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

Expert Index

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John Zechner , Chairman

J. Zechner & Assoc


Date Signal Chart Symbol Company Opinion Price
2015-05-25 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Economy. Doesn’t think Central bankers have the nerve to do what needs to be done. They have inflated the value of financial assets and over applied the medicine they needed to apply after the financial crisis. We were in a dire situation and the only way to get out was to drive interest rates lower and try to raise the global economy. They left that in place too long and left themselves with no out if there is a problem down the road. More importantly, they have engendered the wrong type of behaviour by inflating financial assets. Companies, instead of spending money on expanding clients, hiring people and growing, are taking that same money and buying back their own stock. That doesn’t create a value and doesn’t create any growth. In a lot of cases, they’re using low interest rates to borrow additional funds, and using that to buy back their own stock. This is also punishing savers. People are going to be forced further out on the risk curve into the riskier assets in order to get a normal rate of return. This is creating a bubble in financial assets. They got the economy going in 2009-2010, but now China is decelerating back because they overspent, Europe is the sort of new golden child, and even at that they have 1%-1.5% growth, which is the best they can do. You also have the US slowing down because of the stronger dollar. They need to be raising rates in order to normalize the process.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
_N/A
2015-05-25 DON'T BUY Must be logged in to use chart ABX-T Barrick Gold

He likes the gold sector in general as he thinks the US$ eventually comes off. However, he would not put this company anywhere near the top of his list. They are still paying for their overexpansion of the past decade or so. Having to sell production right now and get the debt down is going to hamper their growth going forward. He would rather buy midsize Canadian producers that are showing production growth, have a clean balance sheet and might get taken out. This company’s balance sheet is still a mess; their production profile is not that good and they still have to sell assets.


Price:
$15.120
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-05-25 PAST TOP PICK Must be logged in to use chart AGU-T Agrium

(A Top Pick June 2/14. Up 39.72%.) Thinks the fertilizer sector over the next couple of quarters is facing a few more headwinds. This is fairly valued now, so he no longer owns it.


Price:
$132.800
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-05-25 COMMENT Must be logged in to use chart AVO-T Avigilon Corp

Bought some after the last earnings report, where they missed. Looks like sales are coming through, but they are putting costs in place, which they have to do to get their marketing up. It looks like they have growth going forward. The valuations in the sector can go high. Their products are top of the line and still growing. The lower Cdn$ is going to benefit them.


Price:
$18.050
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2015-05-25 PAST TOP PICK Must be logged in to use chart BAC-N Bank of America

(A Top Pick June 2/14. Up 10.84%.) Big American banks look like a good place to hide or to look for value. They are going to start paying dividends again at some point. Earnings are starting to turn. At some time interest rates are going to start to rise, which will benefit the banks. Trading at a pretty good discount compared to our banks.


Price:
$16.750
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-05-25 BUY on WEAKNESS Must be logged in to use chart BB-T BlackBerry

He likes this longer-term and thinks it gets taken out in the next couple of years. Loves what John Chen is doing. Likes the morphing over to the software. There is a lot of value in those assets in the company. However, he has taken a little bit of money off the table in the short term as he thinks devices are really going to disappoint in the next round of device sales. He would buy back under $12.


Price:
$12.820
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2015-05-25 TOP PICK Must be logged in to use chart DIS-N Walt Disney

This has been the greatest growth stock over the past 40-50 years. What he likes is the way they continue to change and adapt to the market that is out there. More importantly is that they take all of the content and cross sell it in the various media, whether it is television, gaming, merchandising, theme parks, etc. There is no bigger owner of content globally. Market multiple is only 20X for all of this. Dividend yield of 1.04%.


Price:
$110.260
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2015-05-25 PARTIAL SELL Must be logged in to use chart DOL-T Dollarama Inc.

Still a lot of growth ahead for this company. Fantastic merchandisers. The way they are rolling out their product line and their price points, makes a lot of sense. This has done well because 1) they have delivered on earnings and 2) beaten expectations. Also, as money came out of resources, investors were looking for other areas, and there is a very narrow universe of stocks available. Feels that people are no longer going to be paying the 20, 25 multiple for companies that are growing at single digits, and this company may get caught up a little bit in that. If you own, he would consider Selling half your position, and come back to it on some weakness.


Price:
$70.490
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-05-25 DON'T BUY Must be logged in to use chart GM-N General Motors Corporation

If you are going to be stepping into an auto sector right now, he doesn’t know if he would be going into a US manufacturer. The auto cycle is getting a little bit extended, but more important, the strength of the US$ is going to be such a headwind going forward. He would rather play something in Canada like Martinrea (MRE-T), a parts manufacturer with a lot of European growth. They have a production profile over the next couple of years that is going to show some growth, and is trading at about 10X current earnings and 4X operating cash flow.


Price:
$35.700
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-05-25 PAST TOP PICK Must be logged in to use chart GOOG-Q Google

(A Top Pick June 2/14. Down 2.3%.) Kind of choppy, but they are not doing anything wrong. Hitting their numbers and everything is in place. The reasons to like this company are all still in place. What they own and deliver in Search is so important. Their acquisition strategy is exceptionally strong. Also, the android operating system, which he thinks is the most powerful operating system globally, is certainly the most used. They own it and they are giving it away for free, but this is an asset they are going to monetize as some point in time.


Price:
$540.110
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2015-05-25 COMMENT Must be logged in to use chart HBM-T Hudbay Minerals Inc.

Sold his holdings recently when it went through the $12 level. Got a little concerned about the copper move and commodities in general. Still have to raise some financing. They have some production growth over the next couple of years. A little bit strapped cash wise and need to do either a financing or a royalty agreement on some of their future production.


Price:
$11.350
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-05-25 COMMENT Must be logged in to use chart LEG-T Legacy Oil and Gas Inc.

The kind of stock you would buy if you were really bullish on oil right. Has good production and strong management. The current debt/cash flow ratio is huge at something like 5 or 7 times. This is why the stock has been pummelled so badly. If oil prices do another downturn or stay down for a period of time, companies like this are at a financial risk. He thinks oil will check back into the $50 range.


Price:
$3.020
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2015-05-25 HOLD Must be logged in to use chart LUN-T Lundin Mining Corp.

If you like copper this is one of the better ways to play it. Copper stocks are very cheap. Have had some good growth off of acquisitions over the last couple of years. The risk is copper prices in general. If the US$ keeps on rising the way it has, copper prices will remain under some pressure. This is a risk in the short term. Longer-term, global supply is somewhat restrained and he thinks the US$ is closer to the end of long bull market than he has seen for the past couple of years. That should benefit the commodity producers.


Price:
$5.740
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2015-05-25 TOP PICK Must be logged in to use chart MFC-T Manulife Financial

Have done a pretty good restructuring over the past couple of years. A rising interest rate is going to benefit the life insurance companies. They reduced their exposure to the stock market volatility pretty dramatically. More importantly, their core earnings growth is coming through. Have growth in Asia and strong growth in wealth management. Trading at a discount to what insurance companies typically have traded at, and a big discount to what the banks are trading at. Dividend yield of 2.96%.


Price:
$22.940
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2015-05-25 DON'T BUY Must be logged in to use chart MX-T Methanex Corp

Their feedstock costs are lower than most. Have locked in a lot of long-term feedstock costs, so have been a little bit immune to some of the moves within the market generally. This has done well over the past number of years, but he finds the single commodity companies somewhat volatile. They are supply/demand determined in a more volatile way.


Price:
$70.990
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
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