On Wednesday the S&P 500 was down 0.5% and Toronto was up 0.1%. Apparently the FED is less optimistic about U.S. growth. I did not note anything too exciting in the news regarding the stock picks listed on this site. Visa was reported to have suffered an earnings decline of 28% but that was not really true in substance because it was due to last years quarter having a special gain on income taxes and this year having a normal level of income tax.
It seems likely that there will some negative economic reports in the next month due to the slow-down caused by the U.S. government “shut-down” and borrowing limit debacle.
Target is reporting slow sales in Canada. I have said before that their purchase of the Zellers leases for $1.8 billion seemed to set them up as high-cost operators.
Sears is selling the rights to five big store leases for $400 million. Good for them. This seems a smart move. If they can’t make much money at stores like Eaton Center in Toronto, why not grab that kind of cash?