Canadian National stock gains 3% on share buyback announcement

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Canadian National Railway (CNI.US) stock jumped more than 3.0% during today's session after the railway company announced plans to cut spending, streamline management and buy back $4 billion of stock next year. Canadian National will lead an industry shift to become more customer-oriented just as it pioneered an efficiency strategy that most peers have since adopted, Chief Executive Officer Jean-Jacques Ruest said on a conference call with analysts. Company also reaffirmed its 2021 targets of a double-digit increase in adjusted earnings per share and free cash flow. It seems that these actions are intended to appease investors who criticized the company for its failed bid to buy Kansas City Southern.
Canadian National Railway (CNI.US) stock price experienced a bigger downward correction recently. However looking at the H4 interval, one can see that buyers managed to halt decline at the upward trendline. Today stock price broke above the 50 SMA (green line) and is testing local resistance at $119.50 which coincides with 38.2% Fibonacci retracement of the last upward wave. Should a break higher occur, then the upward move may be extended to the $122.90 handle or even all-time high at $128.49. On the other hand, if sellers will manage to regain control, then nearest support lies at $116.40. Source: xStation5

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Canadian National stock gains 3% on share buyback announcement

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