Very possible, but maybe after a good earnings announcement. Good news will easily put CLF over $7, and thats when they make there move.
The problem with the current management is that they wanna cut cut cut no matter what the outcome will be. They are shutting down diesel facilities while engines are breaking down everywhere. Doubling up trains and only running some locals a few days a week. Looks good on paper, but the customers are not happy! A few years ago, all CSX wanted to know was "What can we do to better service the customer? " Since then, that has all gone out the window. Sooner or later these moves will all catch up with them, and I don't think it will be for the better.
Although it has been a good day, I doubt this will hold. There debt always brings them back down. Good day for taking profits!