Apparently they are taking the shares of Canadian Pacific Railway (CP.TO) down about 3% to-day because CP earlier warned that its earnings will be down in the first quarter as harsh winter weather hampered train operations and fuel recovery surcharges lagged. Sometimes “they” are simply the market or “they” could be guys like Gordon Gekko. They have been moving the markets for years and I still don’t know who in hell “they” are.
In the case of CP it appears that “they” (Gordon Gekko) knew something was up with to-day’s poor earnings surprise when back in mid February “they” began to sell CP and buy CNR. Take a look at our CNR vs. CP ratio chart where the price divergence is obvious. Not to worry – I am sure the OSC is all over this and protecting us little guys
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