On Wednesday, the S&P 500 was up another 0.8%. It touched 5000 (well 4999.9) for the first time ever. Toronto was up just 0.05%.
TFI International was up 3.5%. What a winning company this has been over the years.
Shopify was up 5.3%.
Canadian Tire was down 2.8% and has now given up most its strong gains from January.
I noticed the Melcor REIT was down 5.3% to $3.94. That seemed odd, given it has risen to $5.00 at the end of January. I then saw news that two of the REIT’s seven Board of Trustee members have left (resigned) with a departure date of March 5 (or possibly earlier if the REIT decides). Normally Trustees would leave by simply not standing for re-election at the Spring Annual meeting. Larry Pollock and Carolyn Graham are resigning as Trustees. Larry Pollock was a long-time President and CEO at Canadian Western Bank and Carolyn Graham was his long-time CFO and she remained CFO for quite a few years after Larry retired as CEO. This move likely suggests some major disagreement. It could be about cutting or not cutting the distribution. It could possibly have to due with asset sales that are happening or not happening. Or it could be a disagreement over some other major strategic move. These two are extremely qualified and were in a position to be financially independent. They were not relying on their director fees for their income. This is a disturbing development.