On Tuesday, the S&P 500 was down 0.5% while Toronto was down 0.1%.
Canadian Western Bank was up 1.9%.
Couche-Tard was down 2.9%, giving back a portion of its recent partial recovery. There was news today that Irving Oil will acquire 13 and brand 23 sites currently operated as Ultramar gas stations. The news was a bit sketchy but likely involves the convenience stores remaining under the Circle K brand. In any case this is a minor transaction.
AutoCanada was down 1.7% after announcing that its V.P. of operations has “resigned” and been replaced by a new hire as “President” who was in charge of operations for a Winnipeg group of 22 dealerships. This is not good news since it likely suggests that operations in Q2 were weak in some way. Coming on the heels of a recent director resignation I think it also suggests that dissension among managers and probable finger pointing is occurring. The new President (but not CEO) will assume full responsibility over dealership operations, as well as associated functions including business intelligence, marketing and human resources. I rather wonder what the the Board and the CEO see as the role of the CEO if it is not to be personally in charge of operations and marketing.
Linamar was down 2.9% as fears of auto tariffs escalate.