TD and Nordstrom enjoy a quiet Thursday
The TSX closed Thursday flat again with utilities and banks enjoying healthy gains. Green energy producer, Northland Power, rose 1.23% to new high near $28. Similarly, Royal Bank, jumped to a new high of $109.16, and TD came close to its own, closing at $77.16. TD has a stake of 42% in TD Ameritrade, which shot up nearly 17% after it was reported that Charles Schwab was in talks to acquire the trading platform. TD Ameritrade has been choppy lately as it faces competition from no-fee trading apps. Schwab was up 7.33%.
The TSX slightly outperformed the American indices which faded slightly on Thursday. However, the retail earnings parade continued after-hours when Nordstrom released its latest earnings. The retail chain soundly beat the street’s earnings-per-share forecast and raised its end-2019 forecast, predicting continued robust sales and few side-effects from the tariffs in the US-China trade war.
Nordstrom’s optimism is in sharp contrast to guidance downgrades from peers Macy’s and Kohl’s, whose stocks have been hammered this week by disappointing earnings reports. Nordstrom shares popped 10% in after-hours trading. Compare that to Williams-Sonoma which also reported after-hours, but issued disappointing sales trends. The stock was down 4% after-hours.