Viewing Expert Jennifer Radman | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Jennifer Radman , VP & Sr. Portfolio Manager

Caldwell Investment Management


Date Signal Chart Symbol Company Opinion Price
2017-05-09 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. One of the most pressing issues for Canadian investors is closet index products. There was a report looking at all the global markets, and found that 37% of mutual funds in Canada are closet indexing. If you do the math on the amount of assets in Canada, this is a $275 billion problem, just on the Canadian equity category alone. Closet indexing is when a manager takes a very small bet, differentiating from the market Index relative to what they are charging and claiming to be as a product. For example, say there is a new market opening up on Mars, and a manager is investing in this new market. There is a company that is the largest in the market. The manager does due diligence, and ultimately decides the stock is not going to do well because of many issues. However, they decided to put a 3% weighting in the portfolios. The only reason they own it is because it is the largest stock on the market. If it is a 5% weighting, you own 3% in your portfolio, you are technically underweight the market, and that is your active call. There are a lot of Canadian managers that are hugging underlying index, and not making an active bet, to be different from the market. She only tries to invest in what she thinks will do well. Whether it is a big or small part of the index, whether it is the main sector or not, she is just looking for the best opportunities.


Price:
$0.020
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
_N/A
2017-05-09 TOP PICK Must be logged in to use chart APOG-Q Apogee Enterprises Inc.

For the most part, they create the glass you see on buildings, and do the installation. The new CEO is implementing a strategy to create value including good operating efficiencies, starting to do some M&A, and building scale. They shifted to doing higher office towers, which are very cyclical. Now they are looking to penetrate some of the lower, midsize which are a lot more “steady Eddie” and not as cyclical. As they continue to show good execution, the multiple on the stock should expand. Dividend yield of 1%. (Analysts’ price target is $65.)


Price:
$54.250
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-09 PAST TOP PICK Must be logged in to use chart BR-N Broadridge Financial Solutions Inc.

(A Top Pick May 24/16. Up 7%.) Offers financial solutions to the financial services sector. They touch nearly every financial services company. This consolidated some good performance, and she expects some good results going forward. Good cash flow generation.


Price:
$68.360
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-09 PAST TOP PICK Must be logged in to use chart CSCO-Q Cisco

(A Top Pick May 24/16. Up 23%.) This company, throughout its history, has done a good job of changing with the times, and it is doing that now, morphing into services into more of a recurring venue business. There is still skepticism on whether they are big enough, and how long that transition is going to take. Feels that has been keeping a lid on the valuation. She feels there is more upside on this.


Price:
$33.900
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-09 TOP PICK Must be logged in to use chart CTSH-Q Cognizant Technology Solutions Corp.

They are on the business technology outsourcing side, for financial services firms, healthcare firms, mostly figuring out how to use technology to make your business better. There were a few headwinds, and those are starting to lapse. They had an activist investor come in, and the board put together a plan to derive value creation, and that is starting to work. She sees quite a few more legs on this. Yield of 1%. (Analysts’ price target is $70.)


Price:
$64.170
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart DIS-N Walt Disney

Well-run company. Have had spectacular share price and value creation over the last decade. For the longest time Disney, with ESPN, was bucking the trend. There was so much concern on the media group, and trading at valuations at a fraction of the market, and this company was able to do a lot better. In the last couple of quarters, there has been concern on cord cutting. The subscriber growth really hasn’t been there for ESPN. At the same time, they are getting a lot of cost pressures in signing deals, NBA was the latest. Sports franchises want more money, and are not necessarily getting revenues on the other side. That is a key concern for investors. On the theatre side, you are lapping a pretty big year in 2016, where they had the Star Wars franchise. There are a lot of headwinds that the stock still needs to get through. Trades at a premium valuation.


Price:
$112.070
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-09 PAST TOP PICK Must be logged in to use chart DOX-Q Amdocs

(A Top Pick May 24/16. Up 10%.) This is just consolidating some good performance. She likes this because it is so central to wireless companies as they merge with cable and Internet companies. Thinks this will continue to do well.


Price:
$61.820
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart DRI-N Darden Restaurants

The quick serve trendy kind of restaurants is really where the consumer money has been flowing, so investor money has been flowing there. This company has done some work in righting the ship. There is some opportunity here, but getting the format right will be important.


Price:
$87.270
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart F-N Ford Motor

It seems like there are a lot of concerns by investors that we are getting into the late innings of this market cycle. If there is a recession around the corner, what does that mean for highly cyclical companies? We are getting very low valuations on the Sell side. These companies have all dramatically reduced their costs, so that they are breaking even. We are currently at 17 million vehicles, and their breakeven is 11 million, whereas, historically it was a lot higher. Investors will find that earnings will hold up a lot better than what is expected, so that is an opportunity. The question is, do you want to own a cyclical going through a downturn?


Price:
$11.160
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart GD-N General Dynamics Corp.

A US defence stock that is likely to perform well in the next year? Defence stocks have started to perform well. Pres. Trump’s promise to rebuild the military and taking on ISIS is certainly good for the sector. She doesn’t really invest in the stocks that will harm people, but what she has read indicates General Dynamics (GD-N) and Raytheon (RTN-N) would be a good way to play it.


Price:
$196.590
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart GILD-Q Gilead Sciences Inc.

A biotech stock that screens very well. On a valuation and cash basis, it looks great. The problem is, there are really only 2 products that account for the bulk of their revenue, and they are coming on patent cliffs. This gives increasing competition, so there are dramatic declines in revenue generated by these drug franchises. The biotech sector has gone from being a darling in mid-2014 into a discount position. She hasn’t played the biotech space, just because she sees it as a binomial event.


Price:
$67.610
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart HCG-T Home Capital Group

This has been beaten to death by the media. Doesn’t know if she can add much more to the story. When you have very short term deposits funding longer-term liabilities and confidence leaves the market, that is huge. She thinks it is a good enough business that they are selling some of the assets, so there may be opportunities to get some of the value back for the company. At this point, it is a confidence game with a high degree of speculation.


Price:
$8.860
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart KKR-N KKR & Co. LP

Has owned this for a number of years. There has been concern as to how much leverage there is when taking over companies, and what happens when interest rates increase. That may put some pressure on some players. Coming out of the downturn, there were a lot of private equity players, and not all of them did well. There is a big difference in returns between top players and the others, so there has been a lot of asset flows coming into the top players. It seems that it helps not having to use as much leverage when you are taking over companies. So far, she hasn’t seen any impact on the valuations.


Price:
$18.970
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart KO-N Coca-Cola Company

Coca-Cola (KO-N) or PepsiCo (PEP-N)? These are both struggling with the carbonated soft drinks side of things. There really hasn’t been much in terms of revenue growth for either. This company has a new CEO coming on board. They have some initiatives they are working on now, but it is going to take some time to grind through. She’ll just watch from the sidelines.


Price:
$43.510
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart KR-N Kroger Co.

The grocery space has been really, really tough. Underperformance relative to the market really shows that. There has been a lot of competition coming in such as Wal-Mart (WMT-N) and Costco (COST-Q). Now you are getting potential online entrants. If Amazon (AMZN-Q) decides to get into an industry, completely decimate margins, and operate at what seems like a loss in order to take share, it is really tough for incumbent competitors. She would be on the sidelines with this.


Price:
$29.050
Subject:
US LARGE
Bias:
UNKNOWN
Owned:
No
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