December 6, 2017

On Wednesday, the S&P 500 ended the day about unchanged while Toronto was down 0.1%.

Dollarama was down 2.1%, apparently due to lower-than-expected same-store sales figures and in spite of another large increase in earnings. Results compared to expectations often matter more than results compared to the prior year.

AutoCanada was down 2.5%.

TFI Industries was down 2.2%

CRH Medical was up 8.2% in Toronto. I have been watching for it to report any share buy backs under its Normal Course Issuer Bid announced on November 7th and which appeared to be allowed to commence on November 9 for certain purchases and November 20 for purchases under an automatic Plan portion of this issuer bid. I emailed the company to clarify whether the purchases had started November 9 and when they would be reported. They mentioned the November 20 data and indicated that part had to be reported ten days after the end of the month. So it seems we should know by Monday if they bought back any shares in November.

Canadian Western Bank will report earnings before the opening of trade tomorrow, Thursday. I expect a good report including probably some recovery on oil and gas loans previously written off. Their comments on outlook could be at least as important as the actual results as the market is always looking ahead. (Not so much, “What have you done for me lately”, as “What will you do for me tomorrow?”)