At a time when all three indexes are in the green, shares of Canadian Pacific Railway Limited (USA) (NYSE:CP), Norfolk Southern Corp. (NYSE:NSC), Synergy Resources Corp (NYSEMKT:SYRG), Fitbit Inc (NYSE:FIT), and Clovis Oncology Inc (NASDAQ:CLVS) are on the move for various reasons. Let’s find out why and examine what the world’s greatest investors think of each stock.
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Canadian Pacific Railway Limited (USA) (NYSE:CP) shares have surged by almost 4% while Norfolk Southern Corp. (NYSE:NSC) shares have retreated by 2.5% on the news that Canadian Pacific has officially terminated its efforts to merge with Norfolk. Canadian Pacific had been pursuing a merger between the two for several quarters without success. Due to getting the cold shoulder from Norfolk Southern repeatedly, Canadian Pacific is ending its efforts today, with no further financial offers or overtures planned at this time. Canadian Pacific CEO Hunter Harrison said:
“We have long recognized that consolidation is necessary for the North American rail industry to meet the demands of a growing economy, but with no clear path to a friendly merger at this time, we will turn all of our focus and energy to serving our customers and creating long term value for CP shareholders.”
Bill Ackman‘s Pershing Square was the largest shareholder of Canadian Pacific Railway Limited (USA) (NYSE:CP) in our database at the end of 2015, with a holding of almost 14 million shares. 28 other funds that we track also owned shares of Canadian Pacific. Meanwhile, 32 elite funds owned $513.16 million of Norfolk Southern Corp. (NYSE:NSC)’s shares, which accounted for 2.00% of the railway holding company’s float on December 31.
Follow Norfolk Southern Corp (NYSE:NSC)
Follow Norfolk Southern Corp (NYSE:NSC)
In other news, Synergy Resources Corp (NYSEMKT:SYRG) shares are 7.6% in the red after the company announced its intention to sell 19.5 million of common stock in a secondary offering and grant the underwriters of said offering the option to purchase an additional 2.925 million shares. Synergy intends to use the net proceeds for general corporate purposes and for potential future acquisitions. Shares of the oil and gas company have rallied substantially since the middle of February on the back of rising crude prices. Ten hedge funds in our system owned 2.3% of Synergy Resources Corp (NYSEMKT:SYRG)’s shares at the end of the fourth quarter.
Follow Src Energy Inc. (NYSE:SRCI)
Follow Src Energy Inc. (NYSE:SRCI)
On the next page we examine why Fitbit Inc and Clovis Oncology Inc are making some noise among investors today.
