CSX shares jump on report of Canadian Pacific buyout offer

CSX Corp. shares jumped in the extended session Tuesday following a report that the railroad operator had been approached by Canadian Pacific Railway Ltd. for a takeover offer. CSX shares surged 4.7% to $25.80 after hours. CSX rebuffed the offer but Canadian Pacific would consider trying again, according to Dow Jones Newswires. Separately, Pershing Square Capital Management, the hedge fund helmed by Bill Ackman, reported that it acquired a 9.1% stake in Canadian Pacific, according to a Securities and Exchange Commission filing late Tuesday.

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Guidewire Software shares jump after earnings beat

Guidewire Software Inc. shares jumped in the extended session Tuesday after the insurance-industry software provider topped Wall Street estimates for the quarter. Guidewire shares rose 8% to $54.55 after hours. The company reported adjusted fiscal second-quarter earnings of 24 cents a share on revenue of $102.1 million. Analysts surveyed by FactSet had forecast earnings of 15 cents a share on revenue of $96.7 million. For the fiscal third quarter, Guidewire expects adjusted earnings of 4 cents to 8 cents a share on revenue of $90.3 million to $94.3 million. Analysts estimate 6 cents a share on revenue of $91.2 million.

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API data show U.S. oil supplies jumped by 9.9 million barrels: sources

The American Petroleum Institute late Tuesday reported that crude supplies climbed by 9.9 million barrels for the week ended Feb. 26, according to sources who reviewed the report. The Energy Information Administration will release its own data Wednesday. Analysts polled by Platts forecast a climb of 2.5 million barrels. April crude traded at $33.83 a barrel in electronic trading, down from the contract’s settlement of $34.40 on the New York Mercantile Exchange.

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