Deutsche Bank-Early Morning Haul Canada labor, Cass, Rail vol., Retail sa...-106598100

DeutscheBankIndustryDateGroup20February2024EarlyMorningHaulNorthAmericaIndustryUpdateCanadaUnitedStatesIndustrialsAirFreight&LogisticsCanadalabor,Cass,Railvol.,RetailAmitMehrotrasalesResearchAnalyst+1-212-250-2076Canadalabor-BothCanadianrailroads-CPandCNI-fileda"NoticeofDispute"withtheFederalMediationandConciliationService.ThenoticeisafairlycommonBenMohrdevelopmentinthesetypesofnegotiationswherebyoneofthepartiesasksfortheResearchAnalystappointmentofanofficertoassistinreachinganagreement.ButCPdidsayinits+1-212-250-1708pressreleaseFridayeveningthat"BothCPKCandUnionleadershipremainfarapartontheissues".Thebottomlineiswedon'tconsidertheseitemsasmeaningfulforChrisRobertsontheoutlookforCPandCNIshares,thoughthetimingisunfortunategivenbothResearchAnalystcompanieshaveseenrecentvolumemomentumwhichhasbeguntobereflected+1-212-250-9995intheshareprice.Ifthereisanyworkstoppage,whichmaynothappen,it'smostlikely(andrightfully)tobeconsideredasanextraordinaryeventwithlimitedimpacttoshares.Freightflows(Cass)-Latelastweek,CASS-whichisabroadmeasureoffreightflows-reportedthattheindexwasdown3.5%sequentiallyinJanuary(afurtherstepdownfromthepriortwosequentialdeclinesof-1.3%inNov.and-1.6%inDec.)anddown7.6%yearoveryear(theindexwasflatsequentiallyonaseasonallyadjustedbasis).Thereportnotedthatnormalseasonalitywouldbeexpectedtodrivea+5%seque...