August 24, 2016

Wednesday was a mostly negative day in the markets. The S&P 500 fell 0.5% and Toronto fell 0.9%.

The only stock on our list with a notable gain was Alimentation Couche-Tard, up 2.5%.

Toll Brothers was down 2.8% giving back some of the big gains it made yesterday. A possible contributor to this was a report that existing home sales in the U.S. were down 3.2%. I continue to view Toll Brothers as being under-valued.

Canadian Western Bank was up 0.9% which was possibly related to the news that Royal Bank was able make a lower loan loss provision this quarter due to the oil and energy related loans not being as bad as earlier feared. That is good but CWB has its own mix of customers. Those considering adding to CWB should probably wait and see how their earnings and loan losses look when they report next week.

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