Source: CSX. Yet even as investors speculated about the possible implications of a merger on the short-term value of their holdings, CSX's earnings the following afternoon gave the railroad's shareholders plenty of reasons not to want to give Canadian Pacific the chance to buy them out at what could prove to have been a bargain price. CEO Michael Ward said that CSX remains focused on "enhancing our ability to grow faster than the economy, price above inflation, make strategic investments and produce ever more efficient operations to continue delivering superior shareholder value."