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

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Date Signal Company Expert Opinion Price
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Markets. Thinks the markets will go higher. Valuations are looking a little stretched, but there is no other game in town. Commodities don’t look attractive, bonds don’t look attractive, real estate has been good but he doesn’t see that going much higher. We are in a multi-decade bull market movement in equities. It has gone on for 5 or 6 years now, but what kills a bull market are recessions, and he doesn’t see this, at least not south of the border. The likelihood is that we are marching towards an eventual Fed tightening. Whether it is in the 1st half or the 2nd half of next year is hard to predict, but he tends to be in the 1st half. Once we see that happening, it will be clear that the rally in bonds is over, once and for all. Money that is sitting in bonds is eventually going to have to find a home, and he thinks that is going to be in equities. Equities in this low rate low inflation environment still offer good value, even at this level. You have to pick your best horse, and he thinks that is in US equities, simply because the US has the best fundamentals anywhere in the globe. Because growth is strong and it is rebounding, you want to be in cyclicals i.e. 1) industrials, 2) technology and 3) energy-later cycle, but keep in mind that energy will be quite weak in its financials. And then energy and materials much later.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: _N/A
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Energy. OPEC is debating whether to reduce the quota, which is roughly 30 million barrels a day. It really comes down to Saudi Arabia and what they want to do. Saudi Arabia and Iran do not exactly see eye to eye. Nor does Iran and Venezuela, etc., etc. There are huge agendas which has a lot to do with 1) religion, and 2) who is facing sanctions. All of this is weighing on energy, so there is no consensus. However, the history of OPEC has been one of making a statement and then cheating amongst themselves. Thinks oil will remain under pressure, so for oil investors, that is bad news.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: _N/A
2014-11-25 TOP PICK Apple
AAPL-Q
John Stephenson

Looking at technology, it has become a bifurcated market. Some of them are just getting smoked and some are struggling, and yet you see this one trading at a relatively low multiple. It really has the best ecosystem in technology. There are well over 50% margins on the iPhone. Don’t know what their sales are yet officially, but there are rumours they are in the 60 million+ already. He thinks it is certainly worth north of $150 a share. Yield of 1.58%.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 WATCH Bombardier Inc (B)
BBD.B-T
John Stephenson

Longer term, more than a year, it has a very attractive future. Fundamentals are quite good and the stock is inexpensive on a multiple basis. The issue short term, less than a year, is essentially a weaker future. Spending a lot of money, so are incurring a lot of capital expenditure to develop the C series. The ramp to development of the C series order book is not all that clear. There have been a lot of issues with the C series. It will probably be a year before he is ready to commit money.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 HOLD Bonavista Energy Corp
BNP-T
John Stephenson

Thinks this is okay. Doesn’t see a tremendous amount of catalysts for it. He is struggling to find names that will work for investors in the relatively near term, 5-6 months, given his bearish outlook for oil and gas. Fundamentally it is fine and doesn’t see any major problems.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Baytex Energy Corp
BTE-T
John Stephenson

Likes that this is heavy oil. It has been a great stock looking out over the past 10 years or so, but it has been very disappointing. Sold most of his holdings, because it just wasn’t working. The issue for all oil companies is oil and oil prices. Oil is $76 and he expects we will touch $60 before we touch $80 again. The term structure and the futures are telling you that, and also he doesn’t see strong global growth. (Absent the US and to a lesser extent Canada.) Doesn’t see the dividend being an issue at present.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 PAST TOP PICK CitiGroup
C-N
John Stephenson

(A Top Pick Nov 7/13. Up to 12.43%.) Cheap. Trading at an 8.5X forward earnings multiple, versus the historical 55 year multiple of 15.5 times. Thinks they’re going to get their capital plan finally approved in March, which will allow for quite a bit of that cash flow to come back in the form of a dividend.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 SELL Connacher Oil and Gas
CLL-T
John Stephenson

The principal problem is the debt and they are poorly capitalized. Also, price of oil has come under considerable pressure. They are developing long-lived assets, which mean there is really not much probability of bringing forward their cash flows into the here and now.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 BUY Dow Chemical
DOW-N
John Stephenson

This is looking a lot better. There is an activist involved, which is one that tends to get the results. The chemical industry in general is one that is ripe for activism. A very cyclical industry. They tend to do things just at the wrong time. In general there is a renaissance in the chemical industry, because of low gas prices and a resurgence of the US oil/gas industry. This is probably a good time to be in this.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 PAST TOP PICK Encana Corp
ECA-T
John Stephenson

(A Top Pick Nov 7/13. Up 8.42%.) Thinks the company has done a really good job. A much improved company. Have phenomenal assets. This is the name that should be on every investor’s short list of energy names.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 TOP PICK Element Financial
EFN-T
John Stephenson

Equipment leasing. In a growing and underserved area of the market. He expects to see growth in this market. You can see earnings per share growing at roughly 80% per annum for the next year or so. This will benefit from an eventual recovery in spending on machinery and equipment. A “screaming buy” right now.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 WEAK BUY Ensign Resource Service Group
ESI-T
John Stephenson

Overall, this name is fine, but is very sceptical about land drilling in Canada given what has happened. We are still infrastructurally charged. Gas lines certainly seem to be something that is happening, but oil pipelines are more problematic. Drilling in Canada has definitely slowed over the last 2-3 years. If you want to “trade” the name, seeing that there is some seasonality in gas, that would be fine, but he wouldn’t make it as a long-term hold.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 COMMENT Fortis Inc.
FTS-T
John Stephenson

Nothing wrong with this one, and has been a really good name for investors, because it has been defensive. However, we are in an era where you are going to see growth in the US, and to a lesser degree Canada, and the economy is coming out of 2008-2009 financial crisis in pretty good shape. As a result, he doesn’t think you want to be in something that is very defensive. Utilities are the most defensive, because they are monopolies, regulated and have limited growth. A 1% move in Canada could reduce the price of the group, between 10 and 15%. He would be looking to take money from this.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Hudbay Minerals Inc.
HBM-T
John Stephenson

Sees this being flat for 1-1.5 years. Doesn’t see any growth. One of your more defensive names because of its cash position, but it is a muddled mixture of zinc, a little bit of copper and gold now. Well run company and a good company, but truthfully the sector that looks the best is copper. He would suggest you buy Lundin (LUN-T), followed by Teck resources (TCK.B-T) and forget about this one.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Lake Shore Gold
LSG-T
John Stephenson

A disaster waiting to happen. He sees this as a producer that is very challenged going forward. His overall view on gold is very bearish. Most gold companies start to run into trouble, certainly below $1200 an ounce, but around $1100, $1000 and $1050, you have real issues with virtually everyone. It has debt and really no growth, and gold is going the wrong way.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 TOP PICK Newmont Mining (US)
NEM-N
John Stephenson

*Short* Hates gold companies and gold prices. We are in for another decade or more of disappointment. This is one of the few material names in the US, so it is widely held by generalists, but what it doesn’t have going for it is growth. Has had no growth for years. Huge issues with debt at $6.8 billion. It needs to spend roughly $2.6 billion over the next year or so, just to maintain production. If the Swiss don’t vote for gold to be backed by the central bank reserve, then gold will be under pressure and gold stocks will be very, very weak. Yield of 0.51%.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 DON'T BUY Niko Resources
NKO-T
John Stephenson

If you want to be on one side or the other, then you should Short it and hope to buy it back for less. Doesn’t see any catalyst for growth. This company has had a lot of problems.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 COMMENT Northland Power Inc
NPI-T
John Stephenson

Great company, but he thinks we are going into a rising interest rate environment. This will get slaughtered along with some of the other yield names. Thinks you are looking at 10%-15% downside. You’re okay for now, but 6 months to year from now, he would be exiting this name.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 HOLD Paramount Resources
POU-T
John Stephenson

This is the name that just suffers from any obvious catalyst. Thinks it will go sideways. A decent name.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Surge Energy Inc
SGY-T
John Stephenson

If you own, he would Sell and take your profit, or at least not Buy any more. This is a good story. They have grown through acquisition and the acquisition story has basically dried up out west, so there is not the same degree of options for management to buy. They have 24% production declines through their producing properties, which mean they have to figure out a way to grow production by 24% to remain flat on an annual basis. He doesn’t see how they could make this happen.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 COMMENT Suncor Energy Inc
SU-T
John Stephenson

3 to 5 year hold? He would see lots of growth over that length of time and it is a good idea to invest with that time horizon in mind. This company has long reserves and a lot of optionality in terms of its property as well as a lot of growth. With this long-term horizon, you can’t go wrong.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 COMMENT Twin Butte Energy
TBE-T
John Stephenson

This is a “steady Eddie” player. Given that, he thinks it won’t do anything. Dividend is safe and if you are buying it for the dividend, you could buy some. If it’s for capital gain, he doesn’t think you are going to get any.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 PAST TOP PICK Toronto Dominion
TD-T
John Stephenson

(A Top Pick Nov 7/13. Up 22.96%.) They have actually lagged in the US, in terms of loan growth. They’re not quite getting the follow-through that he would have hoped. It represents the best exposure to the US of any Canadian bank.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 BUY Trinidad Drilling Ltd
TDG-T
John Stephenson

Of the drilling companies, he feels this is one of the better ones. Has a newer fleet and has some geographic diversity. Overall he thinks it is a fine name, but drilling is considerably lower. This is a seasonal trade, so buy it and sell it a little bit later.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Whole Foods Market Inc.
WFM-Q
John Stephenson

Basically a Hold at best, but probably a Sell. It has had a series of disappointing guidance. There was a lot of worry about margins declining or continuing to decline because of competitive pressures. It was a great story, but right now the bloom is off the rose and he would be avoiding it.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 COMMENT Westjet Airlines
WJA-T
John Stephenson

Chairman has trimmed his personal stake by over $40 million, but still owns over 1% of the company. If this was because of tax planning, which it often is, that is a fair enough reason. If you see more than one insider, particularly the CFO, that would be a worry. This doesn’t change his opinion. In the Canadian Airlines, you are seeing an expansion. This one has no union and strong growth ahead of it. Low cost base because of its model. Thinks this continues to grow.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 HOLD WesternZagros Resources Ltd.
WZR-X
John Stephenson

Still has a positive view on this company, but realistically at this point, given all that is happening and its location, it is going to be a slow grind higher. Have stabilized some of the cash and immediate needs, but he doesn’t see this as a home run but at the same time, he doesn’t think you have to sell it as the worst is over.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Oil may be going into the $60s and Brent may be going into the $70s.  What we see in the extremes is that more and more people pile onto the trend.  In this sector you get more volatility.  The energy sector is currently his biggest waiting in his sleep at night portfolio.  He has primarily the Canadian sector because it has been hit harder than the US.  ZEO-T is the ETF he uses.  The biggest in Canada don’t dominate this ETF.  It is one of his bigger positions that he accumulated over the last couple of months.  Small cap markets are getting stretched here.  Small caps are lagging again.  In a robust market, small caps should be leading.  This is telling us the underlying markets are actually weak. 


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-11-24 BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Caller asked for a recommendation for an ETF for 5 years for a RESP account.  There is no growth in fixed income and probably only 2 or 3 percent.  With a bond fund not having a maturity date, there would be interest rate risk.  He recommended a fund he manages for BMO, the Global Tactical Dividend Fund, the ‘D’ class.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Yes
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Interest Rates.  He and his guest felt interest rates will not be raised next year.  The world economy is slowing even though the US is growing slowly.  Only 37% of Americans are employed, down from 42 in 2007.  There isn’t enough demand to create inflation.  They won’t want to raise interest rates at a time when they will affect the 2016 election. 


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Peter Brieger

Markets.  The market is in over bought territory.  Either the market will move sideways, or you get a decline.  It will be 5 or 10% at the most.  He thinks Russia could spook the markets regarding the Ukraine.  Thinks we may be nearing the bottom in oil prices.  Sees continued improvement in corporate profits.  Sees a reenergized US consumer.  The outlook is improving dramatically.  There is room for a PE adjustment to the upside.  US inflation should ramp up next year.  Wage rates will be up as unemployment rates come down.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Markets.  Stocks are meandering higher. There is a perception that they are zooming higher because the S&P hit a record level again. That can happen day after day and still be a meandering market. Multiples right now are at about historical levels. 15 years ago we were trading at about 16X expected 2015 multiples, and the long-term average is just a fraction ahead of that at 16.2X. There is not a lot of volatility, so you don’t see big swings in the market. Complacency is always a bit of a worry. Through the October correction, there was a feeling that this might be a bigger correction. The true effect of a correction is to feel some pain. When you have V shaped bottoms, you don’t feel a lot of pain. It is essential that you buy things at the right price and don’t chase and buy high valuations. You never see risk and damage until it is too late. Overall he is constructive on the market and this meandering can continue for awhile.


Price: $0.020
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: _N/A
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Tax rules on non-Canadian assets.  For anyone who has over $100,000 cost base in non-Canadian assets, outside of registered plans, you must file a T1135. If you don’t file this form, the fines are up to $25 per day, to a maximum of $2500. (Gordon has an article on his website http://www.goodreid.com. You sign up for e-articles.)


Price: $0.020
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: _N/A
2014-11-24 HOLD Apple
AAPL-Q
Gordon Reid

Not as good a value today as it was 6 months or a year ago. Got to a point where it was priced for extinction. There was no premium built into the stock for innovation. There was a period of time when the capital allocation policy was really not a good one. A lot of that has changed. Also, they are now in China. The latest analysis says that they could do over 70 million units of the iPhone 6, a high-margin product. That will put their gross margin into the 40% range. At this price, it is trading at about 16X earnings, and if you net out the cash you are down into 13X. Still not expensive. Have a policy of capital allocation where they return to the shareholders the equivalent of about 8% of their market cap per year, both in dividends and buybacks. Feels the market is starting to recognize that this company can still innovate.


Price: $118.625
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Yes
2014-11-24 HOLD Agrium
AGU-T
Peter Brieger

You are looking at a 5% total return.  It does not interest him.  It is getting tired.  He is considering selling it.  If you are a long term holder, then continue to hold it.  The world has to get fed.  He is considering moving to Monsanto (MON-N).


Price: $112.420
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 TOP PICK American International Group
AIG-N
Gordon Reid

A pretty simple property and casualty business with some wealth management on the side. Trading at a discount to Book Value at about 70% of Book and about 10X earnings. It is trading down here because its ROE is not as high as some of its competitors, but it is getting there. They are doing a lot of the right things. Earnings are being funnelled back to the shareholders. Making money on its underwriting in addition to its investment portfolio. Yield of 0.91%.


Price: $55.100
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Yes
2014-11-24 COMMENT Bank of America
BAC-N
Gordon Reid

Every company, sector and industry has valuation metrics that they respond best to. The banks, because they tend to be quite cyclical, don’t respond well to earnings. The thing to look for in banks is Book Value, or more specifically tangible BV. Because of what happened in 2008 with the regulation that came out and having to raise an incredible amount of capital to satisfy the regulators, the banks have struggled a little.  Stock price has fallen to where they are trading at a discount to Book Value. This one is probably around tangible book. His favourite is Citigroup (C-N), which he feels has a good runway ahead of it.


Price: $17.180
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Unknown
2014-11-24 TOP PICK Beacon Roofing Supply
BECN-Q
Gordon Reid

2nd largest roofing company in North America. Analysis shows that roofing growth is going to be about 6% per year, over the next number of years. 60% of US homes were built prior to 1980, and if your roof needs replacing, you can only put it off for so long. Trading at a reasonable multiple.


Price: $29.100
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Yes
2014-11-24 TOP PICK Bank of Montreal
BMO-T
Peter Brieger

He has been buying it for years.  Likes their presence in Chicago with Harris bank.  As the US does better, so should this bank.


Price: $83.200
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 WEAK BUY Bonavista Energy Corp
BNP-T
Peter Brieger

Have had a checkered existence because of a past dividend cut.  But given the current yield and that management learned something about keeping their word, you could own it.  The 7% dividend is a bit of a risk.


Price: $10.700
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 BUY Bank of Nova Scotia
BNS-T
Peter Brieger

Recently announced some cutbacks and puts some negative attention on them.  It means they are not sitting by and letting payrolls build.


Price: $70.190
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 PAST TOP PICK Canfor Corp
CFP-T
Peter Brieger

(Top Pick Nov 25/13, Up 25.64%) He sold it during the interest rate scares.  His re-entry point would be $24/$25 level.  Seasonality will keep him out until spring.


Price: $27.380
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY iShares Premium Money Market E.T.F.
CMR-T
Larry Berman CFA, CMT, CTA

Stock vs. Stock.  FIE-T vs. CMR-T.  CMR-T is a money market fund.  FIE-T is a multi holding income strategy holding all kinds of assets, so there will be more volatility.  When markets are up go into CMR-T and FIE-T when they are down.


Price: $50.030
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-24 BUY Crescent Point Energy Corp
CPG-T
Peter Brieger

One of his favourites.  He has owned it forever.  One of the premier oil companies in Canada.  They have been skillful in buying acreage that they think is highly prospective and it has turned out to be just that.  They have looked for companies that have similar acreage to acquire.  They are looking at 7600 wells to be recovered through water flood.  The incremental cash flow is attractive.


Price: $36.040
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 SELL Cisco
CSCO-Q
Gordon Reid

Feels this is probably being driven more by the market, and less by company fundamentals. They were a high-growth, exciting, cutting-edge technology company 10 years or so ago, but have become a fairly old, staid, slow growth technology company. The 2014 revenues are below the 2013 revenues.


Price: $27.030
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: No
2014-11-24 PAST TOP PICK CVS Health
CVS-N
Gordon Reid

(A Top Pick Dec 3/13. Up 38.14%.) Likes this area quite a bit. A domestic play, so you don’t have to worry about the improving US$ against every other currency. They no longer sell cigarettes in their drugstores, and this is a major road that they are going down. Looking to capture insurance contracts, federal contracts, federal health, and this can be highly additive to this company’s operations.


Price: $90.870
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Yes
2014-11-24 HOLD DuPont
DD-N
Gordon Reid

A private equity group is trying to divide the company between the old slow growth chemical company and the new high tech agricultural company. The company has stated that they are interested in the creation of shareholder wealth. This is a good situation. They are not trading in an expensive way. He’ll continue to own and let the activists’ stuff work itself out.


Price: $72.150
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Yes
2014-11-24 TOP PICK Ensco PLC
ESV-N
Gordon Reid

(A Top Pick Dec 3/13. Down 28.70%.) There has to be stabilization of oil prices. If that happens, money will start to flow back into the sector. They have very strong fundamentals. Their backlog is growing with over 2 years of revenue in backlog. Grew their backlog last quarter by 10%. In the deepwater area, virtually all of their fleet is contracted out a couple of years. When oil stabilizes, you will start to see companies like this return to normalized multiples. Right now they are trading at about 4X EBITDA which is 30%-40% discount to where it should be trading at.


Price: $39.900
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Yes
2014-11-24 BUY Ford Motor
F-N
Gordon Reid

Feels the automotive industry has a ways to go. They are at a run rate of about 16-16.5 million units, which he feels could probably grow to 18-18.5 million. The bigger story is in Europe and what their European operations are doing. Have gone from losing $1 billion a year, a couple of years ago, to making some headway. However, recently they got some negative headlines out of Europe. At this price, he wouldn’t have a problem buying this company. Thinks it is probably the best of the automakers and has some upward movement in it. You can probably do well in the next few years.


Price: $15.670
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Unknown
2014-11-24 COMMENT FedEx
FDX-N
Gordon Reid

Have a program of cost-cutting and are aiming at $1.6 billion per year in cost savings. The stock has built this in, but he feels there is of a bit more room to go. One of the things that will help this company is jet fuel prices.


Price: $175.530
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Unknown
2014-11-24 BUY iShares Cdn Financial Monthly Income ETF
FIE-T
Larry Berman CFA, CMT, CTA

Stock vs. Stock.  FIE-T vs. CMR-T.  CMR-T is a money market fund.  FIE-T is a multi holding income strategy holding all kinds of assets, so there will be more volatility.  When markets are up go into CMR-T and FIE-T when they are down.


Price: $7.500
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-24 STRONG BUY Goldcorp Inc
G-T
Peter Brieger

He likes gold.  It is too early to say gold has hit its bottom.  You see gold basing here on a 5 year chart.  Gold is approaching a very strong buy here.  This is his favourite in the group.  It is ending its CAP-X cycle so you are going to see pretty strong growth in cash flow.


Price: $23.030
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 DON'T BUY General Dynamics Corp.
GD-N
Peter Brieger

It has had a good run.  Russia and the Ukraine will focus investors on defense stocks.  But this one is very overbought.


Price: $144.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 WEAK BUY General Electric
GE-N
Peter Brieger

If you have a wide number of US holdings then you should be more specific than this one.  Otherwise he thinks this one will be much higher in 1 to 3 years.  Prefers companies with narrower exposure.


Price: $27.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 COMMENT General Electric
GE-N
Gordon Reid

Recently sold his holdings. Didn’t really like the Alstom deal they did in France. It was a good deal when it was first struck and then Siemens came in and made a bid followed by the French government getting involved. Also, thinks the strength of the US$ against the euro is going to continue.


Price: $27.000
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: No
2014-11-24 BUY Halliburton Co
HAL-N
Peter Brieger

He is particularly interested in it after their acquisition.  It is cheaper than SLB-N.


Price: $49.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 SELL Hewlett-Packard Co
HPQ-N
Gordon Reid

Trying to get ahead with this one is a tough go. The CEO has done a good job, but a good job with a bit of a mess. Have been very poorly managed at the board level and have made some really bonehead moves.


Price: $37.500
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Unknown
2014-11-24 BUY H&R Real Estate Inv Trust
HR.UN-T
Peter Brieger

REITs. H&R is one of his favourites.  He is favourable to REITs now.  They took a nasty hit during the taper scare last year.  All REITs should do well, especially HR.UN-T.  6% yield. 


Price: $22.280
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 TOP PICK Inter Pipeline
IPL-T
Peter Brieger

(Top Pick Nov 25/13, Up 40.53%)  As you see the increase in utilization of existing pipelines you will see further dividend growth.  14-15% return is pretty good.  Keystone could provide even more potential for dividend growth.


Price: $34.570
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 WAIT Johnson & Johnson
JNJ-N
Gordon Reid

A well diversified company because it has the consumer side, the pharmaceutical side and the medical device side. The thing he doesn’t like about it now is that it has had a very good run, but the price has eclipsed the rate of growth of the earnings. Valuation has risen into the high teens, and their growth rate just doesn’t support that type of evaluation. This is one that you can wait on and buy from time to time, but he wouldn’t buy it now.


Price: $106.880
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: Unknown
Showing 1 to 60 of 134,333 entries
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