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Canadian National (CNI) Gets 72-Hour Strike Notice From IBEW
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Canadian National Railway Company (CNI - Free Report) states that it has received a 72-hour strike notice from the International Brotherhood of Electrical Workers (IBEW) for issues primarily related to wages and benefits. The union comprises approximately 750 signal and communications employees. The strike is scheduled for Jun 18.
CNI offered to resolve the remaining differences, which are predominantly on wages and benefits, through binding arbitration.
Management believes that Canadian National can reach an agreement without interruption of work. However, in the event of a strike, it will respond to emergencies to ensure normal levels of safe operation wherever necessary. CNI is prepared to address any strike and is ready to implement an operational contingency plan.
However, Canadian National will continue to bargain with the IBEW union to settle its issues.
Headwinds like supply-chain disruptions, network fluidity challenges and rising fuel costs are already hampering Canadian National’s performance. Due to these challenges, CNI’s shares have declined 10.2% year to date.
Image Source: Zacks Investment Research
If the strike materializes, work will be disrupted, which may hurt the stock further.
Ryder has a trailing-four quarter surprise of 48.2%, on average, with its earnings having surpassed the Zacks Consensus Estimate in all the last four quarters. R is benefiting from improving economic and freight conditions in the United States.
Revenues in all segments grew (on higher rental revenues, new business and favorable pricing) in first-quarter 2022. R currently carries a Zacks Rank #2 (Buy).
The expected long-term (three-to-five years) earnings per share (EPS) growth rate for C.H. Robinson is pegged at 9%. Improving freight market conditions are aiding CHRW.
In first-quarter 2022, the top line improved 41.8% owing to favorable truckload pricing for customers and handsome profits in ocean freight. CHRW currently sports a Zacks Rank #1.
GATX has a trailing-four quarter surprise of 40.1%, on average, with its earnings having surpassed the Zacks Consensus Estimate in all the last four quarters. The gradual improvement in the North American railcar leasing market is a huge positive for GATX.
Driven by the upsides, the stock has risen 7.6% in the past year. GATX currently has a Zacks Rank of 2.
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Canadian National (CNI) Gets 72-Hour Strike Notice From IBEW
Canadian National Railway Company (CNI - Free Report) states that it has received a 72-hour strike notice from the International Brotherhood of Electrical Workers (IBEW) for issues primarily related to wages and benefits. The union comprises approximately 750 signal and communications employees. The strike is scheduled for Jun 18.
CNI offered to resolve the remaining differences, which are predominantly on wages and benefits, through binding arbitration.
Management believes that Canadian National can reach an agreement without interruption of work. However, in the event of a strike, it will respond to emergencies to ensure normal levels of safe operation wherever necessary. CNI is prepared to address any strike and is ready to implement an operational contingency plan.
However, Canadian National will continue to bargain with the IBEW union to settle its issues.
Headwinds like supply-chain disruptions, network fluidity challenges and rising fuel costs are already hampering Canadian National’s performance. Due to these challenges, CNI’s shares have declined 10.2% year to date.
Image Source: Zacks Investment Research
If the strike materializes, work will be disrupted, which may hurt the stock further.
Zacks Rank and Stocks to Consider
Canadian National currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the broader Zacks Transportation sector are Ryder System, Inc. (R - Free Report) , C.H. Robinson Worldwide, Inc. (CHRW - Free Report) and GATX Corporation (GATX - Free Report) .
Ryder has a trailing-four quarter surprise of 48.2%, on average, with its earnings having surpassed the Zacks Consensus Estimate in all the last four quarters. R is benefiting from improving economic and freight conditions in the United States.
Revenues in all segments grew (on higher rental revenues, new business and favorable pricing) in first-quarter 2022. R currently carries a Zacks Rank #2 (Buy).
The expected long-term (three-to-five years) earnings per share (EPS) growth rate for C.H. Robinson is pegged at 9%. Improving freight market conditions are aiding CHRW.
In first-quarter 2022, the top line improved 41.8% owing to favorable truckload pricing for customers and handsome profits in ocean freight. CHRW currently sports a Zacks Rank #1.
GATX has a trailing-four quarter surprise of 40.1%, on average, with its earnings having surpassed the Zacks Consensus Estimate in all the last four quarters. The gradual improvement in the North American railcar leasing market is a huge positive for GATX.
Driven by the upsides, the stock has risen 7.6% in the past year. GATX currently has a Zacks Rank of 2.