Core Viewpoint - The Surface Transportation Board (STB) has rejected the merger application between Union Pacific (UP) and Norfolk Southern (NS) due to incompleteness, emphasizing the need for full and transparent disclosure in such significant transactions [1][2]. Group 1: Merger Application Details - The STB found that UP and NS did not meet the basic requirements for their merger application, lacking essential information in their initial filing [1]. - The decision highlights that a merger of this magnitude cannot be evaluated based on incomplete information and must adhere to heightened standards under new merger rules [1][2]. Group 2: Implications for Competition - A stronger and complete application will enable the STB to assess whether the proposed merger serves the public interest and enhances competition [2]. - The STB noted that the applicants had withheld critical information necessary for understanding potential competitive harms, which is vital for the Board's analysis [2]. Group 3: Company Background - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [4]. - The company has been contributing to sustainable trade and community prosperity since its establishment in 1919 [4].

Core Insights - Canadian National Railway (CNI) achieved a record grain movement of over 2.82 million metric tonnes in December 2025, surpassing the previous record set in December 2020 by 80,000 metric tonnes [1] - For the year 2025, CNI transported more than 31.3 million metric tonnes of grain in Western Canada, exceeding the previous record of 30.9 million metric tonnes from 2020 [2] - Across Canada, CNI's total grain transportation reached over 32.7 million metric tonnes, surpassing the all-time high of 32.25 million metric tonnes from 2024 [2] Operational Performance - Janet Drysdale, CNI's executive vice-president, highlighted the company's strong execution and collaboration across the grain supply chain, which supported the record grain movement [3] - CNI's operational readiness and commitment to service reliability have been crucial in maintaining efficient grain flow to global markets during the harvest season [3] - The company reported a 6% year-over-year increase in freight revenues from its Grain & Fertilizers segment during the first nine months of 2025 [5] Winter Preparedness - CNI released its 2025-2026 Winter Plan, which includes proactive measures such as enhanced locomotive reliability programs and targeted infrastructure investments to minimize weather-related disruptions [4] - The combination of record grain transportation and winter preparedness reinforces CNI's commitment to providing safe and efficient service throughout the year [4]

Core Viewpoint - CN has filed a motion with the Surface Transportation Board (STB) to request additional information regarding the proposed merger between Union Pacific and Norfolk Southern, highlighting that the applicants have not adequately assessed the competitive harms of the merger [1][2]. Group 1: Gaps in the Original Application - The original application has several shortcomings, including incomplete market analyses, as the applicants did not disclose the methodology and data supporting their claim of only three 2-to-1 shippers [4]. - Missing projections for market shares by revenues and traffic volumes were noted, undermining the traffic inputs for the applicants' Operating Plans [4]. - The network map provided by the applicants was incomplete, failing to depict certain trackage and haulage rights, which misrepresented the transaction as "end-to-end" [4]. - The applicants did not propose any competitive enhancements, which is a basic regulatory requirement, leading to the conclusion that their application should be deemed incomplete [4]. Group 2: Importance of Transparency - CN emphasizes the need for the applicants to meet the highest standards of transparency and compliance, arguing that the undisclosed information is critical for understanding the anticipated competitive harms [2]. - The company calls for a transparent discussion about the merger's impact on competition, rather than downplaying the issues [2].

分组1: Berkshire Hathaway - Berkshire Hathaway has a strong balance sheet and its core insurance business remains stable despite challenges from California wildfires [1] - Greg Abel took over leadership on January 1, managing $670 billion in investable assets and numerous subsidiaries [2] - The stock price has stagnated since Buffett's retirement announcement, but the company continues to generate strong cash flow and grow its assets [8] 分组2: Gates Foundation - The Gates Foundation receives annual donations from Warren Buffett, including a recent donation of 9.4 million Class B shares of Berkshire Hathaway [4] - The foundation's trust holds a portfolio worth approximately $38 billion, with 59% invested in three major companies [5] - Bill Gates aims to give away nearly all his wealth through the foundation over the next 20 years [6][7] 分组3: WM (Waste Management) - WM operates a solid waste collection and disposal business with a competitive moat due to regulatory barriers for new landfills [10] - The company has shown strong revenue growth and improved operating margins, even amidst challenges in the recycling market [11] - WM trades at an attractive valuation with an enterprise value to EBITDA ratio of less than 14, making it a solid investment option [12] 分组4: Canadian National Railway - Canadian National Railway has a wide competitive moat and geographic advantages, operating tracks from coast to coast in Canada and into the U.S. [13][14] - The company has managed to offset declines in certain freight categories with increases in others, although overall volume growth has been modest [15] - With an enterprise value to EBITDA ratio of less than 12, Canadian National Railway is considered a good long-term value stock [18]

Core Insights - CN set a new monthly record for grain movement in December 2025, moving over 2.82 million metric tonnes, surpassing the previous record from December 2020 by over 80,000 metric tonnes [1] - In 2025, CN also achieved a record for annual grain movement, transporting over 31.3 million metric tonnes in Western Canada, exceeding the previous record of 30.9 million metric tonnes set in 2020 [2] - Across all of Canada, CN shipped more than 32.7 million metric tonnes of grain in 2025, surpassing the prior all-time record of 32.25 million metric tonnes established in 2024 [2] Company Operations - CN's success in grain movement is attributed to the collaboration across the grain supply chain and the execution of its operational plans [3] - The company continues to implement its winter operations plan to ensure efficient service during colder months [3] Company Overview - CN plays a crucial role in the economy by transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [4] - The company operates a nearly 20,000-mile rail network, connecting Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast, contributing to sustainable trade and community prosperity since 1919 [4]

Core Viewpoint - CN will release its fourth-quarter and full-year 2025 financial and operating results on January 30, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results will be reviewed in a conference call led by Tracy Robinson, CN President and CEO, starting at 8:30 a.m. Eastern Time on January 30 [1] - Participants can join the call via telephone or through a live webcast available on CN's investor website [2] Group 2: Company Overview - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [3] - The company has been contributing to sustainable trade and community prosperity since its establishment in 1919 [3]

Group 1 - Canadian National Railway (NYSE:CNI) is recognized as one of the top hydrogen and fuel cell stocks to consider for investment in 2026 [1] - RBC Capital has lowered its price target for Canadian National Railway to C$153 from C$158 while maintaining an Outperform rating, and has increased its Q4 earnings per share estimate to C$2 from C$1.95, surpassing the average projection of C$1.97 [1] - The company reported a 6% increase in adjusted earnings per share for the September quarter, with CEO Tracy Robinson highlighting the maintenance of top-tier profitability and operational efficiency despite declining volume expectations [3] Group 2 - RBC anticipates that Canadian National will provide more cautious guidance for 2026, projecting mid-single digit EPS growth, lower than the current consensus of 8.5% [2] - For 2025, RBC forecasts a 6.1% EPS growth, which is above the average estimate of 5.8% and aligns with Canadian National's own projections for mid-to-high single-digit increases [2] - The company is actively exploring hydrogen and battery-electric prototypes to reduce emissions in its operations [4]

Core Viewpoint - RBC Capital Markets has lowered the target price for Canadian National Railway Company (CNI.US) from CAD 158 to CAD 153 while maintaining an "outperform" rating, reflecting updated forecasts based on freight volume trends and management comments [1] Group 1: Financial Performance - The company has revised its earnings outlook for 2025 downwards and has abandoned its previous forecast for 2026, with initial expectations of a 10% to 15% increase in adjusted earnings now indicating growth below 10% [1] - Despite the downward revision, the company is still expected to show positive earnings growth [1] Group 2: Market Conditions - Uncertainties in Canada-U.S. trade are impacting market outlooks, which has contributed to the company's revised earnings expectations [1] Group 3: Long-term Prospects - The long-term growth prospects for the company remain attractive, benefiting from North America's economic growth and increasing trade volumes [1] - The company's strong profitability and unique railway network position it well to withstand various economic cycles [1] - The railway network connects Canada's Atlantic and Pacific ports with the U.S. Gulf Coast, placing the company in a strategic position within North American trade routes [1] - Anticipation of a new trade framework between Canada and the U.S. is expected to provide new growth momentum for the company [1]

Core Viewpoint - Canadian National Railway Company (CNI) is facing challenges due to trade uncertainty between Canada and the US, leading to a reduction in its earnings guidance for 2025, but the long-term outlook remains positive due to its strategic position and profitability [3][4]. Group 1: Earnings Outlook - RBC Capital has lowered its price target for CNI to C$153 from C$158 while maintaining an Outperform rating, reflecting updated models based on carload trends and management commentary [2]. - CNI has cut its 2025 earnings growth guidance from an initial expectation of 10% to 15% to a more conservative outlook, indicating growth is still expected but likely below 10% [3]. Group 2: Strategic Position and Long-term Potential - CNI benefits from long-term economic growth and increasing trade volumes, supported by its extensive rail network that connects key ports across North America [4]. - The company operates a highly profitable and strategically relevant rail network, which is difficult to replicate, positioning it well for future trade developments between Canada and the US [4].

Core Insights - CN has supported over 772 organizations through its sponsorship and donation programs in 2025, highlighting the company's commitment to community engagement [1] - Nearly 1000 employees and pensioners contributed over 120,000 volunteer hours to approximately 361 charitable organizations, with CN donating more than $2.1 million in recognition of these efforts [2] Corporate Giving Strategy - CN's corporate giving strategy is guided by three key pillars: People, Safety, and Environment [4] - The People pillar focuses on health and wellness, education, inclusion, and opportunities for personal and professional growth [4] - The Safety pillar emphasizes long-term resilience and public safety, providing support for individuals facing hardship, including homelessness prevention and food security [5] - The Environment pillar supports organizations dedicated to ecosystem preservation, reforestation, and environmental education [5] Commitment to Community - CN's commitment to supporting communities is reflected in its efforts to enhance safety, promote health, and protect the environment, aiming to build resilient communities for future generations [3][6] - The company plays a significant role in powering the economy by transporting over 300 million tons of goods across North America annually, contributing to sustainable trade and community prosperity [7]