Canadian National Suspends Feasibility Study and 4 Stocks Riding 52-Week Highs
Canadian National Railway Company (NYSE:CNI): Closing price $98.59
The company has suspended its feasibility study for the construction of its proposed rail line and terminal handling facility to serve the Quebec/Labrador iron ore range, because a joint evaluation of the project, along with the mining firms indicates that mine construction schedules and arrays of needs for each specific individual project would render it difficult to gain the critical volumes of iron ore necessary to support the construction of new rail and terminal infrastructure by CN. Another factor linked to the far-lower-than-projected iron ore volumes that are now anticipated to be shipped in the foreseeable future, is the decision by some area miners not to join the group of mining firms supporting the CN infrastructure project. Shares closed up 0.62 percent on the day at $98.59, and have been traded in a 52-week range of $74.50 to $98.46.