Classic line from "Angels in the Outfield" ... "It could happen ..."

Anyway, the low dividend at CP coupled with high EPS tells me they're stockpiling cash. Other analyses of their fundamentals show that their overall business is considerably weaker than the other Class 1s. Unless they plan to go into the banking business, or rebuild the railroad (but their capital spending hasn't been extraordinary, either), that money has to go somewhere. With a vulture capitalist or two in charge, it will have to go into buying growth rather than generating it from their core business. Lots of conglomerates got spread too thinly that way and had to sell off large chunks of the business (voluntarily, to pump prices a bit more before dumping, or involuntarily through bankruptcy) when (not if, with very rare exceptions) things went bad.

Then there's GWR, which has never paid a dividend. Not sure if that's because they're stockpiling cash to make more buys, or because the business isn't generating enough spare cash to make a dividend feasible. Their fundamentals sort of lean toward the latter.

And what's with PWX? They're the only RR (and one of only a few stocks, period) whose price hasn't dropped like a stone since mid-December.