The melt-up continues amid low volumes
New York and Toronto markets continued to melt up despite a quiet day of trading Tuesday. Energy was up 1.83% which helped propel the TSX, and financials rose 0.49% to raise the S&P.
Stocks in the spotlight include Canfor plunged nearly 18% after Jim Pattison gave up his big to privatize the lumber company after shareholders rejected his $16/share offer as too low. Boeing announced it will halt production of its troubled Boeing 737 Max, whose faulty software caused two deadly crashes. Surprisingly, the stock rallied after falling $6 after the opening bell and closed exactly flat.
That said, Boeing shares have slid nearly $50 in the past month and the aircraft producer is trading near its 52-week highs and well below its 50- and 200-day moving averages. The shutdown will continue to harm many suppliers and countless airlines who depend on the 737 and are demanding compensation from Boeing. In contrast, Bed, Bath & Beyond rallied after the new CEO overhauled his executive suite. On Tuesday, a total of six execs departed, and shareholders responded by bidding the stock up 11.24%.