September 20, 2016

On Tuesday, the S&P 500 was about unchanged while Toronto was up 0.2%.

Bombardier was down another 5.1%. This was reportedly due to fears of weak sales and weak deliveries of aircraft.

Element Financial was up 2.0% on news that its split into two separate companies had been approved by shareholders.

The Wells Fargo CEO faced questions from a U.S. Senate hearing today. Even as an owner of and supporter of Wells Fargo, I have to admit the CEO seemed evasive. But some of the questions were just lectures and the CEO was not even permitted to answer in a number of cases. The CEO may lose his job over this unauthorized account openings mess. Some analysts are wondering what Warren Buffett thinks of all this. This is a tough situation for Buffett. He tends to be very loyal and to follow a practice of criticise in private, praise in public. Also, it is not his habit to be available for comments. If he wants to say something publicly he will do so.

FedEx was out with a strong earnings report after the close.