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
"Conductors, trainperson and yard workers at Canadian National Railway are now officially on strike," the union said in a tweet http://bit.ly/2O10KW3. Canada, one of the world's biggest exporters of farm products, relies on its two main railways to move canola and wheat over the vast distances from western farms to ports. The union had issued a 72-hour strike action notice period to the company on Saturday after the talks reached a stalemate, setting the momentum for the first strike at Canadian National in a decade.
MONTREAL — About 3,200 Canadian National Railway conductors, trainpersons and yard workers are on strike after the union and company failed to reach a deal by the midnight deadline.The Teamsters Canada Rail Conference, the union representing the employees, gave the required 72-hour strike notice on the weekend.Union spokesman Christopher Monette says they are still in talks with CN in hopes of reaching a negotiated settlement and ending the labour dispute as soon as possible.The union has said passenger rail services in the country's three biggest cities would not be affected by the strike.It represents workers at commuter rail services including Go Transit in Toronto, Exo in Montreal and the West Coast Express in Vancouver, where passengers would remain unaffected.The workers, who have been without a contract since July 23, say they're concerned about long hours, fatigue and what they consider dangerous working conditions.The dispute comes as CN confirmed Friday that it was cutting jobs across the railway as it deals with a weakening North American economy that has eroded demand.This report by The Canadian Press was first published Nov. 19, 2019.Companies in this story: (TSX:CNR)The Canadian Press
MONTREAL — About 3,200 Canadian National Railway conductors, trainpersons and yard workers could go on strike just after midnight tonight in a job action that would affect freight services if a deal isn't reached with the company.Passenger rail services in the country's three biggest cities would not be affected, the union said.The Teamsters Canada Rail Conference, the union representing the employees, gave the required 72-hour strike notice on the weekend.The union said it hopes to reach an agreement before the deadline to address safety and scheduling issues, but workers are prepared to walk off the job if their expectations aren't met."Our problem is not with the people in general, but with CN," union spokesman Christopher Monette told reporters on Monday.The union represents workers at commuter rail services including Go Transit in Toronto, Exo in Montreal and the West Coast Express in Vancouver, where passengers would remain unaffected.Exo spokeswoman Catherine Maurice confirmed Monday there would "not be an impact from this potential strike," but added it was monitoring the situation closely.CN said it continues to negotiate in good faith and has offered binding arbitration to ensure train services aren't disrupted.Federal Labour Minister Patty Hajdu said the Federal mediation and conciliation service has been working with the two sides since June and the government is monitoring the situation."I am encouraged to see that both parties are still negotiating," Hajdu said in a statement.The workers, who have been without a contract since July 23, say they're concerned about long hours, fatigue and what they consider dangerous working conditions. They are also fighting against a lifetime cap on prescription drug coverage.The dispute comes as CN confirmed Friday that it was cutting jobs across the railway as it deals with a weakening North American economy that has eroded demand.This report by The Canadian Press was first published Nov. 18, 2019.Companies in this story: (TSX:CNR)The Canadian Press
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:Toronto Stock Exchange (17,025.11, down 3.36 points.)Aurora Cannabis Inc. (TSX:ACB). Health care. Down 59 cents, or 16.43 per cent, to $3.00 on 28.7 million shares.Encana Corp. (TSX:ECA). Energy. Down 26 cents, or 4.51 per cent, to $5.50 on 6.8 million shares.Aphria Inc. (TSX:APHA). Health care. Down 62 cents, or 10.97 per cent, to $5.03 on 6.7 million shares.The Green Organic Dutchman Holdings. (TSX:TGOD). Health care. Down five cents, or 7.14 per cent, to 65 cents on 5.6 million shares.OceanaGold Corp. (TSX:OGC). Materials. Up six cents, or 2.31 per cent, to $2.66 on 4.1 million shares.Canopy Growth Corp. (TSX:WEED). Health care. Down $1.51, or 7.44 per cent, to $18.78 on 4 million shares. Companies in the news:Canadian National Railway. (TSX:CNR). Down 18 cents to $123.76. About 3,200 Canadian National Railway conductors, trainpersons and yard workers could go on strike just after midnight tonight in a job action that would affect freight services if a deal isn't reached with the company. Passenger rail services in the country's three biggest cities would not be affected, the union said. The Teamsters Canadian Rail Conference, the union representing the employees, gave the required 72-hour strike notice on the weekend. The union said it hopes to reach an agreement before the deadline to address safety and scheduling issues, but workers are prepared to walk off the job if their expectations aren't met.Aimia Inc. (TSX:AIM). Up 30 cents or 8.3 per cent to $3.93. Aimia Inc. has reached a deal with a group of dissident shareholders to overhaul its board of directors, ending a drawn-out fight over control of the company. The agreement also includes a plan by the company to buy back up to $125 million worth of Aimia's shares by Dec. 30. The deal marks a partial surrender to the group led by Charles Frischer, who had sought to overthrow half of Aimia's eight-member board, and to Philip Mittleman, the company's largest shareholder who was locked in a court battle with Aimia. All of the company's directors excluding Mittleman and chief executive Jeremy Rabe have confirmed they will not stand for election to the board at the company's 2020 annual meeting, to be held before May.Western Forest Products Inc. (TSX:WEF). Down four cents or 3.1 per cent to $1.23. Western Forest Products Inc. says negotiations with the United Steelworkers union representing workers in a long-running coastal B.C. strike ended without resolution on the weekend. The company says no active negotiations are occurring and no future mediation dates have been scheduled after 14 hours of bargaining occurred on Saturday and Sunday supervised by two independent mediators. CEO Don Demens says the mediators informed the company talks were over after it presented a contract offer. The strike which began July 1 affects about 3,000 coastal forest workers employed in Western Forest Products' sawmills and timberlands operations.Barrick Gold Corp. (TSX:ABX). Up 42 cents or 1.9 per cent to $22.33. Shares in Barrick Gold Corp. rose on Monday after the company announced plans to sell its 50 per cent non-operating interest in an Australian gold mine for US$750 million in cash. The deal to sell its stake in Kalgoorlie Consolidated Gold Mines in Western Australia — which includes the country's largest open pit gold mine, The Super Pit, as well as underground and processing works — to Australian gold miner Saracen Mineral Holdings Ltd. was announced on Sunday. This report by The Canadian Press was first published Nov. 18, 2019.The Canadian Press
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MONTREAL — Canadian National Railway Co. is confirming job cuts as it deals with a weakening North American economy that has eroded demand for railroad transportation.The company said it is "adjusting its resources to demand" but wouldn't say how many people will be affected.It said some employees will be placed on furlough and there will be reductions in both management and union job numbers.In October, Canada's largest railroad operator cut its adjusted earnings per share outlook percentage for 2019 to the high single digits, down from predictions of low double-digit growth.Freight volumes came in below expectations in the third quarter and manufacturing has also fallen off, it said.The railroad also said it was affected by a slowdown in the British Columbia forestry sector, where high log prices and dwindling timber supply have prompted shutdowns or curtailments in more than two dozen mills, and due to the weather-delayed grain crop on the Prairies."As explained during CN's Q3 results, the company is adjusting its resources to demand," said spokesman Alexandre Boule in a statement."This includes the difficult decision of adjusting its workforce to demand levels by placing some employees on furlough and reducing both management and union job numbers due to a weakening of many sectors of the economy. These adjustments have already started to take place across the network." This report by The Canadian Press was first published Nov. 15, 2019.Companies in this story: (TSX:CNR)The Canadian Press
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