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| HOLD | | American Capital Strategies | ACAS-Q | 31.510 | Did a wonderful job over the years in serving the middle market in terms of financing. Good management team. Over the long run, this will actually work out to be a very good investment. Feels they can sustain their dividend of about 12%. | 2008-06-02 | |
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| TOP PICK | | Nokia | NOK-N | 27.900 | Dominant position in global cell phone market. It will be the company that is going to help fulfill the demand that is being created for the higher end product. Selling at about 11X earnings. | 2008-06-02 | |
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| TOP PICK | | Cisco | CSCO-Q | 26.350 | Provides the infrastructure that powers the Internet. With concerns about inflation/high energy prices people will want to find the fastest way and least expensive to communicate and do business. | 2008-06-02 | |
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| TOP PICK | | Cameco Corp. (US) | CCJ-N | 41.160 | World's largest freestanding uranium play. The alternative energy that has been most proven out is nuclear. | 2008-06-02 | |
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| DON'T BUY | | Microsoft | MSFT-Q | 27.800 | Any time a company of this size says they need to spend $45 billion to remake their business model, it raises questions as to how robust is their business. Their Vista product has not been very successful. | 2008-06-02 | |
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| BUY | | Amazon.com | AMZN-Q | 80.230 | Where gasoline prices are going ever higher, this company has found the delivery mechanism to give people an increasingly ever wider range of products. | 2008-06-02 | |
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| DON'T BUY | | Fifth Third Bancorp | FITB-Q | 17.990 | Possible that this could become attractive to an acquirer. Would be more comfortable buying this after it had moved up 10%, which would indicate they were off their lows. Dividends are very much at risk in many of the names in this sector. | 2008-06-02 | |
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| DON'T BUY | | Bank of America | BAC-N | 33.580 | Earnings growth over the last 12 weeks has been cut in half. There have been a number of questions raised around their balance sheet, particularly with their exposure to Countrywide. Not sure the dividend is safe. | 2008-06-02 | |
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| Comment | | American International Group | AIG-N | 35.870 | The news that came out on their raising capital is quite compelling as to how attractive investors have found this company. Still have derivative exposures. Looking at where they are geographically in very significant growth markets such as China, he might start looking at this. | 2008-06-02 | |
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| SELL | | Pfizer Inc | PFE-N | 19.180 | Product portfolio continues to undergo greater competition from generics. New products are declining. Still haven't turned the corner. Generics such as Teva Pharmaceutical (TEVA-Q) would be more attractive. | 2008-06-02 | |
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| DON'T BUY | | Visa Inc. | V-N | 86.070 | Seems to have gotten ahead of itself. Would like to have this one season at little bit longer after its IPO. | 2008-06-02 | |
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| DON'T BUY | | Deutsche Bank AG | DB-N | 104.500 | Company had thought they were through the problems with subprimes, etc. but the business environment is more difficult. It will be going through its own restructuring so the outlook for 2008 remains problematic. 6.68% yield is somewhat suspect. | 2008-06-02 | |
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