STOCKCHASE

(A Top Pick March 29/11. Up 3.1%.) This was a safety play and he has taken some money off the table. Recent weather is going to give them a bit of a rough run.

2012-02-06

DON'T BUY

59.580

Michael Sprung

In a competitive environment and getting even more so. Just acquired Forzani Group so people are going to wait to see how it is going to be integrated. Facing a number of headwinds in the current environment including delinquencies on their financing side, slow growth in the economy, etc. Not that cheap at 12X earnings.

2011-10-31

BUY

60.250

Randall Abramson

A good place to invest here. Made acquisition and are now dominant in sporting goods in Canada. Good franchise in tires but bit been good in recent years because consumer has not been spending on tires. Thinks there are better opportunities out there but it is a pretty good investment over the next 3 years.

2011-10-27

DON'T BUY

56.440

Dual class share structure is a problem that he expects gets fixed in the next few years. Not his favourite. Not cheap enough for him.

2011-08-15

DON'T BUY

64.630

Hank Cunningham

Long term bond maturing in 2035 at 6%? 2020 is about as long as he goes in corporates.

2011-05-19

BUY on WEAKNESS

61.310

Ara Nalbandian

Acquiring Forzani (FGL-T), which is interesting. Expected to be mildly accretive this year and more so next year. Has been very successful at acquiring and integrating. Trading at a discount to it's historical amounts and the headwinds are still in place. Would prefer in the mid to high $50s.

2011-05-11

WATCH

58.590

Brian Acker, CA

Has been coming down for awhile. His model price is $75, a positive differential of 27%. Getting close to his portfolio in the Canada Focus and close to a Buy. Be patient and don’t buy yet.

2011-05-06

TOP PICK

58.850

Brendan Caldwell

This is one that really gets hit when “The Americans are coming”. It is now at the low end of its P/E multiple range. Growth rate and earnings predictability are very good. This is a way of participating in the economic recovery in retail.

2011-05-03

Comment

61.080

Benj Gallander

This isn’t his kind of company at these kinds of levels. He is looking at stocks that are generally under $10. A lot of institutions love companies like this and if you can buy in at the right time you can have some good upside..

2011-04-25

DON'T BUY

62.550

Neutral on this one. They are working on trying to redefine who they are and who their customer is. Haven’t really defined who their target market is.

2011-04-06

TOP PICK

63.300

It’s cheap. Things like Target coming up here hurt this stock. They are well positioned. Restructured their operations over the last number of years. Financial arm is doing well. He doesn’t worry too much on the downside of this one.

2011-03-29

Comment

62.300

James Hodgins

Likes this from the standpoint of the Cdn consumer being in a lot better position than the US consumer.

2011-01-31

STRONG BUY

64.860

Got knocked down on news that Target (TGT-N) was buying Zellers. Will take a long time so can’t see any immediate change. Has really beaten the numbers in the past 2 quarters.

2011-01-19

TOP PICK

58.370

Nick Majendie

Gone sideways for the last while. Likes it in the retail space because longer-term target is to increase earnings 10% annually. Free cash flow will be growing very nicely because have been refurbishing stores for 15 years and CapX will be half that annual rate. 1.4% yield.

2010-10-26

Comment

57.080

One of his worries in retailing is that everyone is getting into everyone else's business. A couple of reorganizations over the last 6 months also concern him. Why wasn’t one enough.

2010-10-12

WAIT

56.840

Ron Meisels

Has been fluctuating between $50-$60 for 1.5 years. Don't be brave. Wait for either the break down or if the break out. If it can break above $60 you want to be there as they could go to $70-$75.

2010-09-08

BUY

56.480

Hank Cunningham

Bonds: Business is almost recession proof.

2010-06-07

Comment

52.370

Karl Berger

Would be a little bit reticent about their space going into what may turn into a housing slowdown. Fantastic operator and have done a wonderful job of hammering out a niche for themselves.

2010-05-06

TOP PICK

54.880

Nick Majendie

10% annual earnings growth in the next 5 years is very achievable. Free cash flow will be fairly significant because of upgrading of stores in the last 10 years so he’s looking for dividend increases. Expecting 10%-12% returns.

2010-05-04

DON'T BUY

52.550

It is undervalued. They had a miss last year. You are pretty well saturated in Canada. It is safe and you get a great dividend.

2010-03-01

Comment

55.400

Hap (Robert) Sneddon FCSI

Good company. One of Canada's premier retailers. Always rumoured that they will do something with their real estate, which would free up a lot of value but not sure he believes this. Prefers Shoppers (SC-T). Doesn't expect a huge amount of growth in 2010.

2009-11-19

BUY on WEAKNESS

55.850

Michael Sprung

One of the better managed Canadian retail stores. Has a very strong and loyal clientele. Questions how much of their sales will be affected by consumers pulling back. Prices have gone up recently and on a valuation basis he wouldn't buy at this time but would consider on a 10%-15% pullback.

2009-06-26

BUY

49.500

Rick Stuchberry

Thinks recovery is going to be focused on Asian output, demand and consumption, not the consumer in North America. This is an excellent company and at these prices you could add some.

2009-05-28

HOLD

48.200

Sandy McIntyre

Consumer discretionary play. Retail sales in the US in April were disappointing. Same-store sales on this were up 2.5%, which doesn't get him excited. He senses that traffic is down. 1.7% yield is rock solid.

2009-05-14

WEAK BUY

47.520

Steve Carlin

(Market Call Minute.) Would call this one a soft buy.

2009-05-12

Comment

50.350

Brooke Thackray

Used to be defensive but is now a mix between discretionary and staples. $52 will act as a little bit of resistance so you have to be careful. If it goes through this, you may be able to wait and let it run but use a stoploss of $52. If it doesn't go through, consider selling.

2009-05-05

Comment

39.220

Jim Huang

Very well managed. However they do have a fairly big financial growth engine in financial services, which could pose some challenges in the next little while. Beyond 12, 24 months it should do quite well.

2009-02-20

DON'T BUY

39.350

Paul Gardner, CFA

Long-term Bonds. As a general rule, you don't want to lend to a corporation more than a business cycle, which is generally 3 or 5 years. Also, you don't want to lend to this type of business that long because it is such a cyclical industry.

2009-02-19

HOLD

40.000

(Market Call Minute.) A lot of things are holding its support.

2009-02-17

BUY

40.900

Michael Smedley

Very special Canadian company. Very diversified range of goods. For long-term, this makes a lot of sense.

2009-02-13

SELL

38.700

Jeff Parent B. Eng. FCSI

Reporting tomorrow. A lot of people are reducing their estimates. Coming down to the $37-$38 support level. Worried about the retail sector because of competition. Wouldn't be surprised to see it trading at $35 in the next 6 months.

2009-02-11

HOLD

43.990

Expects modest growth over the next 2 to 3 years. Getting into the food business in a limited way, which he finds quite strange. Have done a fairly decent job in terms of shifting some products around and revamping stores. Mark’s Work Warehouse operation is good and is adding value.

2009-01-15

Comment

41.500

Derek Webb, CFA

Good Short? Thinks all retailer businesses to him are going to be terrible. Consumers are going to spend less. If you're trading directionally, it is probably not a bad short over the next year. Pick your spot in a relief rally.

2008-11-26

PAST TOP PICK

45.980

(A Top Pick Oct 23/07. Down 41%.) 3rd quarter was better than expected. Like all retailers, the stock has been hammered. Will probably have a tough 4th quarter.

2008-11-06

Comment

45.000

Great defensive play. Growth rates are slowing so they continue to look to the US market for growth, which has always been a problem with them. Thinks it is going to be a difficult retailing environment so they are looking at having some groceries. Low margins and Wal-Mart is in the same neighbourhood.

2008-10-30

N/A

49.000

Gordon Higgins, CA, MBA

Had an earnings miss. Growth rate is slow. Not a lot of driver there. Cars are built more reliably but one could argue that people might repair them themselves.

2008-09-30

DON'T BUY

51.650

Ron Meisels

Had a double top at around $85. (A true double top is tremendously bearish.) Below its 200-day moving average. Wouldn't get involved yet. Needs to find a base and the 200-day moving average to flatten out. Also needs a different economy.

2008-09-03

Comment

51.620

Shauna Sexsmith

Have downgraded their earnings and they won't have flat to negative earnings this year. Ontario economy is slowing down and this is a big chunk of their earnings. Stock is quite cheap.

2008-08-26

WAIT

50.600

(Market Call Minute.) Having a really tough time here and a tough quarter. Statistically cheap so may be OK for a 5year view. Wait a few quarters out.

2008-08-18

DON'T BUY

53.000

Duncan Stewart

(Market Call Minute.) Cannot get his head around any of the Canadian retailers. Wal-Mart (WMT-N) will not be good for any Canadian retailer.

2008-07-28

BUY

56.120

(Market Call Minute.) Had a fairly healthy pullback and should proceed well. Good valuation.

2008-07-23

DON'T BUY

51.580

Great Canadian company. Stock has been very disappointing. Retail discretionary spending is going to be challenging. Faced with increasing competition. The revenues that come from their financial services will be vulnerable.

2008-07-10

Comment

54.550

Colin Stewart

Great, long-term franchise. Has been hitting 52-week lows. Under pressure due to the weakening Ontario economy. There is also a lot more competition. Getting to a point where it might be interesting as a Buy.

2008-06-25

BUY

56.040

Don Lato

Very much a consumer oriented company, which is why they are trading at low levels. They have growing earnings and the multiples would make it a great buy here.

2008-06-11

HOLD

59.600

One of the countries great retail stories backed up by good real estate locations. In the short term, this and other retail stocks have been hit. Looking through to 2009/2010 you will see blue-chip stocks like this recover very nicely.

2008-06-04

HOLD

60.350

Had disappointing earnings. Earnings continue to be driven by its Mastercard operation. Increased competition is coming. Wouldn’t Buy here.

2008-05-23

BUY

60.990

Steve MacInnes

A little bit in the doghouse. Had a lacklustre quarter recently. A great brand and he likes the business model. Has bottomed here and is very good value.

2008-05-15

HOLD

64.720

David Burrows

Retail space in general is improving. This one looks a little better than others. Has been consolidating and will probably work its way higher over the next while. Will be less dynamic than some gas stocks, but this is a well-managed business.

2008-04-18

WAIT

65.580

Very cheap at 12X or 13X earnings but you need the economic sensitivity to pass for a little while. Could be a fall for Christmas or a 2009 play.

2008-04-11

HOLD

63.310

John O'Connell, CFA

Struggling from investors’ sentiment because people are worried about the general strength of the economy. Trading at around 10X next year's earnings. Well diversified platform. Some people were worried because of its credit card portfolio and some were worried about it getting into the banking business.

2008-03-03

Comment

64.510

Colin Stewart

One of the great Canadian franchises. Under pressure lately because of the tough retail environment in Canada. Housing market is slowing which impacts them to some degree. Have a lot of hidden assets such as real estate, credit card business. Trades at about 7X EBITDA. Like it from a long-term perspective and is looking at it. Finding other retailers that are cheaper such as Sears Canada (SCC-T) that trades at about 3X EBITDA.

2008-02-27

DON'T BUY

62.420

David Burrows

A really well managed company. Great business. Unfortunately, it depends on people wanting to spend money on their homes and having money to spend. There will be a bit of a wait on this one.

2008-02-15

DON'T BUY

62.280

In the retail sector, discretionary spending with a little tilt towards the hard end of retail which makes it vulnerable. The earnings have not fallen off but this is due to their finance side with credit cards. You can wait on this one.

2008-01-30

Comment

62.700

Gordon Higgins, CA, MBA

Stock has pulled back because the market believes the consumer is tapped out. However, that is a US consumer. Wal-Mart is expanding into their areas. Trades at less than 10X earnings. Also have gas stations and a credit card business. Well diversified. However, their big growth is gone.

2008-01-25

WATCH

58.900

Brian Acker, CA

Fundamentals are deteriorating and earnings estimates have been coming down. Would want to wait until there is some improvement in the fundamentals. He thinks the bottom is $57.85. Keep a close eye on the earnings estimates, which have been coming down. His model price dropped from $90 to about $75. He would buy a little more at $57.85, but if it substantially broke from there he would get out of the position.

2008-01-17

DON'T BUY

60.400

Had a write up because of some asset-backed paper but part of the pressure on the stock is that a lot of retailers are weak in general. Would stand aside until you see some firmness in the area.

2008-01-15

WAIT

69.090

David Cockfield

Technically, it looks like it has a pretty well established downtrend. Would wait until it hits bottom.

2007-12-21

Comment

68.540

Brian Acker, CA

Model price has been coming off as earnings estimates have been creeping down. Model price is $81.89. Was probably $92 in September $92. Under pressure because fundamentals have been coming down. When you see a turnaround in the Canadian economy, there could be some positive earnings estimates coming through. That's when the stock should either base or start to turn upward.

2007-12-20

WAIT

72.070

The long-term outlook for this company is fabulous. It is by far the best run public retailer in Canada. Near-term outlook is clouded because of economic weakness in eastern Canada. Their most recent quarter was disappointing and it was Ontario and Quebec. With housing possibly peaking and manufacturing coming down it is probably not the right time to Buy. If you are a long-term investor, wait a little while and then buy.

2007-12-03

WEAK BUY

73.000

Recent acquisition Marks-Work-Warehouse has done well. Regarded as a quasi financial. If you have faith in Canadian economy then this looks good.

2007-11-19

PAST TOP PICK

86.900

Veronika Hirsch

(Top Pick Feb 7/07. Up 21%.) Picked as a safe stock that people could keep in their portfolios. Pays a dividend.

2007-10-31

BUY on WEAKNESS

81.380

Everybody likes it. Everything is working well. It is a fairly recession proof consumer stock. He would like to see an entry point below the 70's.

2007-10-24

TOP PICK

81.950

Ross Healy

Outstandingly well-run company. His Fair Market Value is up over $150. The recent setback in the stock gave a good buying opportunity. Good balance sheet.

2007-10-05

BUY

79.310

John O'Connell, CFA

They are trying to institute some new strategies and are being fairly aggressive on their growth strategies. Trading at around 19X earnings. Doesn't expect they will be able to grow their banking business.

2007-10-04

HOLD

79.000

Fully valued at this price.

2007-09-25

BUY

76.740

Steve Carlin

Has been punished for no apparent reason except for general market malaise. Recent earnings were in line. Financial services arm was hurt a little bit but is an opportunity. Expects 15% earnings growth.

2007-08-21

HOLD

87.230

Paul Gardner, CFA

Have done everything right. Lowered their costs. Distribution network is very good. Inventory control software is very good. A proxy for the Canadian economy. Should continue to do well.

2007-07-19

BUY

86.720

Have hit a home run with Marks Wearhouse. There is a lot of un-capitalized value in their real estate. Had a terrific run this last year, but there is still a lot of value there.

2007-07-17

BUY

82.100

Still doing very well. Have turned themselves into a bank. They are not going to be taken over. Doesn't own it but it's on their radar screen.

2007-06-15

TOP PICK

79.700

Ross Healy

Upside targets are 2.5 times book, it has peeked there 3 times over the last 25 years. Recently had spectacular quarterly earnings. Very well run company. Fair market value is $160, his target is $92. Canadian Tire has been a fairly reliable indicator of the Canadian market as well.

2007-06-01

HOLD

79.700

Kenneth P. Norquay, CMT

Hard to buy on lows. Had resistance at around 66, once it breaks through then it becomes the support. If it drops below the 66 then you want to sell.

2007-06-01

BUY

78.130

Have executed extremely well. Financial and is doing well as is Marks Wearhouse. A great play on rising consumer spending.

2007-04-23

HOLD

79.380

Veronika Hirsch

This is one of her defensive names. A long-term hold. Doesn't see anything negative on the horizon.

2007-04-18

WATCH

79.380

If Bell Canada (BCE-T) is sold, you have to consider where the money is going to go. This could be a likely stock and you could consider a partial holding. A quality, long-term holding.

2007-04-18

BUY on WEAKNESS

77.750

Expect this will split sometime before the end of the year. One of his favourite retailers. Particularly likes their Mark’s Wearhouse division, credit card division and their 20-20 program. Would look to buy around $73-$74.

2007-04-04

PAST TOP PICK

70.600

(A Top Pick March 27/06. Up 13.5%.) Lousy winter because of the warm weather. Very well managed. Great job rolling out their new stores. Did a fabulous job in acquiring Marks Wearhouse. Would still buy at this price.

2007-03-14

TOP PICK

72.400

Ross Healy

Has historically had a market peak of 2.5 X book value, and is currently at 2. Because the book value is growing fairly quickly, you are getting about 10% per year. His FMV is over $100.

2007-03-07

BUY on WEAKNESS

73.200

Had a disappointing quarter, entirely weather related. With the recent cold snap, he expects sales have picked up. Would prefer it at $70-$71.

2007-02-19

BUY

72.180

Has some room to go on the upside. Had a soft quarter due to the warm winter.

2007-02-13

BUY

71.940

They dominate the market in their field. Reported poorer numbers do too weather related issues.

2007-02-12

TOP PICK

69.500

Veronika Hirsch

Trading at 14 X 2007 numbers, which is relatively cheap. Have an incredible amount of real estate and hedge funds periodically would like them to realize value on it. Every time there are rumours, it creates a good trading opportunity.

2007-02-07

HOLD

70.400

One of the best managed Canadian retailers. Very good stock for most of 2006. Valuation has got a little bit ahead of itself. For longer-term investors, it is that Hold. Near-term, the valuation will probably keep it a little under wraps.

2007-01-09

DON'T BUY

71.910

Fundamentals are good and managements done a good job. Their bigger format stores are all working out. Mark’s Wearhouse is doing well. Valuation is at the upper end.

2006-12-21

HOLD

72.460

Did a great re-structuring of the company. Have maintained the growth pretty well. Less cyclical than it used to be, so any downturn won’t affect it as much.

2006-12-12

DON'T BUY

73.720

Michael Sprung

Has done extremely well. Has met the competition. A little overpriced at this time.

2006-12-08

BUY

73.800

Peter Gibson

Ranks very well in his work. Has very strong margin and asset turnover growth.

2006-11-03

HOLD

70.720

Paul Harris, CFA

Have grown their business and have done well. A great brand name.

2006-10-04

HOLD

71.270

Feels the consumer is getting a little strained right now. The valuation is at the higher end of the range. We'll be a little bit more grinding going forward.

2006-09-27

BUY

69.810

Martin Hubbes, CFA

Good story. Have a good market niche. They have built a superb franchise. May not be as susceptible to a housing slowdown. Good long-term story.

2006-09-01

PAST TOP PICK

71.750

(A Top Pick July 11/05. Up 25.4%.) Would still buy. Their earnings were absolutely dynamite. Mark's Work Warehouse turned out to be a fabulous acquisition.

2006-08-24

BUY on WEAKNESS

66.820

Have had a decent quarter because of a pickup in Marks Warehouse and their credit card business. Worried a little bit about the 2nd half because floor space is going to increase by about 57%. He would buy at $62.

2006-08-14

BUY

65.300

Trading at 15 X forward earnings. They will be some growth. There is a small dividend.

2006-08-10

Comment

61.950

Jonathen Wellum, B. Comm, B. Sc

Had more than a double over the past 3 years and the multiple got a little high built on a little bit too much optimism. That is now moderating. Also, a lot of consumer discretionary/merchandising have all been coming under a little pressure.

2006-07-31

BUY

63.840

Fred Pynn

Tremendous management and great track record. The only concern would be if there is a turnover of economic activity, consumers could pull back a little bit. Would nibble at this one rather than buying a full position.

2006-07-26

DON'T BUY

64.310

Bill Carrigan

Has had an uptrend line in place for 3/4 years and had a violation earlier this year. Didn't reach a new high. If you own, make sure is does not drop below its low at the beginning of the year.

2006-07-17

HOLD

66.950

Have done a terrific job in building a very powerful franchise. Fairly defensive.

2006-06-23

BUY

67.400

In a terrifically weak market yesterday, this stock opened up 7% because it was a featured pick of a hedge fund in the US. This created a lot of activity by US investors.

2006-05-25

DON'T BUY

63.250

Has had a couple of issues facing it recently. The latest earnings were a little disappointing and the CEO resigned unexpectedly. Would be a little cautious here.

2006-05-03

BUY

63.750

A little disappointed to see the changes in the boardroom but it's a company with a lot of bench strength and a lot of talent. Likes this stock. One of the premier retailers in Canada and is a nice counter recessionary name.

2006-05-02

TOP PICK

64.030