STOCKCHASE

0.020

Market. Markets have come so far and so fast that, historically, we should have some kind of pullback. Timing a correction is difficult but it is very unlikely we will get through this without a 10% correction.

2009-12-31

TOP PICK

Canadian National R.R.

CNR-T

57.340

Best run railway in North America. Will benefit with a pickup in global economic activity, particularly in the developing world. Trading at a very reasonable multiple. Decent dividend with a good record of increasing dividends.

2009-12-31

TOP PICK

Rogers Communcations (B)

RCI.B-T

32.690

Competition is coming but will come in at the low end. Best operator on the wireless side, which is still a great growth area. Data business is very good and this company is the leader. Good dividend yield with a history of growth.

2009-12-31

PAST TOP PICK

65.960

(A Top Pick Jan 28/09. Up 60.28%.) Buy on weakness.

2009-12-31

PAST TOP PICK

56.180

(A Top Pick Jan 28/09. Up 34.77%.) Buy on weakness.

2009-12-31

PAST TOP PICK

36.190

(A Top Pick Jan 28/09. Up 12.37%.) Still a Buy.

2009-12-31

BUY

Bank of Nova Scotia

BNS-T

49.220

Very well positioned longer-term and their move into Southeast Asia is a good one. Doesn't expect it to increase at the same pace that it has been. Loan losses do lag a recovery so wouldn't be surprised to see some hiccups in all the Canadian banks.

2009-12-31

HOLD

Loblaw Companies Ltd

L-T

33.880

Would like to own this but the next 12 months are going to be difficult for the whole sector. Partly because you are not seeing food inflation. Has been good at cost containment but going into a competitive environment is likely to pressure margins.

2009-12-31

BUY

Suncor Energy Inc

SU-T

37.210

PetroCan acquisition will strengthen the company and they should be able to integrate easily. Could continue having negative publicity regarding oil sands near term but longer-term the political situation of having a secure stable supply will outweigh near-term concerns.

2009-12-31

HOLD

Canadian Pacific Rail

CP-T

56.790

Likes the rails. Preference is Canadian National (CNR-T) but this one is fine. Has risen recently on Teck Resources (TCK.B-T) announcement on coal production. Good play on global, and more particularly, North American growth. (See Top Picks.)

2009-12-31

HOLD

Bombardier Inc (B)

BBD.B-T

4.800

Looking at this closely. Good infrastructure play. Chinese and French orders point to this company’s advantages. A little expensive at the moment but a longer-term basis it is well positioned to benefit from capital spending coming out of the developing world. Poor demand on the aerospace side offsets this. If you own at a lower price, consider taking some profits.

2009-12-31

BUY

29.000

Likes the 6% dividend yield. Management is delivering on what they say they will. Won't be a great growth story as wire lines will continue to drag. Expecting decent dividend growth.

2009-12-31

BUY on WEAKNESS

Cenovus Energy

CVE-T

26.500

This is the oily side of the Encana (ECA-T) split. Reasonable value at this price.

2009-12-31

SELL

Yellow Pages Income Fund

YLO.UN-T

5.380

Doesn't like their fundamentals, what is an older business model. There are some issues with distributions as they will be looking at conversion. There is a better place for your money.

2009-12-31

DON'T BUY

18.500

Large surprise equity issue recently, which has not been cleared yet, which is why the share price is trading under the issue price. Lifecos in Canada are going to be in a pretty tight trading range until there is some clarity on the new regulations.

2009-11-26

Comment

0.020

Gold. Trading on weak US$. Other commodities are through their inflation adjusted 1982 peaks but gold is still at about half. Because of this, there could be further upward moves but these are speculative markets.

2009-11-26

BUY

Fortis Inc.

FTS-T

26.190

Just received a favourable decision from Alberta regulators, increasing their deemed equity and rate of return so a dividend increase is possible but may not be likely in the near term. Good company. Diversified base in Alberta.

2009-11-26

BUY

Telus Corp

T-T

34.380

Reasonably well positioned in a very competitive environment. Does more capital investments than Bell (BCE-T) or Rogers (RCI.B-T). She prefers the latter but this company is fine. Dividends should be safe with a possibility of increases in the future.

2009-11-26

HOLD

32.860

Thomson-Reuters versus Rogers (RCI.B-T) or Bell (BCE-T). Has been more volatile because of exposure to the financial sector but has a better long-term outlook than Bell.

2009-11-26

WAIT

Tim Hortons

THI-T

30.760

Great Canadian favourite. Trading at fairly reasonable multiples. Becoming attractive but big concern is economic growth in North America and level of competition, particularly in the US, which is where the growth will come from. Still early.

2009-11-26

WAIT

61.600

Trading at multiples that is attractive but outlook is of some concern. Probably the dominant player in the enterprise market. Consumer market and competition there is brutal. Younger generation is going to the iPhone, not the Blackberry. Reporting Dec 17 so wait for that before investing.

2009-11-26

DON'T BUY

Teck Resources Ltd. (B)

TCK.B-T

36.440

Had a great move in conjunction with fixing its balance sheet. Still remains levered so before investing, she would want to see further asset sales. Good chunk of earnings from metallurgical coal and copper. Very dependent on world growth, especially China so a higher risk.

2009-11-26

HOLD

Transalta Corp

TA-T

22.210

Growth prospects are fine but not fabulous. Dividend is fine. Still working on how they are going to present and integrate the Canadian Hydro acquisition.

2009-11-26

TOP PICK

Rogers Communcations (B)

RCI.B-T

32.260

Premier Canadian wireless company. Has the best pricing. Competition is coming but thinks it will be aimed at the lower end of the wireless market, not at the data end where the margins are. Very attractively priced. Good yield.

2009-11-26

TOP PICK

Shoppers Drug Mart Corp

SC-T

43.330

A bit of a cloud because of changes coming in Ontario legislation, which probably won't be until spring. Best drugstore company in North America. A way of playing aging population, increasing demand for drugs in a company that has high and growing margins. Still has great potential for adding square footage in new stores.

2009-11-26

TOP PICK

53.160

Dominant generics player globally. Has 25% of the generic market in the US. Expecting some form of health care will pass in the US, which will bring 20-40 million people into the health-care system. Trading at only about 15X earnings. Very strong growth prospects.

2009-11-26

PAST TOP PICK

44.450

(A Top Pick Dec 11/08. Up 19.03%.)

2009-11-26

PAST TOP PICK

Suncor Energy Inc

SU-T

38.010

(A Top Pick Dec 11/08. Up 50.71%.)

2009-11-26

PAST TOP PICK

Comcast Corp

CMCSA-Q

15.070

(A Top Pick Dec 11/08. Down 3.96%.)

2009-11-26

HOLD

Bombardier Inc (B)

BBD.B-T

4.600

Has a great train division infrastructure and hoping for a French contract worth $12 billion.

2009-11-26

BUY on WEAKNESS

Encana Corp

ECA-T

55.030

Volatile but longer-term this is a premier producer in North America. Way ahead on technology. Hedged a good part of their production. Because of weak gas prices she expects downward pressure on these companies. She would buy more on significant weakness.

2009-06-23

DON'T BUY

20.240

Still some hurdles to come. She is looking at this very closely in terms of their exposure to the equity market.

2009-06-23

BUY

Power Financial Corp

PWF-T

24.650

Trading at a 15% discount to its NAV. Well diversified with good exposure to Great West Life (GWO-T) and IGM Financial (IGM-T) as well as some international. Good dividend. Really strong management.

2009-06-23

BUY

23.800

Likes this at this price. Competition is heating up, especially on the cell phone side. Strong management with a well-defined plan to get costs out aggressively. Very good dividend yield.

2009-06-23

Comment

0.020

Canadian Banks: Dodged the credit bullets but will not be able to dodge the real economy bullet, which will have to be dealt with over the next 6 to 9 months. Thinks they are vulnerable but not to a major extent.

2009-06-23

BUY

38.630

Likes this one a lot. In the energy sector but it's really a utility. Has well defined growth of 10%+ through 2014. Good dividend yield. Doesn't need to raise any equity to accomplish all their growth plans.

2009-06-23

HOLD

Potash Corp of Saskatchewan

80.300

Well managed company. Latest quarter was above expectations on costs controls and growth. Expect there will be a lot of competition. Making inroads on the consumer side but the new iPhone is pretty impressive. Vulnerable to a little pullback.

2009-06-23

HOLD

Canadian Oil Sands Trust

COS.UN-T

25.660

Seasonally this is not the best time to be looking at oil/gas stocks. Oil needs to be in the $65-$75 range for oil sands to be profitable. Prefers Suncor (SU-T).

2009-06-23

HOLD

Canadian Pacific Rail

CP-T

43.550

This is fine but she prefers Canadian National (CNR-T). Volumes are looking stronger. Have done a better job of cost control.

2009-06-23

BUY on WEAKNESS

POT-T

106.220

The use of fertilizer is down substantially. Still haven't got a settlement on China and India for contract prices. They are cutting production, which impacts earnings. Thinks it can trade well below $100. Try to buy in the $90-$95 area.

2009-06-23

TOP PICK

Shoppers Drug Mart Corp

SC-T

47.950

Recession resistant but still has growth; a good combination in what she thinks will be a very difficult environment. Have a lot of ways to grow, square footage, private label, acquisition etc. Trading at a low multiple. Dividend yield in the 2% area but with a recent record of increasing it. Great balance sheet.

2009-06-23

TOP PICK

33.060

Market is underestimating the synergies, which are ahead of schedule. Reuters is coming out with a new generation of products. Expect employment figures will start increasing in the financial sector.

2009-06-23

TOP PICK

46.430

Has 25% of the US generic drug market. Generics will gain with the government’s new health plans. Trades at about 15X earnings. Long record of successfully increasing earnings and dividends.

2009-06-23

PAST TOP PICK

Canadian National R.R.

CNR-T

46.680

(A Top Pick June 18/08. Down 7.7%.)

2009-06-23

PAST TOP PICK

Eaton Corp.

ETN-N

42.810

(A Top Pick June 18/08. Down 54%.)

2009-06-23

PAST TOP PICK

30.490

(A Top Pick June 18/08. Down 24%.)

2009-06-23

HOLD

Petro-Canada

PCA-T

41.860

Thinks the acquisition with Suncor (SU-T) is going to go through. If you own, tender your shares and own Suncor.

2009-06-23

BUY

Canadian Imperial Bank of Commerce

32.000

Have been adding to this one in the $30 range. Very attractive 5% yield and very solid earnings outlook. Earnings growth probably in the 7% range. Dividend increases probably likely. Very stable.

2009-05-26

PARTIAL BUY

CM-T

58.800

Dividend yields on the banks are very attractive. Pullback could occur over the summer. If you have a reasonable timeframe of 3 to 5 years, this is not a bad entry point, but you can buy it in pieces..

2009-05-26

BUY

Bank of Nova Scotia

BNS-T

38.810

Likes their international exposure. There is no other bank globally that has the kind of exposure to rapidly expanding Latin America. Growth is going to happen in emerging economies first.

2009-05-26

DON'T BUY

Bombardier Inc (B)

BBD.B-T

3.770

Rails side is quite strong but plane side is not. Has corrected substantially from its highs. Would wait until there is confidence about the timing of the economic recovery for the aircraft side to start kicking in on earnings. This will take some time. Corporations are not going to spend on aircraft until they have rebuilt balance sheets and cash flows.

2009-05-26

DON'T BUY

85.850

Looks like it is gaining market share on the consumer side. She is still cautious because she doesn't think the consumer has a lot of money and it will be hard to maintain the momentum. Would wait for the fall.

2009-05-26

WAIT

Canadian Natural Rsrcs

CNQ-T

62.360

Looking at this very closely. Had spectacular earnings. Horizon project has started. The next step, costs are going to be down 20%-30%. Going into a seasonally weak period for energy but thinks this could be quite interesting. Would be tempted to wait until the fall.

2009-05-26

BUY

24.950

Downside is quite limited. Very secure 6.2% yield. Have about $2.5 billion cash on the balance sheet. Will be a slow, steady performer. Very impressed with management.

2009-05-26

HOLD

Petro-Canada

PCA-T

45.650

Subject to a takeover by Suncor (SU-T). Not much there in terms of an arbitrage situation. She likes Suncor.

2009-05-26

TOP PICK

51.970

Likes their US strategy. Have done a very good job with the Ameritrade and the Commerce. Have done a good job with the loan losses at the Commerce. US will still have growth. Great dividend and trading at a discount to some of its peers.

2009-05-26

TOP PICK

Encana Corp

ECA-T

59.370

2/3 of gas production is hedged at $9. One of the few companies that have been successful at locking in production. Lots of low-cost opportunities in unconventional natural gas exploration. They'll continue to dominate this field and bring on production at very attractive rates.

2009-05-26

TOP PICK

IBM

IBM-N

105.020

Trades at less than 10X earnings. Good international exposure. Emerging markets division grew at 11% last quarter. 2.2% dividend yield with a record of increasing dividends.

2009-05-26

DON'T BUY

Telus Corp

T-T

31.960

Would buy BCE (BCE-T) instead.

2009-05-26

DON'T BUY

Teck Resources Ltd. (B)

TCK.B-T

7.970

Thinks company will survive but is in a very bad place. Timing in terms of the coal acquisition could not have been worse. Debt is staggering. Selling assets will go a long ways to addressing the current debt problem. Have $5.4 billion debt facing them in October, which will be a challenge.

2009-04-07

WAIT

16.160

Looking at this very closely. Likes fundamentals of their insurance business including geographic diversity and successful acquisitions. The problem is exposure to equity markets in terms of segregated products. Still vulnerable. Would wait until you are more confident that the turn has happened.

2009-04-07

WAIT

Great West Lifeco

GWO-T

16.390

Just took a large write-down on their Putnam acquisition done in 07. Well capitalized and in good position. Strong operations in North America. Has quite a bit of exposure to the UK tier 1, tier 2 capitals that are vulnerable if banks are nationalized. Wait and see how this is resolved.

2009-04-07

HOLD

Canadian Natural Rsrcs

CNQ-T

51.470

This is one she is looking and. Great earnings. Latest earnings report surprised the street. Have started the Horizon project and should be up to full capacity by year-end. Debt level is in a fairly comfortable position. Will be volatile with the price of oil but has a nice hedge position on the price of its production.

2009-04-07

PARTIAL BUY

74.010

This was up 20% in one day last week. This makes her think you might want to piece into it over time, particularly when the markets are so volatile. Down to an earnings multiple that is looking very interesting.

2009-04-07

BUY

44.500

Company has done a great job in diversifying and delivering on what it has said it is going to do. Great retail franchise in Canada.

2009-04-07

BUY

30.130

Solid projects out through 2013 to 2015. Great earnings growth. Solid dividend and have increased them through the years at a good pace. Growth in the 5% to 8% range plus a 4% dividend with the likelihood it will increase..

2009-04-07

TOP PICK

36.230

Very consistent growth. Mapped out projects over the next 4 to 5 years that looks like they're going to deliver 10% earnings growth. Good-sized dividend in the 4% range with a record of increasing them. Just sold a pipeline so they probably don't need to do an equity issue for a couple of years.

2009-04-07

TOP PICK

33.720

The Reuters acquisition has turned out very well for them. Quarterly results were quite a bit above expectations. Raised their dividend 4%. An interesting way to participate is through the ADR on NASDAQ (TRIN-Q) (the Reuters portion) as it trades at quite a discount.

2009-04-07

TOP PICK

45.150

World’s largest generic manufacturer. With their Barr acquisition they now have 25% of the US generic market and 17% of the total prescription market. This is in an era where it looks like the US administration is moving to a more nationalized health care plan

2009-04-07

BUY

IGM Financial Inc.

IGM-T

32.990

Mutual fund companies are high beta stocks on the stock market. They will go up more than the market and down more than the market. A good entry opportunity. In the short term, it can be volatile.

2009-04-07

Comment

Loblaw Companies Ltd

L-T

31.250

A classic defensive stock and they now seem to have turned things around. At this point it is an interesting investment. On her radar.

2009-04-07

Comment

Aflac Inc

AFL-N

20.170

US based insurance company but 80% of revenues come from Japan. Has been swept up in this whole “mark to market” accounting. Big exposure in the UK and what happens if banks get nationalized? Will continue to be quite volatile.

2009-04-07

TOP PICK

30.180

Reported great earnings and increased dividends. Reuters’ platform is not directly comparable to Bloomberg's. Much bigger international and commodity exposure. Low risk way of playing recovery in financials. You can purchase this at a 20% discount by buying the ADR on NASDAQ (TRIN-Q) and a good way to get foreign currency exposure.

2009-03-04

TOP PICK

29.970

Good portion of its revenues are regulated so there is a high degree of confidence in the continuation of the earnings. 5.1% yield.

2009-03-04

TOP PICK

43.910

Israeli-based pharmaceutical company. Recently completed an acquisition of US Barr Pharmaceuticals giving them the largest share (25%) of the generic market in the US. US healthcare focus on generics is going to increase. Leader in producing new generics and is able to negotiate better prices for its products. Earnings in 2010 are expected to increase by more than 30%. Small but growing dividend.

2009-03-04

PAST TOP PICK

Proctor & Gamble

PG-N

47.310

(A Top Pick March 12/08. Down 28.6%.) Non-discretionary but have increasingly moved into more discretionary products such as makeup. Higher margins but have suffered with consumer confidence. Great franchise and the company will do well and would be a Buyer at these prices.

2009-03-04

PAST TOP PICK

Encana Corp

ECA-T

50.270

(A Top Pick March 12/08. Down 36.2%.) Disappointing performance. Not surprising given the price of oil. For those underweight, she would be a Buyer. Longer-term, it is a premier company with lots of exploration opportunities and good hedge position on commodities.

2009-03-04

PAST TOP PICK

36.950

(A Top Pick March 12/08. Down 9.9%.) Good dividends with the ability to increase them. Projecting 10% earnings growth per year through 2012. Combine that with the dividend yield and you’re looking at a 12% to 15% return.

2009-03-04

DON'T BUY

Sunlife Financial

SLF-T

17.980

Both Sun Life (SLF-T) and Manufacturers Life (MFC-T) are vulnerable in the short-term to the “mark to market” accounting that we are seeing. This one has $400 million exposure to hybrid securities in the UK. There are also rumours that they are buying Hartford and recent acquisitions in the financial sector always seem to reveal more cockroaches. Would be cautious on both of them.

2009-03-04

HOLD

10.910

(Market Call Minute.)Both Sun Life (SLF-T) and Manufacturers Life (MFC-T) are vulnerable in the short-term to the “mark to market” accounting that we are seeing. With its SAG Fund operations it has exposure to lower equity markets and did not adequately reserve. Would definitely not be a buyer.

2009-03-04

DON'T BUY

Bank of America

BAC-N

3.590

Doesn't think the banks are out of the woods yet. This one is not in as dire a position as CitiGroup (C-N) was in but there are challenges. If she were playing in the US financial space, she would tend to go with a JP Morgan (JPM-N) but it is still too early.

2009-03-04

DON'T BUY

Nortel

NT-T

0.105

Speculative. Have a number of challenges coming out of bankruptcy.

2009-03-04

BUY

IBM

IBM-N

89.490

This is the technology stock that she likes the best at the moment. Viewed as a hardware company but 40% of its business is from the software side where the margins are much higher. 2/3rds of earnings are from outside of North America. Great balance sheet.

2009-03-04

Comment

SPDR S&P 500 E.T.F.

SPY-N

71.730

S&P 500. The longer your time horizon, the better your opportunities. If you are a believer that the world economies will recover in 3 years, this one will recover. ETF’s give you the advantage of not having to study the individual securities that you have no choice in the weightings.

2009-03-04

BUY

Microsoft

MSFT-Q

16.120

Disappointing performer, in part because of the debacle with Yahoo (YHOO-Q). Certainly need something on the search side and expects that they will. Cheap on cash flow/earnings so she thinks it is nearing a bottom. Expects it will return more cash to shareholders.

2009-03-04

DON'T BUY

Yellow Pages Income Fund

YLO.UN-T

5.490

Concerned that people are not using Yellow Pages except for Canada 411, which is not as profitable. Distribution is really high, which suggests it is vulnerable to a cut.if the distribution is safe, putting it into a Tax-Free Savings account would be very advantageous.

2009-03-04

HOLD

Hartford Financial

HIG-N

5.140

Subject to rumours today that Sun Life (SLF-T) is going to take a run at it subject to takeover rumours last week of another purchaser. If you own, Hold to see how it plays out.

2009-03-04

HOLD

Rogers Communcations (B)

RCI.B-T

27.140

Really likes this company and its position in the industry. Holding off buying until she sees who is the new CEO will be. Disappointing earnings but she was more concerned on the drop per unit on the cell phone side. Last couple of days the stock was hit by BCE’s (BCE-T) purchase of The Source stores and kicking their product out.

2009-03-04

BUY

Canadian Imperial Bank of Commerce (Pref A)

24.790

Would Buy principally because of the dividend yield and the increasing dividend yield. Have just purchased The Source stores and will be kicking Rogers’ products out. This gives them the biggest footprint in terms of retail exposure.

2009-03-04

HOLD

Petro-Canada

PCA-T

26.640

Has continually disappointed and not met expectations, which is why it has under performed its peers. Looks cheap but hasn't been able to deliver on its growth potential. Prefers others.

2009-03-04

BUY on WEAKNESS

Suncor Energy Inc

SU-T

26.990

A bit controversial because of environmental view of oil sands. With its production profile this is one of the long-term winners in the oil sector. Would buy in the $20-$22 range.

2009-03-04

HOLD

General Electric

GE-N

6.690

Their big problem is their capital finance division. It's a bit of a black box, as no one knows what’s in there. Industrial side looks fine, but wouldn't Buy until you are more confident that they didn't need to raise capital.

2009-03-04

Comment

CM.PR.A-T

25.500

She would be highly confident that they would pay their preferred dividends. About 7% yield.

2009-03-04

Comment

35.970

One of her favourite banks. Management is very strong. Likes the two-pronged strategy into the US. Good dividend yield. Well positioned.

2009-03-04

Comment