On Wednesday, markets rebounded somewhat with the S&P 500 up 0.6% although Toronto was about unchanged.
Shopify surged 5.2% to almost $491. That’s on top of a big gain yesterday. 5.2% is a LOT of money when you consider that Shopify has a market value of $57 billion dollars.
TFI International rebounded 2.7%.
Dollarama was down 8.9% apparently because it failed to beat expectations.
Royal Bank was down 2.1%. This was apparently due to reporting an increase in provisions for bad loans.
In general, the bank reports have been viewed as weak. However National Bank was strong.
Canadian Western Bank will report before the open on Thursday morning. It will probably need to beat expectations, otherwise its share price might drop along with most of the other banks. Canadian Western Bank has basically no “capital markets” division and has no international operations. Therefore it is not very similar to the large Canadian banks. Also, it caters mostly to commercial borrowers which again makes it different than the big banks which have a lot of personal loans. As one example, it has no credit card loans receivable.
After the close, Costco reported yet another good quarter. I am not sure though if it was quite as good as the market expected.