May 2, 2018

On Wednesday, the S&P 500 was down 0.7% while Toronto was up 0.1%.

Melcor was up 3.45% but it is very thinly traded and can be volatile for that reason.

Alimentation Couche-Tard was down 2.2%.

In the FedEx update this week I noted that the income tax rate for its recent Q3 ended February 28 appeared to be around zero. I now realized tha the reason for this is that is that the company recognized that the tax rate it used in Q1 and Q2 will be reduced by te Trump tax cuts and it basically credited all of the lower taxes to Q3. That is what it had to do under GAAP rules. But it could have reported this more accurately in adjusted earnings by restating the adjusted earnings for Q1 and Q2.

Statistics Canada reported GDP figures for 2017 by province. “Real gross domestic product (GDP) by industry increased in every province in 2017 for the first time since 2011.” The growth in Alberta was very strong at 4.9%. If strong growth in Alberta continues, the Alberta stocks on our list will respond at some point.