On Tuesday, the S&P 500 was up 0.1% and Toronto was up 0.2%.
Oil bounced back to $42.85.
Bombardier wasted some money to host an investor day in New York City (the stock does not even trade in New York) and their attempts to reassure investors were enough to cause the stock to fall another 4.8%. The company said that 2016 revenues would fall and that the company was working on a five year turnaround plan.
Alimentation Couche-Tard released another good earnings report and the stock rose marginally.
My next update will be for Element Financial. The growth in its balance sheet has certainly been enormous. The company asks investors to focus on its view of adjusted earnings rather than GAAP earnings. That can be appropriate but I don’t agree with all their add backs. They seem proud to forecast that they won’t pay cash taxes for about the next 12 years.
AutoCanada closed at $27.40 but after the close announced a share sale at $25.50. This is annoying. However, if the money needed to be raised for acquisitions it is perhaps at least forgivable. This company pays a dividend and fundamentally that does not make a lot of sense. Why pay out money only to raise it back in while paying heavy fees to underwriters?