April 29, 2016 11:30 am eastern

This morning, the S&P 500 is down 0.8% while Toronto is up 0.5%. Oil is at $46.39.

I bought a small amount of Constellation Software today.

Bombardier is down 4.4% to $1.95 as the market perhaps realises that the C Series plane sales required very heavy discounts such that Bombardier will lose money even before amortisation of development costs.

Canada’s GDP was down 0.1% in February versus January. This is in some view of constant dollars (before a measure of producer inflation) and is seasonally adjusted. The measurement error or accuracy would be larger than 0.1% and so I would not take much meaning from this.

Food services and drinking places sales were down slightly in February versus January but were up 5.6% year over year. In Alberta, sales were down 0.3% in February and 2.3% year over year. All of which I think indicates that Boston Pizza should continue toi do well. Perhaps a bit of a slower year including the impact of no Canadian teams in the hockey playoffs but overall Boston Pizza remains a good business.