As we pass the halfway mark of the year, it is encouraging to know that the stock market typically performs better during the summer months, with July often cited as one of the strongest. Several compelling reasons contribute to this trend.
Earnings Season: July marks the beginning of earnings season, when many companies report their quarterly financial results. These reports provide valuable insights into corporate health and performance. Strong reports often drive stock prices higher. Coupled with historical trends, July stands out as a robust month for the stock market, making it an attractive time for investors looking to capitalize on seasonal patterns.
Mid year Review: July signals the start of the second half of the year, prompting companies and investors to reassess and adjust their strategies. This mid-year evaluation can lead to increased market activity and new investment opportunities.
Economic Data and Key interest rates: Recently released key economic indicators, such as employment and inflation data, have shown a slowing labour market and cooling inflation. This information offers insights into the current state of the economy and future outlook. This economic data is closely monitored not only by investors but also by the Bank of Canada (BoC) and the US Federal Reserve (Fed) as they decide on their key lending rates. The BoC has already lowered rates once, and some investors anticipate a further cut in July. The Fed might follow suit later in the year if economic data continues to show a slowdown.
Market Corrections and Portfolio Review: Unforeseen market corrections, which are natural price drops, can also occur during July, presenting potential buying opportunities for long-term investors. Regardless of the month, regularly reviewing and diversifying your portfolio is crucial to managing risk and seizing opportunities.
Putting all these factors together, July appears to be an opportune time to review your investments, balance risk, and take advantage of new opportunities. While historical trends suggest that July might be a favorable time for the stock market, it is important to remember that past performance does not guarantee future results. Good luck and happy investing!
Now that we have highlighted why July can be a great month for investing, let’s review the performance of the past week, which was shortened by the Canada Day and American Independence holidays.
Items that may only interest or educate me ….
Canadian Economic news, US Economic news, Getting started, What I learned I, What I learned II, ….
Canadian Economic news
This past week’s key economic data that the BoC considers when deciding whether to raise or lower the interest rate.
Labour Force Survey (LFS)
Statistics Canada’s June Labour Force Survey (LFS) revealed a relatively stagnant employment landscape, with the job market losing 1,400 positions in June, leaving the employment rate virtually unchanged from May. Over the past year, employment has grown by 1.7%, driven by a notable 4.3% increase in the public sector, while the private sector saw a modest 0.8% rise. Month-over-month, the ‘Agriculture’ sector experienced the most significant growth, up 5.5%, whereas ‘Utilities’ saw a decline of 2.0%. Annually, the ‘Natural Resources’ sector boasted the highest increase at 7.8%, while ‘Agriculture’ fell by 6.2%.
The unemployment rate climbed to 6.4%, surpassing both May’s 6.2% and analysts’ expectations of 6.3%, marking the highest rate since January 2022. Over the past year, unemployment has risen by 1.0% and has increased by 1.3% since reaching a record low of 4.9% two years ago.
In June, average hourly wages rose by 5.4% year-over-year, slightly up from May’s 5.1%. However, wage growth is expected to decelerate towards the end of the year.
Overall, the report was weaker than anticipated, with stagnant employment and rising unemployment. This latest labour data suggests a slowing economy, which may prompt the BoC to consider another rate cut. However, the BoC will likely want to see a deceleration in wage growth and will monitor it closely.
On a side note, a point of concern is the continued growth of the public sector compared to the private sector. A larger public sector often entails increased government spending, potentially leading to higher taxes or increased borrowing to fund public sector wages, benefits, and services. This can have significant implications for taxpayers and overall economic stability.
Canadian market volatility
Canada’s Volatility Index, the VIXC, monitored via the VIXI on the TSX, rose to 8.95 this past week from 8.15 the previous week. This increase likely stems from a labour report indicating a cooling labour market, which suggests a slowing economy, and heightens investor anxiety. The VIXC gauges expected market volatility; lower values indicate less uncertainty and a more confident investor sentiment.
US Economic news
This past week’s key data points that the Fed considers when deciding whether to raise or lower the interest rate.
Federal Open Market Committee (FOMC) minutes
The minutes from the June 11 – 12, 2024, FOMC meeting were released this past week, shedding light on the committee’s deliberations, and offering valuable insights into their current outlook and future plans.
Financial markets experienced some easing, thanks to rising equity prices. This shift in the financial landscape led to a slight reduction in expectations for a rate cut by the Fed, suggesting a more dovish stance might be on the horizon. Globally, both the BoC and the European Central Bank started cutting rates, each lowering their respective rates by 0.25%.
Economic growth continued at a solid pace, supported by robust job growth, although the unemployment rate edged up slightly. FOMC members agreed that demand and supply in labour continued to come into better balance. Inflation remained higher than desired but showed modest progress in recent months towards the Fed’s 2% target, and they anticipate inflation to be lower by the end of the year. They continue to maintain a cautiously optimistic economic outlook.
The FOMC decided to maintain the federal funds rate target range at 5.5%. They emphasized the importance of waiting for additional data to confirm that inflation is consistently moving towards their target before considering any rate cuts.
Looking ahead, the FOMC expressed readiness to adjust policy in response to evolving economic conditions. The committee is prepared to raise rates if inflation remains high or lower them if the economy weakens unexpectedly.
Overall, the FOMC acknowledged some progress on inflation but remains steadfast in achieving their 2% target. They are closely monitoring labour market conditions and economic activity to guide their next moves. With a strong focus on controlling inflation, the committee is likely to keep interest rates high until there’s clear evidence of sustained improvement. This commitment underscores their commitment to long-term economic stability.
Labour data
Three key reports provide a monthly snapshot of the US labour market: Job Openings and Labor Turnover Survey (JOLTS), ADP National Employment Report, and Employment Situation Summary (ESS). Analyzing these reports reveals trends in employment, wage growth, and potential future economic policy.
Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)
The Labor Department’s May JOLTS report showed a slight rebound in job openings after hitting a three-year low in April. There were 8.1 million job openings at the end of May, exceeding analysts’ expectations of 7.9 million and up from a downward revised 7.9 million in April. The job openings rate increased slightly to 4.9% in May from 4.8% in April. However, this is still a decrease of 1.2 million job openings compared to May 2023, when the number of openings was 9.3 million, or a rate of 5.6%.
The manufacturing sector, particularly ‘durable goods,’ saw the biggest monthly increase in job openings, rising by 1.1%. Conversely, the ‘real estate and rental and leasing’ sector experienced the largest drop, falling by 1.2%. On a yearly basis, ‘healthcare and social assistance’ saw the most significant growth, up 6.8%, while ‘wholesale trade’ and ‘retail trade’ had the smallest increase at 3.0%. For every unemployed individual, there were 1.22 job openings available in May.
This cooling labour market could pave the way for the Federal Reserve to lower interest rates later this year.
ADP Employment Report
The June ADP Employment Report revealed that private payrolls increased by 150,000, falling short of analysts’ expectations of 160,000 and slightly down from the revised 157,000 in May. The report also highlighted a slowdown in wage growth. Annual pay growth for employees remaining in the same job dipped to 4.9%, the lowest since August 2021. Pay growth for those who switched jobs also declined slightly to 7.7% from a revised 7.8% in May.
Bureau of Labor Statistics’ Employment Situation Summary (ESS).
The June 2024 ESS, released by the Bureau of Labor Statistics (BLS), indicated continued job growth but with some signs of a possible slowdown. Nonfarm payroll employment increased by 206,000 in June, exceeding analysts’ predictions, but down from the revised May figure of 218,000. The unemployment rate also edged slightly higher to 4.1%, exceeding expectations. While average hourly earnings rose as anticipated in June, year-over-year wage growth slowed to 3.9% compared to 4.1% in May.
This report presents a mixed picture. The strong job market is positive, but the decrease in new job creation, rising unemployment, and moderating wage growth suggest a potential economic slowdown. This report aligns with the Fed’s goal of lowering inflation to their 2% target without a significant downturn in the job market.
Conclusion
Despite the slight uptick in job openings, overall job creation is trending downward compared to last year. This trend is confirmed by both the ADP report’s slower job growth and the lower employment figures, coupled with rising unemployment, from the ESS. This data, along with the moderation in wage growth, could pave the way for the Fed to lower interest rates in the future. However, the Fed will closely monitor economic conditions before making any policy changes.
American market volatility
The CBOE Volatility Index (VIX), often referred to as the market’s “fear gauge,” showed a minor change this week, moving from 12.44 to 12.48. This slight increase likely reflects a slow market week due to the Independence Day holiday.
At 12.48, the VIX remains well below the 20 mark, which generally indicates higher market volatility. This low level suggests that investors are currently more confident about the future direction of the stock market and less concerned about imminent market fluctuations.
Getting started investing
If you are unsure how to get started investing, do not worry—most Canadian banks offer their own direct investing online services. Using your financial institution’s service is convenient and allows you to manage all your finances under one roof. While there are likely to be trading fees (check with a tax specialist to see if they are tax-deductible), the benefits include comprehensive tax documents, record keeping, access to research, instant currency transfers, and seamless transfers between your investment and bank accounts. Additionally, your bank can help you set up your direct trading account, link it to your designated bank account, and assist with your initial money transfer into the investment account.
If your financial institution charges a monthly fee and transaction fees, consider third-party investing platforms like Wealthsimple or TD Easy Trade. For more on fees, check out the May 31 post on “What about transaction fees?”
When applying for a direct trading account, request six sub-accounts to be set up if possible. You may not need all of them initially but having them ready can save you from paperwork later. Here is a breakdown of the sub-accounts you should consider:
- Cash Accounts: Ensure you have enough funds in your cash account to fully pay for any stock, ETF, or mutual fund before placing a buy order. You will need a Canadian dollar account for trades on Canadian exchanges and a US dollar account for trades on US exchanges or Canadian stocks that trade in US dollars.
- Tax-Free Savings Account (TFSA): Investment earnings in a TFSA are not taxed, and withdrawals are tax-free. However, there is an annual contribution limit and penalties for overcontribution. Additionally, if an investment loses money, there is no capital loss deduction (tax deduction). However, no one makes investments with the intention to lose money 😊. Like the cash account, you will need both a Canadian dollar and a US dollar TFSA for respective trades. Consult with a financial advisor or tax specialist to determine your contribution limits and how to maximize your TFSA.
- Registered Retirement Savings Plan (RRSP): This account allows you to save for retirement by deferring taxes until withdrawal. Ideally, you will not access these funds until retirement when you might be in a lower tax bracket. Early withdrawals are taxed, and there are annual contribution limits to consider. As with a TFSA, there is an annual contribution limit and penalties for overcontribution. Once again, you will want both a Canadian and US dollar RRSP accounts for trades in the respective currencies.
- Registered Retirement Income Fund (RRIF): Let me start by saying I haven’t reached this stage yet, so I don’t have firsthand experience with RRIFs. You should consult with a financial advisor or tax specialist to ensure you’re making the best decisions for your specific situation.
By the end of the year you turn 71, you’ll need to convert your RRSP into a RRIF. Once it’s converted, you’ll begin making mandatory withdrawals the following year, which are considered taxable income. The advantage of a RRIF is that your investments can remain in the account, continuing to grow while providing a steady stream of income during retirement. However, unlike an RRSP, you can no longer contribute to a RRIF, and you’re required to withdraw a minimum amount annually, as determined by the Canada Revenue Agency (CRA).
It’s also important to remember that if you have both Canadian and American RRSP accounts, they should be converted into matching Canadian and American RRIF accounts to keep everything aligned as you transition into retirement.
Note: You can have either an RRSP or an RRIF, but not both simultaneously. Be sure to consult with a financial advisor or tax specialist.
With these accounts, you should end up with the following six sub-accounts within your direct trading account:
- Canadian Cash account
- US Cash account
- Canadian TFSA account
- US TFSA account
- Canadian RSP/RIF account
- US RSP/RIF account
Now that your accounts are set up, you are ready to start buying and selling shares. Your first trade will likely be in one of your cash accounts, but if you have room in your TFSA, consider transferring funds into your TFSA to make your first trade. Keep in mind that trades in cash accounts can trigger taxes, while trades within a TFSA are tax-free.
For example, if you buy 100 shares of ABC company at $10/share, investing $1,000, and the shares rise to $100/share in two years, your investment will be worth $10,000. Selling in a cash account would result in capital gains taxes on your $9,000 profit. However, if the trades were made within a TFSA, there would be no taxes on the gain.
This is why consulting a Certified Financial Planner (CFP), or your tax advisor is essential to determine the best strategy for your situation.
What I learned I
I did not know that Hudson’s Bay Company (HBC), a Canadian retail business group is the oldest continually operating company in North America. It started as a fur trading business and played a significant role in the early history of Canada. Over the centuries, it has evolved into the modern retail and investment company it is today. HBC itself is a holding company. This means it does not directly sell products to consumers, but rather owns and manages investments in other businesses, primarily in the retail industry.
Among its holdings are:
- Hudson’s Bay: The namesake department store chain, primarily operating in Canada.
- Saks Fifth Avenue: A luxury department store chain in the United States.
- Saks OFF 5TH: A chain of off-price retail stores selling designer brands at discounted prices, also in the United States.
What I learned II
While researching a company that came across my radar, Energy Transfer LP (NYSE: ET), I was intrigued by their high yield and focus on energy infrastructure. However, I was not familiar with their business structure – a Master Limited Partnership (MLP) – so I decided to look deeper into this investment structure.
The key features include:
- Structure: MLPs have two types of partners: general partners (GPs), who manage the business, and limited partners (LPs), who provide capital and receive periodic distributions.
- Taxation: MLPs are a US tax designation for pass-through entities, meaning they do not pay corporate income tax. Instead, income is passed directly to the partners, who report it on their personal tax returns, often resulting in tax deferral and lower overall tax rates.
- Distributions: MLPs typically pay substantial distributions to investors, making them attractive for income-seeking investors.
- Trading: MLP units are traded on major stock exchanges, providing liquidity and ease of access for investors.
The main benefits of a MLP over a corporation are:
- Tax Efficiency: Avoids double taxation, enhancing returns for investors.
- High Distributions: Often provide steady and significant cash distributions.
While this sounds straightforward, there are some consideration to be aware of, such as MLPs are heavily concentrated in the energy sector, which can lead to exposure to commodity price volatility and regulatory changes. However, my bigger concern is taxes. For American investors, I believe there is an additional tax form to fill out, a Schedule K-1 form, which can be more complicated than the typical 1099 form used for stock dividends. However, for Canadians it get even more complex. MLP distributions are generally subject to US withholding tax for Canadians holding them in a taxable account (including non-registered accounts and some registered accounts like TFSAs). This means a portion of the distribution (usually 30% or more) is withheld automatically by the US Internal Revenue Service (IRS).
Given the intricacies of MLP taxation for Canadians, consulting a tax professional familiar with cross-border investments is highly recommended. They can help you understand the specific tax implications for your situation and determine if MLPs are a suitable investment for you. I know nothing about US taxes and tax laws so consult with a financial planner or a tax expert.
If you are an income-focused investor, MLPs may be an attractive investment vehicle for their high yields and tax-efficient income, especially in the energy infrastructure sector. For Canadians, investing in Energy Transfer LP (ET) requires careful consideration due to the tax implications. It might be better to stick to Canadian Income Trusts which offer similar income-generating potential with potentially simpler tax implications. Other US dividend stocks could also provide a better mix of yield and tax efficiency.
Weekly Market Review
Monday: in a week shortened by national holidays, the second half of the year got off to a good start with the S&P 500 Index (S&P), the Dow Jones Industrial Average (DJIA), and the Nasdaq Composite Index (Nasdaq) all ending higher.
In Canada, the Canadian exchanges were closed for Canada Day.
In the US, a good day for the mega cap technology companies propelled the technology heavy Nasdaq to its 21st record close of 2024. In economic news, manufacturing activity slowed in June, reaching a four-month low, causing investors to gain hope for a September rate cut. In trading, Technology was the big winner, while Industrials slipped the most.
Tuesday: all four indexes ended in the green today after Fed Chair Jerome Powell said he was encouraged by recent data showing inflation was once again cooling. Oil prices rose to their highest price in two months on concerns of supply issues caused by Middle East tensions and forecasts for higher demand throughout the summer.
In Canada, the Toronto Stock Exchange Composite Index (TSX) started off the second half on the right note thanks to higher energy prices. In trading, Consumer Staples increased the most, while Telecommunications Services fell the farthest.
In the US, a rally in heavyweight technology stocks propelled the S&P to a new closing record, surpassing 5,500 for the first time. Meanwhile, the Nasdaq also set its 22nd record close this year when it ended above 18,000 for the first time. In trading, Consumer Cyclicals gained the most, while Healthcare and Telecommunications Services were the only sectors to end in the red.
Wednesday: it was generally a positive day in the markets, as the DJIA was the only index to end lower. Oil prices gained after news that US supplies of crude oil were lower than expected.
In Canada, the TSX rose to a four-week high on rising commodity and oil prices, as well as favourable economic news out of the US. It was a good day for the Canadian sectors, with all of them finishing in the green. Leading the charge was the Basic Materials sector while Consumer Cyclicals brought up the rear.
In the US, the markets closed early as Americans prepare for the Fourth of July holiday. However, that did not stop the S&P and Nasdaq from setting new record high closes after economic data indicated a slowing economy and softening labour market, raising investor expectations for a September rate cut. It was a day of broad based gained in the US sectors, led by Basic Materials. Healthcare and Telecommunications Services were the only sectors to end lower.
Thursday: it was slow day in the North American markets as the American exchanges were closed for the US Independence Day holiday. However, that did not stop the TSX from nearing a five-week high as energy and commodity prices continued their ascent. Oil prices hit their highest point since April. In trading, it was another day of broad-based gains, led by the Communications Services sector. Financials was the only sector to lose ground.
Friday: the markets were largely positive, with the TSX the only index to end lower. Oil prices dropped on news of progress in Middle East ceasefire talks.
In Canada, the TSX declined due to falling oil prices and concerns that persistent weak labour data could indicate an approaching recession. In trading, it was a day of broad-based losses on Bay Street. The Basic Materials sector was the only one to end in the green, while Energy had the largest decline.
In the US, June job data, indicating a cooling job market, has heightened investors’ expectations that the Fed could lower rates, potentially as early as September. Both the S&P and Nasdaq once again set record highs, powered by a rally in the mega cap technology companies. In trading on Wall Street, the Telecommunications Services sector posted the biggest gain, while Energy had the biggest drop.
Weekly Market and Portfolio Review
For the week, the TSX (SPTSX) advanced 0.8%, the S&P 500 (SPX) gained 2.0%, the DJIA (INDU) rose 0.7% and the Nasdaq (CCMP) surged 3.5%.
| Index | Weekly Streak |
| TSX: | 2 – week winning streak |
| S&P: | 1 – week winning streak |
| DJIA: | 1 – week winning streak |
| Nasdaq: | 5 – week winning streak |
The second half of the year started strong, with all four major indexes closing the week higher despite the holiday interruptions. In Canada, the TSX was closed on Monday for Canada Day but showed robust performance throughout the week, buoyed by rising oil and commodity prices. However, momentum slowed on Friday as oil prices dipped, and a weak labour report showing net job losses spooked investors, raising recession fears, and causing the TSX to surrender some of its earlier gains.
In the US, the Independence Day holiday was framed by record highs for the S&P and Nasdaq. Before the holiday, the S&P broke the 5,500 mark for the first time, and the Nasdaq smashed through the 18,000 mark. Interestingly, Nvidia (NASD: NVDA), a significant market driver this year, did not play a major role this past week.
Economic news indicating a slowing American economy helped drive US markets higher. Lower manufacturing output and easing labour market conditions suggested the economy is cooling just enough to avoid a recession while also helping to lower inflation. This news bolstered investor confidence that the Fed might cut interest rates sooner rather than later. The resulting investor optimism drove all three indexes higher to end the week on a high note with upward momentum, with the S&P and Nasdaq setting new closing highs.
Any time all four indexes post a weekly gain, is a good week. Hopefully the second half, the third quarter, and July, will see plenty of ‘good’ weeks. 😊
| Portfolio | Weekly Streak |
| Portfolio 1: | 1 – week winning streak |
| Portfolio 2: | 2 – week winning streak |
| Portfolio 3: | 2 – week winning streak |
It was great to see all of the portfolios register a weekly gain, as shown in the chart below. With all four indexes ending the shortened week in the green, I would have been surprised if any of the portfolios declined in value.
Portfolio 1 usually boasts the biggest weekly gain, but this past week it had the smallest increase. Still, it was encouraging to see Portfolio 1 back in the win column, even if its stocks were evenly split between gains and losses. Notably, there were no gains or losses exceeding 10%.
Portfolio 2 had an unusual week. It had a strong performance despite only about 40% of the companies posting weekly gains. The standout dollar gains by companies like Microsoft (NASD: MSFT), which reached a record high, and MongoDB (NASD: MDB), more than offset a 10% loss for Hammond Power Solutions (TSE: HPS.A).
Portfolio 3 was the best performer for the week. Unlike Portfolio 2, which relied on a few standout performers, Portfolio 3 saw two-thirds of its companies register weekly gains, including Microsoft’s impressive record high.
Overall, the past week was a positive one for all three portfolios. While Portfolio 1 did not lead the charge as usual, it still increased in value. Portfolio 2’s standout performance, driven by significant gains from key players, and Portfolio 3’s broad-based strength both highlighted the benefits of diversification. It will be interesting to see if this momentum can be maintained in the coming weeks. Any time all three portfolios post a weekly gain, is a better week. 😊
Companies on the Radar
This past week a new company appeared on my radar – Energy Transfer LP. They are an American energy company that has grown from a small intrastate natural gas pipeline operator to become one of the largest and most diversified investment grade master limited partnerships in the US.
The radar list now comprises Energy Transfer LP, plus the three companies listed below.
- Equitable Bank (TSE: EQB), a mid sized Canadian bank, considered Canada’s 7th bank, that provides financial services to consumers and businesses.
- Vertiv Holdings (NYSE: VRT), an American company that designs and builds infrastructure and continuity solutions to businesses around the world.
- Lumine Group (TSE: LMN), a young Canadian mid sized company that acquires communications and media software companies, and then strengthens and grows those companies.
Please keep in mind that these are only companies that have piqued my interest. This is not a recommendation or financial advice. You should do your own research or contact a professional before making any investment decisions.
The Radar Check was last updated July 5, 2024.
Portfolio Update
Portfolio 1
Portfolio 1 for the week ended July 5, 2024: UP 
- Amazon.com (NASD: AMZN) hired the Chief Executive Officer and co-founder of artificial intelligence (AI) startup Adept AI, along with a number of employees from Adept to boost its AI capabilities. Adept plans to remain independent and will license some of its technology to Amazon.
In other Amazon news, the company will take a minority stake in Saks Global, the new name of Sak’s Fifth Avenue and Nieman Marcus, recently acquired by Saks’ parent company, Hudson’s Bay Company, is a Canadian retail business group that acts as a holding company. Amazon will supply technology and logistical expertise to Saks Global. - In April, Walmart (NYSE: WMT) closed all 51 of their medical clinics, and their virtual healthcare operations. They are now ‘shopping’ 😊 the clinics to recoup a portion of their investment.
- General Motors (NYSE: GM) has been fined US$ 145.8 million and will forfeit credits worth millions of dollars after the US Environmental Protection Agency determined GM vehicles built during 2012 – 2018 emitted more than 10% higher carbon dioxide than GM originally reported.
Activity
No significant activity to report this week.
Dividends
Dividends Received this week for the following companies:
No dividends this past week.
Quarterly Reports
No quarterly reports this past week.
Portfolio 2
Portfolio 2 for the week ended July 5, 2024: UP
- Microsoft has agreed to pay a US$ 14 million fine to settle a claim the company unfairly penalized workers in California who took medical or family leave.
Activity
No significant activity to report this week.
Dividends
Dividends Received this week for the following companies:
Canadian $
Canadian Natural Resources Ltd (TSE: CNQ)
Brookfield Renewable Partners LP (TSE: BEP.UN)
US $
No US$ dividends this past week.
Quarterly Reports
No quarterly reports this past week.
Portfolio 3
Portfolio 3 for the week ended July 5, 2024: UP
- Alvopetro Energy (TSE.V: ALV) reported 3.9% increase in its month-over-month sales of natural gas.
- GDI Integrated Facility Services (TSE: GDI) received a C$ 100 million investment from the Canada Infrastructure Bank to support extensive energy retrofits for aging buildings across Canada. GDI’s subsidiaries will provide complete design and implementation services.
- goeasy (TSE: GSY) announced a leadership transition plan that includes current President and Chief Executive Officer Jason Mullins exiting those positions at the end of this year but remaining on the Board of Directors.
Activity
No significant activity to report this week.
Dividends
Dividends Received this week for the following companies:
Canadian $
Brookfield Renewable Partners LP (TSE: BEP.UN)
US $
No US$ dividends this past week.
Quarterly Reports
No quarterly reports this past week.