September 27, 2015

Friday saw the S&P 500 about flat while Toronto was up 0.3%.

Individual stock movements which seem worthy of note include Canadian Western Bank up 3.4% and Bank of America up 2.2%.

I noticed that Melco issued a press release about a change to its stock transfer agent. This is of no real significance to investors. The reason it happened is that its form stock transfer agent Valiant Trust formerly owned by Canadian Western Bank was sold to a larger Torrent stock transfer company called Computershare Canada. The assumption in such sales is that the customers will stick with the business after it is sold. In this case Melcor apparently decided to instead switch to a different small Calgary based stock transfer agent company called CST Trust company. I don’t know the reasons for the switch but it could involve someone at Melcor management knowing someone at CST Trust or maybe a desire to deal with an Alberta provider if possible. To me it points out the potential falisy of the notion that customers of a company like Valiant Trust can effectively be sold to a different company and expected to be docile and stay on as customers with the new owners. As consumers we experience this as well when companies of which we are customers get bought. I applaud Melcor for not being docile in this case.

Tomorrow we will start another day and another week of investors frantically selling shares back and forth to each other. More importantly, on Thursday the third quarter will end and soon thereafter we will start to see the Q3 earnings reports roll in which will give some insight into how the various companies are doing in terms of profit growth or decline. The days ahead will also yield the usual economic reports. There is always future news to look forward to in the markets. And there is always past news to attempt to digest.