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Canaccord cuts 60 jobs, books loss
Canaccord cuts 60 jobs, books loss
(DEBORAH BAIC/THE GLOBE AND MAIL)

Canaccord’s investment banking fees surge, shares drop

Despite a solid quarter, Canaccord Genuity Group Inc.’s stock plunged early Wednesday morning, creating all sorts of confusion. Blame it on overzealous investors.

Before the independent investment dealer reported its first quarter results, some investors had high hopes for either a special dividend or stellar earnings that would blow away expectations. Because markets have been hot and deal flow is much more robust, investors knew there would be more money in Canaccord’s coffers and they hoped some of it would be shelled out to them.