STOCKCHASE

Thinks Wells Fargo (WFC-N) is a better proxy to this bank as easy as the mortgage book is all right. Thinks Bank of America does have more legs.

2012-01-18

DON'T BUY

6.610

He won't touch any US financial until they start raising the dividend. A company that raises the dividend is giving the best insider signal on events going forward.

2012-01-16

SELL

6.870

Sold into tax year-end and bought again. Fundamentals have not changed that much. Sold it a few months ago around this level. Sold because there are so many forces working against it.

2012-01-11

BUY

5.285

John Zechner

Trying to raise a lot of capital this morning and are selling a lot of assets. Trading at less than 50% of Book Value. If you are a long term value holder and the way you look at financials, you would be attracted to it but there is always the risk in financials right now. He would be willing to take a risk and have a run at this one. You're not paying a lot. Expects a sharp recovery in financials some time over the next year with a 50% plus move.

2011-12-28

PAST TOP PICK

5.230

Richard Croft

(A Top Pick Oct 1/10. Down 61.1%.)

2011-12-21

Comment

5.230

Sold his holdings a few months ago but is still a believer that over the long term, this bank has to do well if the US economy does well. Treasury is flattening the yield curve, making it difficult for the US banks to make money. There are a lot of risks in the banks but long-term they could do well.

2011-12-14

SPECULATIVE BUY

5.780

Regulators could step in. But he thinks BAC has been doing very well. He will either hit a grand slam or nothing. If company recovers the dividend should shoot up. Doesn’t think they will go bankrupt.

2011-12-06

DON'T BUY

5.140

Stan Wong

Would be very cautious with financials. With this one, you're looking at what the counter party risks out of Europe are, mortgage and real estate risks.

2011-11-24

DON'T BUY

5.490

He will not be buying any US banks until they start raising their dividends. The dividend is the best signal that a company can give shareholders. Risk is way too high.

2011-11-21

TOP PICK

6.910

There is an incredible risk here. Possibility of a chapter 11 filing or government regulators deciding to break up the company. Lost about $9 billion in the last quarter. 5 of 6 divisions are making money. Sells for about half book. Has about $700 billion in cash and cash equivalents. Good CEO

2011-11-03

WEAK BUY

6.720

This is not a short-term hold. Housing, domestic and world economy are a problem. Interest margins are being brought down. There are some headwinds, but long-term, the banks are trading at cheap values.

2011-10-24

DON'T BUY

6.400

Stan Wong

Is cheap, but stock price is telling you it is not that cheap and could get cheaper. With unknowns in Europe and US housing market. This is probably a stock he would avoid.

2011-10-19

BUY

6.640

Colin Stewart

This is not for those that can't stomach volatility. Long-term, its franchise has great importance. A significant bank in the US and doesn't feel the government will let it go under. Would approach this one with caution.

2011-10-18

DON'T BUY

6.580

Christine Poole

Not interested in US financials or banks. It would be a gamble or a trade. You won't get Warren Buffet’s terms. Lot of debt on the balance sheet. Not written off all that they need to. No dividend any time soon.

2011-10-12

DON'T BUY

5.900

Don Vialoux

Chart shows a long downward trend with no signs of bottoming. There is no indication that it wants to stop. Seasonally, you normally look at US banks in January for move to March.

2011-10-07

BUY

6.280

People don't understand so this gets thrown in with everything else and people are concentrating on their mortgage business. In the last quarter, they made $.33 without the write-off and $.74 before that. Have actually grown really well outside of their mortgage business. Cheap.

2011-10-06

TOP PICK

5.760

When Warren Buffett bought in, the risk element went down. 5 of the 6 divisions are making money but the sub prime one is killing them. Lost about $9 billion in the last quarter with about $8 billion for settling a lawsuit. Targeting it at $38 but you have to realize the possibility of a chapter 11.

2011-10-04

SPECULATIVE BUY

6.310

His most hated bank in the world. It could go to zero; but the government would not allow it. Worst acquisition in the world. Warren Buffet got terms that regular shareholders can’t get. You may get lucky. If you put up with the extreme risk you might make money.

2011-09-23

DON'T BUY

6.900

Lorne Steinberg

Warren Buffet loaned them money and if the stock bounced up it is a bonus for him. Messed up with Merrill Lynch acquisition for them and it cost them market share. There are better situations to buy. Why take the risk.

2011-09-20

DON'T BUY

6.980

Gavin Graham

Some major US investors have invested heavily and are saying this bank is OK. Too big to fail. Question is, what dilution will a minority shareholder get if they need to inject more capital. You are better off with a Canadian bank.

2011-09-09

BUY

8.170

Views it as an investment rather than a trade. Cheap valuation. $12.50 book vs. $8 price. They learned from 2008. Say they are well capitalized. Gave market confidence that they would act with Warren Buffet and selling a Chinese asset, when they didn’t really need the cash. He likes it based on the reputational support Mr. Buffet gave the bank.

2011-08-31

DON'T BUY

8.120

Karl Berger

Doesn’t fit the way he looks at US banking. So many question marks with respect to Country Wide. Not a good risk reward.

2011-08-30

SELL

6.990

Has no idea what is going on inside of this one. No knows what their assets are worth. There are a lot of opinions but no one knows. If it went to fail and was bailed out, he believes there would be nothing left for shareholders.

2011-08-24

DON'T BUY

6.420

Chyanne Fickes

Very volatile. Doing their very best to prop up the balance sheet. Just sold their credit card business to Toronto Dominion (TD-T) and will exit its credit card businesses in the UK and Ireland. US banks are still at the whim of what is going on in Europe.

2011-08-22

DON'T BUY

7.250

Wouldn't touch this with a 10 foot pole. He is seriously concerned about their future obligations on their balance sheet. This is directly related to the housing market in the US.

2011-08-11

TOP PICK

6.770

Believes you either price that for bankruptcy or for the next cycle and is probably worth $25. He believes the housing market is stabilizing. 5 of their 6 businesses are making money. Trades at half its BV. Doesn't have that much fear of the current lawsuits.

2011-08-10

DON'T BUY

7.600

John O'Connell, CFA

Recent lawsuit is just one is a series that they are or are going to be involved in. Financial services in the states are a tough, tough business. Wouldn’t get involved. The government is just going after them through regulation.

2011-08-09

BUY

9.790

With the value of the current Cdn$, this is probably a pretty good entry point. This is a good holding for part of your portfolio is a long-term, let it develop, hold.

2011-07-28

DON'T BUY

10.070

Lorne Steinberg

Still trying to fix themselves and have a large exposure to the US housing market. There are better companies to own.

2011-07-14

DON'T BUY

10.200

Jim Huang

Difficult to call the bottom on the US banking sector. If the economy recovers and to be no more loans, they will do better. Doesn't think US banking will be the next leading sector however you probably have a reasonable return.

2011-07-13

WEAK BUY

10.700

Brian Acker, CA

His model price is $17.65, a 65% upside. He owns a very small position in his US fund. His system is screaming that it's balance sheet is impaired. If you are a speculative investor, you could take a small position. They are the key to the job growth going forward. Need to lend again and get back into business.

2011-07-08

PAST TOP PICK

11.090

(A Top Pick July 26/10.Down 22.29%.) This is a very Strong Screaming Buy in that you have to hold it for 3 or 4 years. Largest mortgagee in the US and housing is starting to stabilize.

2011-07-04

Comment

10.970

Charles Lannon

(Caller would like to write covered calls.) Covered call writing success is largely tied to levels of volatility and this strategy is not as successful as it was years ago.

2011-06-13

DON'T BUY

10.800

Colin Stewart

Been looking at the sector. Doesn’t own any banks in US. When sovereign debt concerns pass, housing market recovers, this sector will grow.

2011-06-10

DON'T BUY

11.460

Derek Webb, CFA

Not a fan of US banks. They’re not producing earnings and this is what stocks trade on.

2011-05-24

DON'T BUY

11.580

Has had a hate on this one for quite some time. The big mess will take a long time to undo. Most US banks have so many derivatives that no one knows what their true value is.

2011-05-20

BUY

11.790

Has not seen a lot of momentum in this stock recently. Has tremendous earnings power. Less than 2/3 of book value. Nothing is going to drive it in the short term but if you are long term you could own it.

2011-05-18

BUY

11.930

Feels US financials relative to Cdn financials are a lot cheaper. Trading at tangible Book Value. Good opportunity for it to do much better. Good assets. Own all the deposits in the US. One of the largest credit card issuers globally.

2011-05-13

DON'T BUY

12.300

Still too early to buy. You still have to wait at least another year or two to see how the mess plays out. All the big US banks are effectively black boxes and nobody really knows what their assets are or what they are worth. Their earnings are subject to re-statement if they find out if they’ve overvalued these complicated securities, which they still own.

2011-05-05

BUY

12.600

Brendan Caldwell

A wonderful play on the recovery of the market and the economy. They have the ability to generate a tremendous earnings power.

2011-05-03

Comment

12.440

This one is on his watch list. Canadian banks have moved up a tremendous distance and are not interesting. (See Top Picks.)

2011-04-25

Comment

13.490

John O'Connell, CFA

Has struggled. Increase of dividend was turned down by the fed. They’ll eventually get it. Have a big wealth management area and stock markets are starting to percolate again but are losing on the real estate side.

2011-04-11

DON'T BUY

13.330

David Driscoll

This and CitiGroup (C-N) are the 2 banks that have struggled the most because of all the loan/loss provisions they had to deal with. Took on acquisitions that have not paid off yet.

2011-03-31

TOP PICK

13.480

Still believes in this company. Canadian banks are trading at the higher end of their multiple range. 43% retail and the rest of investment banking and wealth management. Can make $2 per share, maybe $4. Great franchise.

2011-03-24

BUY

13.880

It is difficult to know what is going on inside the company. He sold it in the spring of 2008. He would continue to hold it if you held it this long.

2011-03-22

TOP PICK

13.690

(Top Pick Mar 10/10, Down 18.17) There is earnings power here of $2.50. Interest margins are on the rise. Expenses are going down. Default rates are starting to drop. Will create excess capital, which he thinks will be used to by shares back. 1.5 times book value, which is low. This one is a buy it and be patient situation. Different companies do the heavy lifting at different times.

2011-03-16

SPECULATIVE BUY

13.830

Put it back on the watch list about 2 months ago. Not as favorable as many of the smaller banks. Prefers C-N, although more risk. If it went under $10 or $12 he would be much more impressed. He is looking elsewhere, however.

2011-03-02

DON'T BUY

13.930

David Burrows

After a really good lift off the 2009 bottom, US banks generally under performed. Haven’t gone down but have not participated in the rally. Will likely under perform going forward. Could be a short bounce when dividends are declared.

2011-03-01

TOP PICK

14.770

Richard Croft

Sell Nov $16 puts and Buy Nov $11 puts. This bank will survive and will probably do all right. In effect he is Short $16 puts and is obligated to Buy shares at $16 between now and November. He has an out at $11. In a worse case scenario, if everything collapses, his risk is limited to $11. You get a $2 credit roughly.

2011-02-11

HOLD

14.240

Long-term project coming off the 2008 financial system problems. Great franchise owning Merrill Lynch and Countrywide. De-leveraged and cheap at about 1X tangible book. Thinks they have $2.50-$3.00 earnings power. Good Hold, but a long-term hold.

2011-02-02

DON'T BUY

13.600

Ross Healy

As a rule he doesn’t particularly like the US banks. US is not out of trouble. Mortgage problems continue to haunt it. Pickup in their economy is very tepid.

2011-01-28

Comment

13.670

Don Vialoux

Fundamentals are still rocky but getting better. Historically major US banks have done very well from around the end of January and moving into springtime. Hasn’t seen confirmation of this yet on a technical basis.

2011-01-27

DON'T BUY

13.550

Hated this one for a long time but now has more competent management. There is still the legacy of prior management. There are better things to buy. He chooses not to own any US banks right now.

2011-01-26

BUY

14.370

Ara Nalbandian

They are one of the banks that hurt their net equity position and is trading at a deep discount to book value (70% of book value). There is a reasonable opportunity for them to recover here. Retail side of business would drive things here. Need improvements in loan losses and we are starting to see that.

2011-01-19

BUY

15.250

Mark Grammer

Was extremely negative on US banks for many years but has started to accumulate now. Thinks US economy is going to show more strength than what is expected. Us housing looks like it is getting close to a bottom, which is an important aspect for US banks. If you own you cols start averaging down.

2011-01-17

HOLD

14.990

Expecting it to be in the mid to high teens by the end of the year, which gives you a decent return.

2011-01-12

DON'T BUY

14.690

Jeff Black

Stays away from the US financials. Sold out of S&P 500 index. It’s pretty tough to get a handle on tangible book. Prefers Royal TD or Scotia.

2011-01-11

BUY

14.500

Brian Acker, CA

Has a model price of $20.10, an upside of 41%. Wouldn’t put his whole portfolio in this but would have selected US financials.

2011-01-05

HOLD

14.240

C-N has a lot more potential and will move more quickly.

2011-01-04

BUY

12.290

Really good prospects longer term. Great franchises. Has some headwinds. Very cheap at at about 1X tangible Book Value. Return on assets is low as the leverage has been really squeezed out of the stock. Long term could probably earn $2-$3 a share.

2010-12-15

BUY

11.860

John Zechner

US banks are looking interesting and in a stringer market will start to look better.

2010-12-03

DON'T BUY

11.290

Mike S. Newton, CIM FCSI

Has interesting future. If you own, don’t average down. You’re better off with a Wells Fargo (WFC-N) or CitiGroup (C-N)

2010-12-01

PAST TOP PICK

11.280

(A Top Pick Dec 10/09. Down 26%.) Still likes. In the long term the US banking sector is slowly getting better. Steep yield curve in the US is helping them out. Cheap stock Low BV. Feels it is worth $40 to $50 in 5 years.

2010-11-25

DON'T BUY

11.660

Karl Berger

Still not keen on US banks or financials as a whole. Still have a threat of real estate issues hanging over them. Also facing a new stress test. Can’t see any growth.

2010-11-19

BUY

12.100

Potentially has earnings power of $1.50 a share 2–3 years out, With a 13X or 14X multiple, it should be a pretty good rate of return.

2010-11-15

WEAK BUY

12.370

Was more interesting in 2009. Will probably do well long term. Prefers Citigroup (C-N) even though it is riskier. Upside is far greater. You could also consider VIST Financial (VIST-Q) or Fidelity Southern (LION-Q), which are both Buys with the potential to double. Both pay dividends.

2010-11-11

TOP PICK

12.570

Good value and will overcome their problems. Trades at about 60% of BVand 1X tangible Book Value. Good earning power and looking for $1.50 next year. Can earn $2-$3 a share on its current asset base.

2010-11-10

SELL

11.160

Christine Poole

Doesn't like US financials. Hoping for dividend growth in Canadian banks in the next year or two.

2010-10-25

TOP PICK

11.360

(Top Pick Nov 3/09 Down 23%) 6000 branches 11.9% of all deposits in the US. There are some issues but they have been saved already. It is very cheap.

2010-10-21

Comment

11.750

Their current problems are an aftershock of the 2008 problems. We wont be talking about the foreclosure story in 3 months.

2010-10-20

HOLD

11.980

Steven Conville

Long term, you wont be disappointed in this investment. If you are over-weight, you should pare back. This is not a value pick, but a high performance bet.

2010-10-15

WAIT

12.600

A victim of the concerns about foreclosure problem and the refunding that the major banks may have to do. Presents a great opportunity but there is still too much risk. Probably has earning power 2-3 years out of $2.50 a share. Wait for clarification.

2010-10-14

PAST TOP PICK

13.300

Richard Croft

(A Top Pick Aug 17/09. Up 2%.) Bought the stock and sold December $19 Call options.

2010-10-01

DON'T BUY

13.270

David Burrows

(Market Call Minute.) Biggest, most under performing part of the market. Regulations and capital requirements are going to continue to hamper return on equity.

2010-09-28

WAIT

13.240

Mike S. Newton, CIM FCSI

True value play. Hedge funds are going long on the stock. Making a move to get out of M&A and focusing on their Merrill Lynch business. Countrywide is starting to show some life. If you own, put a Stop $2 below the current price. Would prefer JP Morgan (JPM-N) or Goldman Sachs (GS-N). Whole sector will have a tough quarter when reporting earnings so wait.

2010-09-27

PAST TOP PICK

13.170

(A Top Pick Sept 1/09. Down 19%.) For him this is a longer-term thing. Expect increased dividends over the next little while. Made some very astute acquisitions and own 10% of all deposits in the US.

2010-09-23

DON'T BUY

13.550

Stan Wong

Chart shows it is falling and is bumping up against the 50-day moving average continuously. For the time being he would be very careful.

2010-09-16

BUY

13.680

Trading at about 65% of Book and just a little bit more than 1X tangible Book, which is very cheap. Expect it has earnings power in the $2.50-$3 range and probably over time will support a price into the high $20-$30. It will take time.

2010-09-14

PAST TOP PICK

12.470

(A Top Pick Sept 1/09. Down 24%.) Had run up to about $20 but has come back down again. Still likes the story and the US banking industry as a whole. They don't lend money, buy treasuries and the balance sheets are going to look fantastic in a year or two.

2010-08-26

PARTIAL BUY

12.640

Don Reed

Biggest domestic bank in US. Acquired the very strong franchise of Merrill Lynch during the downturn. Also acquired the mortgager Countrywide and had some difficulty with the mortgages. About 40% of revenue is from consumer lending. Trading at the price of BV. Consider averaging in.

2010-08-24

Comment

13.063

Peter Brieger

Has probably been oversold. Will stick with Canadian banks for his clients because of the dividend tax credit.

2010-08-12

DON'T BUY

13.190

Not a fan of this bank. Still have high exposure to a lot of bad mortgages and loans. As interest rates come down, their ability to generate income is also coming down.

2010-08-11

DON'T BUY

14.020

Too soon to buy any of the American banks because we don’t know what’s behind the curtains. US Housing crisis is not over. You are taking a substantial risk

2010-08-05

TOP PICK

14.150

Trades at under 1X Book. Terrific assets in Merrill Lynch and Countryside and the synergies are happening. Credit provisions are going off the books, which means loans are now being repaired. Looking for $30 trading range in 2012/2013.

2010-07-26

DON'T BUY

13.770

Earnings are pretty good – beat the street. Trading revenues are poor. Market didn’t like the quality of earnings. They released reserves, increasing earnings. If the bank is more comfortable, that is a good sign for earnings going forward. Balance sheet is atrocious. Prefers Canadian banks.

2010-07-20

Comment

13.980

Bill Carrigan

Stock is in a trading range. Wouldn't want it to go below the previous low of $13.50 of a few days ago. If you own, start reducing it goes below $13.50.

2010-07-16

BUY

15.670

On a normalized basis, the stock has $2.50-$3 in it. Depending on what happens to the Financial Regulation bill that is now in front of Congress there could be a $.50 hit. Merrill Lynch and Countrywide are two very valuable franchises.

2010-07-14

DON'T BUY

15.110

Just told US regulators that in April it unintentionally hid nearly $11 billion in debt from its balance sheets using 6 trades known as “dollar rolls” between 2007-2009.

2010-07-09

PAST TOP PICK

15.020

(A Top Pick May 28/09. Up 33.2%.) Great investment bank and great international banking. Has 10% of all deposits in the US. Great credit card business.

2010-06-24

DON'T BUY

15.430

Ara Nalbandian

Has a small position and has been writing options on this. Pulled back with risks of regulatory reforms and capital requirements changing in the industry. Would prefer others in the US banking sector such as Morgan Stanley (MS-N)

2010-06-23

PAST TOP PICK

16.310

(A Top Pick May 28/09. Up 45%.) Have a lot of great assets. Merrill Lynch will work out for them but will take a bit of time. Think they can make $4-$5 a share over the next 4-5 years. If it trades at 10X earnings, it is a $40-$50 stock.

2010-05-19

BUY

17.070

Financial regulation process that is going on creates an unknown that the market doesn't like. Also the Justice Department and SEC are looking at banks. Trading at about 70% of BV, well below historical levels. Great franchises including Merrill Lynch and Countrywide, which will prove to be valuable over time. Long-term hold.

2010-05-12

DON'T BUY

17.530

Canadian banks are far better quality. If you want to be involved in the US banking sector, this one is okay but he would prefer JP Morgan (JPM-N) or US BanCorp (USB-N), which are higher quality. If the market weakens, financials are going to leave it down so wait.

2010-05-05

PAST TOP PICK

18.540

(A Top Pick May 28/09. Up 64.1%.) Merrill Lynch and Countrywide are going to work out for them. Growth potential in earnings is pretty high. Dividend is going to come back.

2010-04-22

BUY

18.280

Paid off government money, replaced their CEO and are trading at 70% of Book, which is very cheap. As the economy starts to repair itself, they have 2 fabulous franchises, Countrywide and Merrill Lynch. Expects normalized earnings to be $2.50-$3 range, which would almost double the stock price.

2010-04-21

Comment

18.390

Jim Huang

One of the cheaper US financial stocks. They have the earning power and can make a lot more money than they do today. The downside is that Merrill Lynch and Countrywide, which they acquired, have their own problems. A lawsuit with Goldman Sachs could have an impact on Merrill Lynch. Countrywide’s subprime mortgages are still being investigated.

2010-04-19

BUY

19.400

Reporting on Fridays so it will be an interesting one. Trading at a big discount to BV. Great earnings power. Dilution because of the equity they had to issue. (See Top Picks.)

2010-04-14

DON'T BUY

18.620

David Driscoll

(Market Call Minute.) Still a work in progress. Speculative.

2010-04-07

Comment

18.490