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Compiling comments that experts make about stocks while on public TV.

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Jennifer Radman , Portfolio Manager

Caldwell Investment Management


Date Signal Chart Symbol Company Opinion Price
2015-08-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. Everybody loves growth companies, but they are hard to find right now. There is so much change and a lot of moving parts and the market is trying to digest all that right now. There has been a slowdown in growth overseas. The US has been the strongest market for a number of quarters now and continues to be, but even with those pockets of slowness, with the dollar having gotten so strong it is impacting the exporters. A lot of companies in the industrial space are tied to commodities and energy, so there has been a lot of softness impacting results. There are pockets of growth and that is what she is really focused on. Right now the market has come up so much with a lot of risk coming in that the value stocks you are looking for, just on a pure multiple basis, there is a lot of fear which is why they are trading like that. This is a temporary fear so she is looking for stuff that is improving, and in this environment those are hard to find. Global growth is slowing down and she thinks that continues. All of a sudden you have growth as a sort of scarce commodity. Any time you have that, she expects a premium on growth companies to get better.


Price:
$0.020
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
_N/A
2015-08-13 COMMENT Must be logged in to use chart AAPL-Q Apple

This is a really tough story. Feels it is one of those things that can go both ways. She tries to stay away from the really tough calls. Unless there is a really good reason for it to do better than not, then she stays away. Consumer preferences change so quickly, and it is hard to get ahead of the trends. Valuation is fine, but they hadn’t met expectations on their iPhone sales.


Price:
$115.150
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 COMMENT Must be logged in to use chart BA-N Boeing

She owns Citigroup (C-N) and they trade very similarly for the most part. It has been a very tough slog in this environment. Loan growth has been really hard to come by and the interest rate environment makes it tough. They are continuing to have to spend a lot of money on regulatory costs.


Price:
$144.810
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 TOP PICK Must be logged in to use chart CSCO-Q Cisco

There are a lot of technology companies that people are calling the end of the world and how you run a business no longer applies in this new age. There was always that fear with this company in “software defined networking” and pretty much commoditization of what this company is doing. Have been through a number of cycles and were very aggressive to get ahead of the curve by cutting costs on their legacy business and reinvesting into the stuff they needed to. Growth rates have been very, very strong over the last few quarters. This is a true value play and there is quite a bit of upside as those fears continue to come down. Dividend yield of 2.93%.


Price:
$28.700
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-08-13 COMMENT Must be logged in to use chart CVS-N CVS Health Corp

CVS Health (CVS-N) or Walgreen Boots Alliance (WBA-Q)? These are so similar. They are both benefiting from similar trends. This has your pharmacy benefits manager. They are both benefiting from increasing drug usage and the whole story of the population getting older. You are getting some very good assets here and some very good secular growth over a number of years. Doesn’t think you will get hurt on either one.


Price:
$107.670
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 COMMENT Must be logged in to use chart CVX-N Chevron Texaco

Bought this because of its diverse asset base. Their problem and why she bought into the stock, is their 2 big projects they are working on. Both are still in development and no production coming out of them. The company had a very strong history of generating good returns and have executed a lot of these large projects, so she bought into that fear expecting she would be fine. With the price of oil coming down, that has been problematic, because so much of their capital is tied up and committed to finishing the projects. This is going to be driven by the oil price.


Price:
$85.850
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-08-13 COMMENT Must be logged in to use chart FB-Q Facebook

They have certainly disrupted a lot of the industry on the ability to advertise. The problem for her is the valuation, which is quite rich. You are paying a lot today for their ability to monetize the usage. These are not the types of bets that she likes to make.


Price:
$93.430
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 COMMENT Must be logged in to use chart KKR-N KKR & Co. LP

Think of the dividend as a distribution. It is a payout on 3 things. If they monetize investment and realize a performance bonus on it, that is one, and she expects that to continue. There are 3 ways to value this stock. You have 1) the value of your balance sheet assets, 2) the fee they earn off of managing other people’s monies and 3) if they do well managing other people’s monies and go above their return hurdles, they get paid even more. She thinks there is quite a bit of upside on the story. It has been selling off in the last few days. With China, there have been credit spreads widening out a little and people consider it as a bit of a spread business. She thinks it is going to break out of this trading range it has been in.


Price:
$22.740
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-08-13 DON'T BUY Must be logged in to use chart MCD-N McDonalds

This is the 1st quarter where they actually grew revenues in quite a while. This is a very strong franchise. All of the numbers would screen well on pretty much anything she looked at, other than the ability to grow. In this interest rate environment, you want some of that growth potential, and she just doesn’t see it. This is something that she just doesn’t want to participate in.


Price:
$99.370
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 COMMENT Must be logged in to use chart MDT-N Medtronic Inc

This is the one part of the health market that has seen pressure on the pricing side. As hospitals get together and form bigger consortiums, they are able to exert a bit of pressure. When people look at the margins in this area, they feel that maybe they don’t have to be so high. For some of their products, if it is differentiated enough, you could have a little bit of pricing, but there is quite a bit of product of that can be replaced by generics and this is what is happening. She would like to see this start improving and reversing before she got constructive on the name.


Price:
$77.480
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 COMMENT Must be logged in to use chart MSFT-Q Microsoft

They have done such a good job with their Windows suite really being everywhere. The margins are great. Over time they have built up so much cash so there are a lot of compelling parts to this company. It is a bit tough to call where it is going to go.


Price:
$46.730
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 COMMENT Must be logged in to use chart NFLX-Q Netflix Inc.

Trading at about 500X earnings. It has great content. Have put up some really impressive numbers on new subscribers. She is willing to pay up for growth, but this one is a bit much. The problem is that so much of the value you are paying today for the stock doesn’t happen until much further into the future, so you are putting all those growth expectations that you are paying for today, and if it doesn’t happen that is where you are losing a lot of money.


Price:
$123.730
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2015-08-13 PAST TOP PICK Must be logged in to use chart OCX-T Onex Corp

(A Top Pick Aug 29/14. Up 18.3%.) Part of the growth is that a lot of their assets are not in Canada. The people making the decisions have quite a bit of their own money tied up. There has been a knock on the stock because they have cash and have a 15% return every year, so it is hard to do that when at one point half their balance sheet was in cash. Have announced a number of acquisitions, even over the last quarter, that she thinks will help. Very focused on the kind of acquisitions they make. A lot of it is top down.


Price:
$74.660
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-08-13 PAST TOP PICK Must be logged in to use chart PKI-T Parkland Fuel Corp

(A Top Pick Aug 29/14. Up 12.91%.) There are 3 ways to have growth.  1) Acquisitions, 2) overall strong demand or 3) reduce expenses. They are acquiring assets and it is very much a scale business. They have built up a very good team. Just closed the acquisition of Pioneer which gave them a lot more gas stations in the East. Given the challenges in the energy space, there are a lot of assets that can potentially be up for sale, and that is their goal. She thinks this continues to go.


Price:
$22.370
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-08-13 COMMENT Must be logged in to use chart QCOM-Q Qualcomm

Had held this, but it was a very disappointing investment. Their problem wasn’t just in Asia where they had trouble having people pay them, but it was when they had a bit of a blip on the chip side, whether it was real or perceived. Competition has affected pricing power and she sold her holdings. Until you see the pricing pressure reversed, the stock is going to have a pretty hard time doing much better.


Price:
$62.030
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
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