Wednesday’s action saw the S&P 500 edged up another 0.1% while Toronto was down 0.2% likely due to softer oil prices.
After the close, Linamar reported better-than expected results.
WSP Global also reported after the close and describe their earnings as strong.
Moments ago, Melcor Developments posted Q3 results. Due to a boost from U.S. lot sales and as well surprisingly strong lot sales in Canada this quarter I think it was a good quarter but I have yet to dig into the details. Typically Q4 is their biggest quarter for lot sales by far and they appear to be signalling strong lot sales in Calgary area. But there are certainly headwinds in terms of higher interest rates for both home buyers and for Melcor.
Canadian Tire will release Q3 earnings tomorrow morning. Q2 sales were somewhat weak and it’s certainly possible that Q3 could show some weakness. I’m particularly interested in what they are seeing in regard to credit card delinquencies.