CSX Corp. appointed Hunter Harrison as chief executive officer effective immediately, entrusting the industry veteran with the task of turning around North America’s least efficient railroad. He’ll stick around as long as shareholders are willing to meet his pay demands.
After hosting a lunch with Hunter Harrison and activist investor Paul Hilal, Wolfe Research says there’s a 90 per cent chance that Harrison will be installed as chief executive of CSX Corp. within five months.
As a result, analyst Scott Group hiked his year-end price target on the stock to $57 from $47 and reiterated that CSX is his favourite rail investment.
Oil prices will gradually rise towards US$60 per barrel by the end of 2017, a Reuters poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts.
Brent crude futures will average US$56.90 a barrel in 2017, according to 29 analysts and economists polled by Reuters. The current forecast is marginally lower than the US$57.01 forecast in the previous survey.
The latest joint economic forecast for German economy is out and, in line with what Eurocoin has been signalling recently (see post here), the forecast upgrades outlook for Euro area's largest economy.
Hunter Harrison is asking for an “exceptionally unusual if not unprecedented” compensation package from CSX Corp. worth an estimated US$300 million, but analysts say shareholders are likely to vote him into the railway’s top job anyway.
After an abysmal fourth quarter fiscal 2015 (4QFY15) earnings report out January 13, CSX Corporation (NASDAQ:CSX) finally looks to steer the company in the right direction. The railroad giant announced yesterday that it was looking to invest $272 million in strengthening its intermodal network in North Carolina.
CSX Corp. appears to be building a moat between itself and any potential takeover bid, with record third-quarter earnings, a strong growth outlook for 2015 and a warning from the CEO that rail consolidation could result in “severe service disruptions.”
Q1 2011 Earnings Call
April 20, 2011 8:30 am ET
David Baggs - Assistant Vice President of Treasury and Investor Relations
David Brown - Chief Operating Officer and Executive Vice President
Oscar Munoz - Chief Financial Officer, Executive Vice President, Chief Financial Officer of CSX Transportation Inc. and Executive Vice President of CSX Transportation Inc