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Norfolk Southern, Canadian Pacific shares jump amid deal report

A Norfolk Southern engine sits at the Norfolk Southern Bellevue Terminal in Bellevue, Ohio.
Justin Solomon | CNBC
A Norfolk Southern engine sits at the Norfolk Southern Bellevue Terminal in Bellevue, Ohio.

Shares of Norfolk Southern spiked Monday after a report that the company was being eyed by Canadian Pacific.

According to a Bloomberg report, railway company Canadian Pacific is exploring a possible takeover bid of the U.S. transportation company.

Shares of Norfolk Southern surged more than 12 percent after being temporarily halted. Shares of Canadian Pacific were up over 6 percent.

Other rail stocks were up as well on the news including CSX and Union Pacific Railroad.

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Correction: An earlier version gave the wrong first name for Union Pacific Railroad.