Canadian Pacific Railway Ltd. rose the most in three months as Canada’s second-largest railroad said fourth-quarter profit more than quintupled and Chief Executive Officer Hunter Harrison vowed to stay on until 2016.
William Ackman had to wait only six weeks after winning a proxy fight at Canadian Pacific Railway Ltd. for his choice as chief executive officer to get the job. Achieving his profitability targets for the least efficient of North America’s major railroads may take several years.
Union Pacific Corp. rose to the highest since at least 1980 after the railroad’s second-quarter profit beat analysts’ estimates as crude oil shipments increased and coal volumes showed signs of stabilizing.
Canadian Pacific Railway Ltd. is planning track upgrades and expanding its board as activist investor William Ackman urges changes in management and operations after becoming the railroad’s largest shareholder.