Core Viewpoint - Analysts project that CSX will report quarterly earnings of $0.41 per share, reflecting a 2.4% decline year over year, with revenues expected to be $3.54 billion, indicating no change from the same quarter last year [1]. Earnings Projections - The consensus EPS estimate has been revised downward by 3.9% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts forecast 'Revenue- Coal' to reach $481.51 million, a decrease of 3.5% year over year [5]. - 'Revenue- Intermodal' is expected to be $554.16 million, reflecting a year-over-year increase of 5.4% [5]. - 'Revenue- Merchandise- Fertilizers' is projected at $137.18 million, indicating a 9.7% increase year over year [5]. - 'Revenue- Merchandise- Chemicals' is estimated to be $698.20 million, showing a decline of 1.4% from the prior year [6]. Operating Metrics - The estimated 'Operating Margin' is projected to be 67.2%, significantly higher than the year-ago figure of 31.3% [6]. - 'Revenue per unit - Intermodal' is expected to be $707.85, slightly up from $705.00 in the same quarter last year [6]. Volume Estimates - 'Volume - Merchandise - Automotive' is expected to be 92.58 thousand, down from 96.00 thousand year over year [7]. - 'Volume - Merchandise - Minerals' is projected at 87.05 thousand, compared to 88.00 thousand last year [7]. - 'Volume - Coal' is estimated at 180.65 thousand, slightly up from 179.00 thousand in the previous year [7]. - 'Volume - Merchandise - Fertilizers' is expected to reach 47.64 thousand, an increase from 44.00 thousand year over year [8]. - 'Volume - Merchandise - Metals and Equipment' is projected at 63.03 thousand, consistent with last year's figure of 63.00 thousand [8]. - 'Volume - Merchandise - Agricultural and Food Products' is estimated at 115.31 thousand, down from 116.00 thousand year over year [9]. Stock Performance - CSX shares have returned -0.9% over the past month, contrasting with the Zacks S&P 500 composite's +2% change, and the company holds a Zacks Rank 3 (Hold), indicating it is expected to mirror overall market performance [9].

Core Viewpoint - Union Pacific Corporation is actively promoting its proposed merger with Norfolk Southern, aiming to establish the first transcontinental railroad in the U.S. and addressing misinformation from opponents [1] Company Developments - Union Pacific and Norfolk Southern submitted their application to the Surface Transportation Board for merger approval [1] - The meeting at the Midwest Association of Rail Shippers (MARS) served as a platform for Union Pacific to engage with customers regarding the merger benefits [1]

Core Viewpoint - Canadian Pacific Kansas City (CPKC) has successfully ratified 16 tentative collective bargaining agreements with various unions in the United States, enhancing wages for approximately 700 railroaders across multiple states [1][2]. Group 1: Agreements and Ratifications - All new five-year agreements have been ratified, benefiting railroaders in states including Illinois, Indiana, Louisiana, Minnesota, Mississippi, Missouri, New York, North Dakota, Oklahoma, Texas, and Wisconsin [1]. - An agreement with the Brotherhood of Locomotive Engineers and Trainmen (BLET) has been ratified, representing around 300 locomotive engineers operating in Illinois, Indiana, Minnesota, North Dakota, and Wisconsin [2]. - Five agreements have been ratified with the Brotherhood of Railway Carmen, covering 231 carmen across various properties [3]. - Five agreements have been ratified with the Transportation Communications Union (TCU/IAM) and American Railway and Airway Supervisors Association (ARASA), representing approximately 108 U.S. employees [4]. - Two agreements have been ratified with the National Conference of Firemen and Oilers (NCF&O), representing 26 hostlers and laborers [5]. - Three additional agreements have been ratified with various associations, covering a total of 23 employees in specific roles [6]. Group 2: Future Agreements - Two tentative five-year collective agreements have been reached with the International Brotherhood of Electrical Workers (IBEW), representing 76 electricians, pending ratification [7]. Group 3: Company Overview - CPKC is the first and only single-line transnational railway linking Canada, the United States, and Mexico, with a network of approximately 20,000 route miles and a workforce of 20,000 railroaders [8]. - The company provides extensive rail service and logistics solutions, contributing to economic growth across North America [2][8].

Key Takeaways CSX is set to report Q4 results Jan. 22, with EPS estimates revised down 2.3% to 42 cents.CSX's Q4 outlook reflects pressure from lower coal revenues and reduced fuel surcharges.Operational challenges, supply-chain constraints and high capital spending are weighing on CSX's results.CSX Corporation (CSX) is scheduled to report fourth-quarter 2025 results on Jan. 22, after market close.The Zacks Consensus Estimate for the fourth-quarter 2025 earnings has been revised southward by 2.3% over the p ...

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 - United Airlines (UAL) is expected to report its fourth-quarter 2025 results on January 20, with earnings per share (EPS) estimates showing a decline compared to the previous year, while revenues are projected to increase slightly [1][11]. Financial Performance Expectations - The Zacks Consensus Estimate for UAL's fourth-quarter 2025 earnings has decreased by 7.6% over the past 60 days to $3.05 per share, indicating a 6.4% decline from fourth-quarter 2024 actuals [1][11]. - Revenue estimates for the same quarter are set at $15.44 billion, reflecting a 5.04% increase from fourth-quarter 2024 actuals [1][11]. Historical Performance - UAL has a positive earnings surprise history, having exceeded the Zacks Consensus Estimate in the last four quarters, with an average beat of 8.8% [2]. Factors Influencing Q4 Performance - The anticipated performance boost for UAL in the upcoming quarter is attributed to an increase in total revenues, primarily driven by high passenger revenues as domestic air travel demand stabilizes [3]. - Upbeat passenger volumes during the Thanksgiving holiday period are expected to contribute positively to the top-line performance, with passenger revenues estimated to rise by 5.5% from fourth-quarter 2024 actuals [4]. Challenges Facing UAL - Geopolitical uncertainty, tariff-related pressures, and persistent inflation are likely to negatively impact UAL's operations, potentially causing volatility in passenger traffic and limiting the airline's ability to maintain strong yields and consistent revenue growth [5]. Earnings Prediction Model - Current models do not predict an earnings beat for UAL, as the company has an Earnings ESP of -3.56% and a Zacks Rank of 3 (Hold) [6][7].

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].

Core Viewpoint - Ancora Alternatives has successfully engaged in shareholder activism within the transportation sector, focusing on improving shareholder returns through strategic changes in company management and operations [7][17]. Company Engagements - In 2025, Ancora ousted three legacy directors at Forward Air, including the chairman, following a controversial acquisition that negatively impacted equity holders and increased debt [1]. - Ancora has altered five board seats and pushed the CFO to leave Forward Air in 2021 to refocus on its core operations, claiming that the company's valuation decline was linked to its diversifications [2]. - The firm has engaged with several companies, including C.H. Robinson, Forward Air, CSX, and Norfolk Southern, to implement changes aimed at enhancing shareholder value [6][10]. Investment Strategy - Ancora seeks opportunities in "old economy" sectors, focusing on companies with strong fundamentals that have faced challenges, aiming to unlock value through targeted interventions [3][11]. - The firm typically acquires equity stakes ranging from 0.5% to 10%, often preferring to stay below 5% to avoid regulatory filing requirements, allowing for greater flexibility in its operations [15][16]. Activism Approach - Ancora has developed an "information advantage" in the transportation sector, leveraging a network of industry experts and former executives to drive successful outcomes in its campaigns [8][9]. - The firm emphasizes the importance of finding the right individuals to support its analysis and engagement strategies, which increases the likelihood of achieving desired results [10]. Recent Developments - In 2024, Ancora won three seats at Norfolk Southern's annual meeting, leading to significant changes in the board and the removal of the CEO due to service and profitability issues [12]. - A cooperation agreement with Americold in December 2025 resulted in two board seats for Ancora and the establishment of a finance committee to review potential divestitures [17].

Core Insights - Third Point LLC's latest 13F filing reveals Dan Loeb's strategic positioning amid changing macro conditions, highlighting a cautious yet opportunistic investment approach [1][2] Portfolio Adjustments - Microsoft (MSFT) was significantly increased by 700,000 shares, totaling a $569.7 million position, representing 6.34% of the portfolio, reflecting confidence in its long-term earnings potential driven by AI and cloud services [3][4][5] - Norfolk Southern (NSC) was established as a new holding with 1.65 million shares valued at $495.7 million, or 5.51% of the portfolio, indicating a belief in recovery from operational challenges [6][7] - A large put position in SPDR S&P 500 ETF (SPY) was created, amounting to $582.9 million notional, or 6.48% of the portfolio, serving as a hedge against market risks rather than a directional bet [8][9] Position Trims - PG&E Corp (PCG) saw a reduction of 1 million shares, maintaining a $755.5 million position, or 8.40% of the portfolio, reflecting position-sizing discipline rather than a change in investment thesis [10][11] - Taiwan Semiconductor (TSM) was trimmed by 330,000 shares, resulting in a $307.2 million position, or 3.42% of the portfolio, indicating caution regarding geopolitical risks and cyclical normalization [12][13] - Capital One Financial (COF) was reduced by 419,204 shares, totaling a $294.4 million position, or 3.28% of the portfolio, as the firm de-risked exposure to unsecured consumer lending [14] - CRH plc (CRH) was trimmed by 425,000 shares, maintaining a $259.6 million position, or 2.89% of the portfolio, reflecting valuation discipline after strong performance [15] Strategic Overview - Third Point is balancing offensive and defensive strategies, with aggressive investments in high-quality opportunities alongside macro caution [16] - The use of hedging strategies indicates a focus on managing downside risk while maintaining flexibility [17] - The trimming of cyclical positions suggests a more cautious approach to economically sensitive sectors [18] - High concentration in top positions reflects a belief in active risk-taking as a driver of alpha [19] - The filing demonstrates Third Point's agility in adapting to market conditions and leveraging fundamental strengths [20]

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]