I sold what amounted to 43% of my AutoCanada position today.
As mentioned in my previous post, the Q4 earnings were quite awful. I am surprised that the stock is only down 5.5% at the moment. Earlier today it was briefly down as much as 18%.
I had accumulated far too large a position in this company and it has become increasingly speculative. I was quite reluctant to sell at a loss and hoped the new management could turn things around. The problems in their U.S. operations (purchased less a year ago) continue to be revealed to even worse. They indicate that traction in their Canadian turn-around strategy will not be very much apparent until Q2 is reported. This is not an investment that should be allowed to be a material percentage of a portfolio. If I did not own any, I would not see any reason to be a buyer at this time. I will likely hang onto a good portion of what I have left but that may be out of stubbornness more than anything.