Tuesday saw the S&P 500 rise another 0.7%. Toronto was up 0.5% to 21,087 as it pushed over the 21,000 level for the first time.
West Fraser Timber was down 3.4%. Possibly this was linked to lower home starts in the U.S.
After the close, CN Rail announced results that appear to be moderately better than expected. In New York the shares were up 3.8% in after-hours trading. But after-hours trading can sometimes be misleading and we shall see what the market reaction is in Canada tomorrow after the analysts have this evening to digest the results.
CN also announced that its CEO will retire. They allude that this was previously planned but it may also have been in reaction to activist share owner pressure.
I first started looking at CN over 20 years and it has always struck me as a very responsive company. It may be a small thing but they answer my (very occasional) emails promptly. They are one of the first Canadian companies to report earnings each quarter. There is a saying “The way you do anything is the way you do everything”. I believe this applies at CN. They do things fast and well. They have responded very quickly to the matter o f the recent activist share owner.