On Monday, U.S markets took a breather with the S&P 500 down 0.35% while Toronto was up 0.2%.
Toll Brothers was up 2.8%. Amazon was up 2.5%.
After the close, AutoCanada reported strong results.
RioCan also reported strong results.
Melcor Developments reported Q3 results. At first glance the results may seem disappointing as the lot sales and funds from operations are down versusQ3 2020. But the results for the first 9 months of 2021 are well ahead of 2020. Melcor is quite active in developing lots and some new buildings. Part of the reason for modest lot sales in Q3 is likely the fact that they developed few lots last year and so the ready-to-sell inventory was low. They indicate that they are working on deals to sell all of their U.S. assets. Some of these are lots they developed, some is land that they took through most of the regulatory steps to turn into lots but which are not yet physically developed. It seems likely that there would be good gains on these sales. Overall, Melcor should be in a position to report a strong Q4. Hopefully a very strong Q4. Melcor tends not to provide much at all in the way of outlook.
Melcor also announced that the controlling family member Tim Melton will become CEO as the current CEO is leaving. This is probably just as well since it appears that he was making most of the major decisions in any case. Overall, it seems unlikely that the market will get excited by the news here and the stock continues to trade at less than half of book value.