CSX (CSX) Gains Ahead of Sohn Conference as Ackman Chatter Grows Louder

CSX Corp. (NYSE: CSX) is strong today as traders continue to speculate about a Bill Ackman stake. Mr. Ackman is scheduled to present at the Ira Sohn conference on Monday, May 4th at 5:20PM, where he could reveal the stake.

In a research report a few days back, UBS analyst Thomas Wadewitz highlighted that recent action in the stock suggests that Mr. Ackman has been accumulating a position. The analyst noted similar patterns observed with his stake in Canadian Pacific (NYSE: CP).

"... our best assessment is that the large trading volume and notable move up in CSX stock points to an investor who is quickly building a large position," Wadewitz said.

Notably, last October Canadian Pacific announced that exploratory conversations held with CSX about a possible business combination ended without a deal.

Ackman could be looking to push the two back into a deal.

Shares of CSX are up 3.4% today.

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