On Tuesday, the S&P 500 was about unchanged while Toronto was down 0.3%
Bombardier ended the day up 6.1% but that was before a very negative (albeit preliminary) ruling came out in which the C Series jets could face a 220% duty in the U.S.
The Bombardier preferred shares on our list were down 4.4%, and again that was before the negative trade ruling.
It’s hard to keep up with the absurdities at Bombardier. The company must be one of the very worst managed large companies in the world. When it contracted to sell C Series planes to Delta and to Air Canada in 2016, the price was so low that it actually took a “onerous contract” loss in booking the sale. (So Boeing’s charges about dumping are not exactly without merit) Now we have the absurdity of a 220% duty. Will the USA protect Boeing from competing with this Canadian company that apparently is willing to sell jets far below cost? That protects Boeing, but what about the harm to U.S. airlines and their passengers?
CRH Medical was down another 5.3% on Toronto.