RE:RE:RE:RE:OversoldSo CPX missed by .10 cents. RBC estimated Q1 EPS of $1.68 and they came in at $1.58. Nice share price head fake yesterday taking this up over $36 and then they whack the shares this morning!
Fortunately I sold yesterday in the high $35s range only to watch it break through $36 almost immediately after I sold. Thought maybe I sold a bit too soon after it broke $36. Well, looks like I got lucky as I was able to buy this back much cheaper this morning. Part of this morning's drop is of course due to the divy payout but nontheless a pretty good beat down for a .10 cent miss.
So where does CPX go from here? Well, the trade volume would seem to suggest there's enough buyers willing to take on more shares at this price and the technicals are suggesting this thing is near a bottom but is it? As I mentioned in my earlier post, if it breaks $35 then technically $30 is likely its next stop and would likely then be the real bottom. BUT today's closing price will be the deciding factor. If CPX can get back above and close above the $35.35 level, then to me that will signal that the bottom is in. With the Fed speak on tap for later today and the market seemingly in a bit of a correction mode, it's hard to say for sure but by the end of day share price will be interesting and important to watch.
If the broader market correction continues, money is likely to move toward Utilities such as CPX and Boralex (BLX) so CPX may not be down and out just yet. I would have expected a little better bounce off its bottom this morning but hey the day is early.
My opinion only, please DYODD.
HB77