Markets were down noticeably on Tuesday with the S&P 500 down 1.6% and Toronto was down 1.15%.
The great majority of stocks were down on the day.
Markets were spooked partly by another regional bank First Republic looking like it could potentially be in even bigger trouble than thought. It’s management refused to answer questions from analysts yesterday after releasing earnings. That was probably a very dumb move.
CN Rail was down 4.0% despite reporting strong earnings.
Aecon Group reported earnings after the close that did not look very good. They continue to blame a lot of their problems on four “legacy” contracts. Basically trying to distance themselves from their own past mistakes. They did recently contract to sell off two chucks of their business but the the press release failed to indicate what the gain on those sales will be. I find it bizarre that a company would sell off a division and or major asset and not immediately indicate the gain or loss. Unfortunately this appears to be a poorly managed business and also a tough and risky sector. Hopefully the analysts and the market will have a better opinion than I do.
TFI International reported lower earnings. But this is an exceptionally well managed company.