On Wednesday, the S&P 500 was down 0.3% and Toronto was down 0.5%.
Canadian Tire was up 4.2% ahead of its earnings report tomorrow (Thursday) morning.
Melcor was up 3.3% after posting reasonably good earnings. It remains very thinly traded with less than 6000 shares traded today even with the earnings release. Basically almost no one is paying attention to this company.
Boston Pizza Royalties rose another 1.0%. It is also very thinly traded with less than 12,000 shares traded today and also attracts very little attention. On their conference call yesterday only one analyst had any questions. It has a 7% cash yield and that distribution appears to be safe and is likely to grow modestly over time.
Element Financial was up 8.8% after reporting earnings. I will update the report on this company soon. It’s new strategy of focusing on the service aspects of fleet financing sounds logical as I never did understand how it would compete in a straight lending operation as other entities have lower costs of funds.
Toll Brothers has been bouncing around but was up 2.4% today.