Chart of the Day - Canadian Pacific Railway (CP)

The "Chart of the Day" is Canadian Pacific Railway (CP), which showed up on Thursday's Barchart "All-Time High" list. Canadian Pacific posted an all-time Thursday at $100.85 and closed up +2.76%. TrendSpotter has been long since Oct 5 at $88.88. In recent news on the stock, Canadian Pacific announced on Wednesday that it will eliminate 4,500 positions, or about 23 percent of its workforce, by 2016. Canadian Pacific said the reductions will be achieved through job cuts, attrition and fewer contractors as part of its restructuring plan. Citi Investment Research analyst Christian Wetherbee rated Canadian Pacific a "buy" and said that investors should be upbeat that the company's plan is being driven by the job eliminations and other actions, such as the closing of some train yards. Canadian Pacific Railway, with a market cap of $16.2 billion, is North America's first transcontinental railway, Canada's second-biggest railway and is the only transcontinental carrier with direct service to the U.S. Eastern Seaboard.