October 14, 2019

On Monday, the Toronto stock exchange was closed for the holiday while the S&P 500 was down 0.1%.

In U.S. trading, Shopify was up a hefty 4.6%.

In Edmonton, it was announced that Toyota will move its west-end Mayfield dealership into West Edmonton Mall. This will be a very large investment by Toyota and West Edmonton Mall. Toyota certainly continues to have faith that auto dealerships are attractive and profitable businesses. Toyota seems to have big bright relatively new dealerships everyplace I go in Canada. These dealerships are owned by private dealers, not by Toyota. So thisĀ  shows strong faith in the business and hopefully that can bode well for AutoCanada’s dealerships as well. Looking up some history, the current owners of Mayfield Toyota bought it when it was failing in 1998 and completely turned it around. Hopefully we can see a big turn around at AutoCanada. New management is trying hard to correct the mistakes of the prior management.

Three large banks report Q3 earnings tomorrow (Tuesday) and that will be a big focus for the markets.

 

 

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