Canadian National Stock – Canadian National Drops, Nike Stumbles, and Stocks Keep Falling
Stocks were down even after news that lawmakers are considering a smaller corporate tax hike than that in President Joe Biden’s latest proposal.
Conversation between the White House and lawmakers involved a potential corporate tax increase of between 2 and 3 percentage points, lower than Biden’s proposed hike to 28% from 21%. A higher rate puts a larger dent in corporate earnings. Still, Monday’s selling in stocks carried over into Tuesday.
Here were some notable stock movers:
Canadian National Railway
(ticker: CNI) shares fell 6.2% after the company made a $30 billion bid for Kansas City Southern (KSU), which saw its shares rise 15%.
(UAL) shares fell 3% after the company posted a loss of $7.50 a share, missing estimates for a loss of $7.05 a share, on revenue of $3.2 billion, which was in line with expectations.
(XRX) shares fell 2% after the company posted mixed earnings results. The company posted earnings of 22 cents a share on revenue of $1.7 billion, against estimates for earnings of 29 cents a share and revenue of $1.6 billion.
Procter & Gamble
(PG) shares fell 0.5% even after the company posted earnings per share of $1.26 on revenue of $18.1 billion, beating estimates.
Corrections & Amplifications: A previous version of this article incorrectly stated that Canadian Pacific Railway made a $30 billion bid to buy Kansas City Southern. Canadian National Railway made that particular bid.
Write to Jacob Sonenshine at [email protected]