Markets were strong on Wednesday with the S&P 500 up 0.7% and Toronto up 0.45%
Canadian Tire was up 1.9%.
Toll Brothers was up 3.2% and then after the close announced a relatively small acquisition of a builder of mostly more moderately priced homes. This was in South Carolina.
SNC Lavelin (mentioned several times but not on our list) was up 4.5%. CIBC has reestablished coverage and Jarislowsky Fraser has announced it has increased its position. It’s definitely a speculative pick.
Costco was down 2.2%.
CN Rail indicates that traffic in Q2 is about flat with last year. This is somewhat confirmed in the latest rail car loading reports. Canada in the latest week was equal to 2018 in volume. But for the U.S. volumes continue to be back to 2016 or 2017 levels in recent weeks. For CN, we might see a somewhat lower stock price ahead. I would welcome the opportunity to buy if it happens to pull back towards $100 certainly. But that may not happen as CN has also increased its freight rates which could offset the flattish volume in Q3. CN will likely tend to continue to do well over time.