Market Insider

After-hours buzz: Norfolk Southern, Citrix & more

Canadian Pacific proposes merger with Norfolk Southern

Check out the companies making headlines after the bell Tuesday:

Shares of Norfolk Southern jumped after Canadian Pacific announced its merger offer letter. The deal proposes creating a transcontinental railroad "with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value," Canadian Pacific said, in a statement.

Citrix Systems fell after announcing the initial results of its operations review. The software company said that it expects to cut about 1,000 jobs as part of its "realignment of resources" plan.