CSX Corporation Earnings Disappoint; Activists Push For Overhaul

Sometimes the Hunter stays the hunter.

On Wednesday, the Wall Street Journal broke the news that former Pershing Square Partner Paul Hilal was looking to recruit railroad veteran and Canadian Pacific CEO Hunter Harrison for a campaign to overhaul Florida-based CSX, just a few hours after the company had reported mildly disappointing earnings and Canadian Pacific Railroad announced Harrison’s long-expected departure date. Hilal, the Journal said, had raised $1 billion for a single investment – enough to buy a roughly 3% stake in CSX before Thursday’s rally on the back of the news.

CSX Corporation

Many readers will be familiar with the backstory, but for those who aren’t, Hilal was the...