On Thursday the S&P 500 was up 0.8% while the Toronto stock index was about unchanged.
Toll Brothers was up another 2.5%.
After the close, lululemon reported another strong quarter but apparently gave a cautious outlook for their all-important Christmas quarter. It’s interesting to see vastly different headline reactions to the same news. I saw: “Lululemon shows no real signs of slowing down” but another headline said: “Lululemon’s bleak holiday-quarter targets overshadow strong Q3 results”. The stock was down 2.6% after hours. We’ll see how the market reacts on Friday.
Canadian Western Bank announces its Q4 and fiscal 2023 earnings tomorrow morning. I’m hopeful for a good report but there could certainly be some negatives in terms of loan losses or possibly severance costs if they decide to cut back on staff. They were expected to show a higher net interest margin. Their commercial borrowers faced loans renewing at higher rates and this could slow the appetite for such commercial borrowing.
Statistics Canada released building permit data today.
For Canada residential building permit values for October were up 15.9% year-over-year although about flat compared to September. Non-residential permits were up 16.4% year-over-year and 5.3% higher than September.
I’m always interested in the Alberta residential permit figures given my shares and interest in Melcor Developments Ltd.
Alberta residential building permits were up a hefty 22.7% year-over-year for October and 14.8% higher than September. Alberta non-residential permits were up 28.7% year-over-year and 31.9% higher than September. While there can be volatility due to large multi-family and non-residential projects, this is impressive growth any way you look at it.
Price Edward Island’s building permits were up 147%! But that probably amounts to what? Three new houses and a barn (just kidding…sort of).
https://www150.statcan.gc.ca/n1/daily-quotidien/231207/t002a-eng.htm