Thursday was a down day for markets as the S&P 500 fell 0.8% and Toronto fell 0.7%.
Most of the stocks on our list declined. Notable decliners included Valeant Pharmaceuticals down 6.0% and Stantec down 11.0% on its earnings report (see my previous post)
Melcor was down 3.3% to $16.71.
AutoCanada was up 2.3%. It released earnings after the close that showed a modest decline in earnings per share versus the prior year. It was clear that the recession conditions in Alberta had a negative impact. However, overall, the company still made 56 cents per only modestly below last year’s 61 cents. Generally, to me this report looks like a good improvement over how things were looking in Q1. We shall see how the market reacts to this news.