CSX Soars After Rejecting Canadian Pacific Railway's Merger Offer

Shares of CSX Corporation skyrocketed, hitting a 52-week intraday high on Monday making it TheStreet's Move of the Day. The company was approached by Canadian Pacific Railway about a merger that would combine two of the largest railroad operators in North America. The companies would have a market value of about $62 billion dollars combined. The Florida-based CSX turned down the offer, but it is possible that Canadian Pacific will make another offer to keep the talks alive. The move comes one day before CSX reports its third quarter earnings. Canadian Pacific Railway is hoping to leverage both companies’ rail networks.