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

Recent Opinions

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Date Signal Company Expert Opinion Price
2017-09-21 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Markets.  We are in a long slow expansion that has been going on for quite some time now.  There is very little excess built into the system.  The US Fed will work to normalize interest rates and it is important that they do that.  It speaks to the confidence that the Fed has in the sustainability of the recovery.  What’s working is a reflationary trade.  We are seeing a rotation from tech to cyclicals.  Europe and Japan are working hard to keep rates lower.  We saw secular lows in interest rates 16 months ago.  Bonds do not look very attractive.  There are controls in China being brought in that limit foreign real estate investment.  We are seeing real estate in Canada slowing down and also auto sales slowing down.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2017-09-21 DON'T BUY Allergan PLC.
AGN-N
David Burrows

We are in a structural bull market for equities.  We are skating through the two toughest months of the year without much volatility.  Don’t buy a company that has been put into the penalty box.  Stocks that have broken down have an army of people who just want to get their money back.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-21 BUY Amazon.com
AMZN-Q
David Burrows

This is right at the heart of one of the most important secular themes which is on-line retail.  It has been a top pick and his view has not changed.  The trend is very clearly higher.  This can only be one part of a portfolio.  There are always risks and you have to know where to exit.  They have a very low cost of capital and they have gone and disrupted a lot of industries.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 TOP PICK Bank of America
BAC-N
David Burrows

It is a more domestically focused bank.  40% of business is from corporate and consumer banking.  20% of revenue is from wealth management which they have done a good job with.  Business conditions are improving in the US.  Higher interest rates are going to give them the ability to make a better interest margin.  ROE could go from 7 to 10%.  It is trading at 1 times its book value vs. 3 for norms and for Canadian banks.  (Analysts’ target: $27.00).


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 TOP PICK Caterpillar
CAT-N
David Burrows

It has done well through a difficult period.  80% of the revenue from that sector was just replacement parts.  This equipment wears out and has to be replaced and maintained.  It has the fastest earnings revisions of any S&P company.  (Analysts’ target: $125.00).


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 BUY Canadian Western Bank
CWB-T
David Burrows

It has had a wonderful rally.  He is more constructive now on energy than in quite some time.  This is a help from western Canada.  He prefers US banks to Canadian but certainly this one is acting great and he would not have a problem owning it.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-21 DON'T BUY Discover Financial Services LLC
DFS-N
David Burrows

Payments and financial technology is a great group.  He has preferred V-N for a long time with a more attractive business model.  It has a great international growth path in front of it.  Don’t buy the laggards.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-21 TOP PICK DowDuPont Inc.
DWDP-N
David Burrows

The largest chemical company in the world.  They may break up into three to unearth more value.  They are completely attached to the global economy.  There are billions in savings they can generate in the next couple of years to generate a much better return on their assets.  It just continues to unfold.  (Analysts’ target: $79.00).


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 PAST TOP PICK Alphabet Inc (C)
GOOG-Q
David Burrows

(Top Pick Oct 17/16, Up 20%)  It is in the themes of cloud and search.  You really want to own this one.  He has a significant tech weight because there are so many secular themes here. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 WEAK BUY International Paper Co
IP-N
David Burrows

We are in a process of reflating the system and materials are behaving quite well.  Breadth is expanding and momentum is improving.  He owns another.  This one does look good and pricing is firm.  They should continue to do well.  He really likes the timber companies, though.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2017-09-21 PAST TOP PICK JP Morgan Chase & Co
JPM-N
David Burrows

(Top Pick Oct 17/16, Up 44%)  Financials are a big weighting for him.  There is a multiyear theme in financials ahead of us.  He likes capital markets and net interest margins growing for most of the banks.  The US banks are one by one starting to break out of consolidations after the election last year. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 HOLD Linamar Corp
LNR-T
David Burrows

Ten year investment?  This is tough.  They are great at execution and built a great business.  He likes the auto group but there is improvement happening in various parts of the world.  If he had a choice, he would buy MG-T (which he owns) over LNR-T, which is a hold.  There are no transmissions in an electric vehicle.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2017-09-21 BUY Manulife Financial
MFC-T
David Burrows

When you buy an insurance company you are buying a giant investment portfolio.  He is very constructive on the world’s economic condition.  He believes we have likely seen the generational lows in interest rates.  Over 15 to 20 years we will likely see interest rates rise.  MFC-T has done a good job of building a strong franchise in Asia.  He likes the sector.  They are under owned.  Their legal issue is in the price and is not likely to recur tomorrow. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 STRONG BUY Nvidia Corp
NVDA-Q
David Burrows

It is in the center of a couple of structural changes taking place in the world’s economy.  One is artificial intelligence and autonomous driving and the other is augmented reality.  Breadth within the semiconductor industry is expanding.  The multiples are expanding.  This is a leader in the group.  It broke out recently – a nice break out, and then pulled back over the last couple of days.  There are always shakes in these types of stocks.  This is a great entry point.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 PAST TOP PICK Pioneer Natural Resources
PXD-N
David Burrows

(Top Pick Oct 17/16, Down 23%)  He used a stop loss.  The tidal theme went out and he exited.  After a difficult year he got stopped out.  He was X-energy until about a month ago.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 DON'T BUY Qualcomm
QCOM-Q
David Burrows

They have legal problems and fights with the street.  You need to move on.  He would focus on others.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2017-09-21 BUY on WEAKNESS Shopify Inc.
SHOP-T
David Burrows

[Is it too late to add?]  Technology is a key driver of the market right now.  You want positions there.  Don’t focus only on one sector.  He has recommended this a couple of times on this show.  They only have a 5% market share at present.  They are moving into credit and delivery.  This is a company that can continue to grow.  These are three and four percent positions in portfolios.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-21 BUY SPDR S&P 500 ETF
SPY-N
David Burrows

It is the one decision way to get exposure to the S&500.  The recent weakness in the US dollar doesn’t hurt.  You will do just fine with it.  We are in a market that is benefiting some sectors more than others so he would like a more targeted exposure.  Financials, industrials – a basket of 3 or 4 of them.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-21 BUY on WEAKNESS Take-Two Interactive Softwar
TTWO-Q
David Burrows

It rallied from $10 to $100.  This is a great sector.  It has gone through this transition over the last number of years.  Now you buy extra weapons and tools on line with real money.  He does not think it is over yet.  He would average his way into something like this.  He owns three of these in a basket.  He would buy any of the three.  It has a PE of 25 but is a highly predictable business model.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-21 WATCH United Technologies
UTX-N
David Burrows

He really likes the industrials.  He likes companies that benefit from capital spending.  This one fits in that camp.  It had a sharp pull back and he would like to see the technical picture in place before he puts new money there. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-20 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Market. Feels the growth trajectory will slow down towards the end of the year. There are some headwinds facing Canada. However, it is a good place to be, notwithstanding it slowing. Thinks it will be more opportunistic towards the back half of the year, so he is positive on Canadian equities. There was a report out of the EIA lowering the Q2 and Q3 forecasts for shale producers. You could see it about $50 for sustained period of time. Doesn’t feel there will be a further rush to increase interest rates in Canada.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: _N/A
2017-09-20 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Murray

Technology.He doesn’t fear technology, he embraces it. There is a massive shift going on with $200 billion worth of advertising revenue. It is currently being picked up by TV networks, but is going to move to Internet-based businesses. Google and Facebook will probably pick up 95% of the business. There is a long road ahead, and traditional media businesses are going to have to learn a new business model and change. The first mover-advantage has gone. Facebook has probably 60-70 million subscribers now, and Disney is looking to pick up 25-30 million. Canadian companies have bought broadcasts and sports networks, so they are starting to build their own content in a better way. He is fully invested, and sees no reason to be un-invested.


Price: $0.020
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: _N/A
2017-09-20 TOP PICK Apple
AAPL-Q
Zachary Curry

This keeps you in the eco system, which is extremely profitable for them. The apps and the music side is keeping you in there. The iPhone 8 and iPhone X should be positive heading into the holiday season. Also, it is not trading at an outrageous multiple. Dividend yield of 1.6%. (Analysts’ price target is $180.)


Price: $156.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 TOP PICK Accenture Ltd.
ACN-N
Zachary Curry

More and more people are moving to the Cloud and not knowing how to do it. Production for this company is helping companies do it. That will grow, grow and grow in his view. Has a huge cash horde, and are very good at integrating acquisitions. Sees it in the $150-$160 range in a year. Dividend yield of 1.8%. (Analysts’ price target is $138.)


Price: $138.010
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 TOP PICK Altagas Ltd
ALA-T
Zachary Curry

Subscription Receipts. They did a big deal with the WGL in Washington, and there is a bit of pressure there, but positive and the fact that you get your $31 back if the deal doesn’t work, and a 7% monthly income to wait. Dividend yield of 7.3%. (Analysts’ price target is $33.)


Price: $28.210
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 BUY Amazon.com
AMZN-Q
Bruce Murray

A great long-term play. It is expensive, but once it actually slows its growth, profitability will skyrocket. They are not going to slow their growth, they are going to keep reinvesting in their businesses. With guys like Jeff Bezos, you just want to bet with them and stay with them. Has a target price of $1250.


Price: $973.210
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 COMMENT American Express
AXP-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is not a favourable one in his view.


Price: $88.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT BCE Inc.
BCE-T
Zachary Curry

He is holding this for the income, which could be under pressure. Doesn’t think you are going to see dramatic increases in the underlying price, but the fundamentals are there. You potentially have a new wireless refresh cycle going on.


Price: $58.930
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT BCE Inc.
BCE-T
Bruce Murray

The business is under assault, but this company has managed extremely well. They are notorious for controlling costs. They’ve done a good job of acquiring companies where they are generating content to offset the business. The broadcast part of the business may go down, but the content part will be there and there will be distribution. People will want to see it. Thinks you are safe with this, but just doesn’t see a lot of opportunities for capital gains. Dividend yield of 4.9%.


Price: $58.930
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT CitiGroup
C-N
Zachary Curry

He would prefer Wells Fargo (WFC-N) or J.P. Morgan (JPM-N). Wells Fargo is more of a retail focused bank and has been under pressure because of some of the news items on opening of accounts. J.P. Morgan is more of a conglomerate bank of investment and retail. It is less focused on international markets, which he views as a positive.


Price: $71.460
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 PAST TOP PICK CBS Corp
CBS-N
Bruce Murray

(A Top Pick Oct 4/16. Up 8%.) He started looking at Facebook (FB-Q) and realized it had a far better business model so he sold this last December.


Price: $59.050
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Cameco Corporation
CCO-T
Bruce Murray

He owns this, because it is a commodity company at the bottom of the uranium cycle. The uranium cycle was upended by the Fukushima disaster. Japan, being one of the big users of nuclear fuel, backed away and have not come back. Natural gas is cheaper in the short term, but we still need a lot of electricity. China is building 60 or 70 reactors and nuclear fuel, in a normal environment, is a low-cost provider. It has very limited environmental impact but has a very negative NIMBY association. There is still no solution in moving spent uranium from a reactor back to some place to store it. Has a $.40 dividend which is secure. This will end up being a spectacular investment.


Price: $12.390
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 PAST TOP PICK Celgene Corp
CELG-Q
Bruce Murray

(A Top Pick Oct 4/16. Up 38%.) One of the outstanding growth stocks in the US medical field. They have a plethora of new drugs coming out. Sales are growing at about 25% per annum. With the current earnings, the target price could move into the $165-$170 due to the growth rate. The company is more likely to surprise on the upside and another $1 of earnings could give you a $20-$25 a share. This could be a $200 stock. Still a Buy.


Price: $144.240
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 BUY on WEAKNESS Corus Entertainment (B)
CJR.B-T
Bruce Murray

He owns this for the dividend. The company has a lot of debt and a high payout ratio, which is going to limit the upside. It has the right mix of shows that dominates women’s channels, so it has the audience that will probably watch TV the longest, and has an audience that will probably move to other forms of entertainment in the longer-term. He has a target price of $14.50-$15.00, and it is yielding 8.5%. He would average down to the sub-$12 and would trim it at $14-$15. To have a whole bunch of money in this could be dangerous.


Price: $12.990
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 COMMENT Clorox Company
CLX-N
Bruce Murray

This is a part of the whole consumers package goods business that is under incredible pressure from commoditization. The stock has done very, very well. It had high PEs just because of the quality of their cash flow and that their brand names are recognized. Now that we are getting into higher interest rates, that is going to start to get squeezed. Maybe the weakening of the US$ will allow some foreign profits to come through a little better, but generally the group is under a lot of pressure from generics, etc. If you own it, you are not going to lose a lot of money.


Price: $135.370
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Canadian National R.R.
CNR-T
Zachary Curry

This is really predicated on economic growth. There are 2 facets to their model. One is price increases and the other is volume increases. They have been able to pass on price increases fairly consistently. On the volume side, it is economic growth. A very well-run rail with a low operating ratio.


Price: $101.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Cisco
CSCO-Q
Bruce Murray

A solid technology company that is still run by its founder. These great companies, where you have a visionary founder that is still with a company, do very, very well. This company has had some short term disruptions with a couple of newer companies that are taking some of the higher end stuff, but this company dominates the Internet business, in the sense of the switches, etc., and has enough money to out-engineer anybody that wants to compete with them. It is like buying General Motors in 1955. They own the market and are going to own it for a long time yet.


Price: $32.600
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 PAST TOP PICK Concordia Healthcare
CXR-T
Zachary Curry

(A Top Pick June 21/16. Down 95%.) He sold this before the end of last year.


Price: $1.520
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 HOLD Walt Disney
DIS-N
Zachary Curry

There has been a lot of news lately on the cable side of things, which has been an overhang. They recently released some news on their plans to move away from partnering with Netflix in terms of streaming. They have the content and it will be positive. It would take a couple of years to get there. Has an amazing library of content as well as potentially having the cable side of ESPN, which could fold into that. In the meantime, they have great movie franchises.


Price: $99.210
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 PAST TOP PICK Dollar Tree
DLTR-Q
Bruce Murray

(A Top Pick Oct 4/16. Up 9%.) This has been an up-and-down stock. They merged with a company called Dollar General and the stock ran up to about $90 a share last year. The 1st results came out. Mergers cost money and things weren’t happening, and the stock depressed. The last quarter came out and the merger is starting to work now. This company can open several thousand more stores, so he still likes this.


Price: $83.420
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 TOP PICK Medical Facilities Corp.
DR-T
Bruce Murray

They own source surgical centres in the US. They own 55% of the properties and the surgeons own 45%. The surgeons get paid, but they also have an interest in the business. They are mainly in the Midwest. A relatively small company. Management knows what they are doing, and will continue to buy more of these things. He wants to see a 5% dividend yield, which means it will be a $20 stock, and he will reduce his position in it. Dividend yield of 7.5%. (Analysts’ price target is $16.)


Price: $14.900
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 HOLD Fortis Inc.
FTS-T
Zachary Curry

An electrical utility company, generating electricity. You are not going to get a massive up-spike in that kind of company. You will get great and stable income as well as growth over the longer-term. Has been very successful in going into the US and buying assets. Extremely well-managed. They raise their dividend consistently.


Price: $44.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT General Electric
GE-N
Zachary Curry

An interesting company. Selling off the finance side out of the last recession has clearly focused them on healthcare, infrastructure technology and energy. He is not constructive on this company yet, in terms of a conglomerate being in all sectors. You are better off picking and choosing specific companies for those sectors.


Price: $24.320
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Hydro One
H-T
Zachary Curry

He is pretty positive on this. You see a lot of trend of Canadian companies going down to the US to buy assets. It is a very long cycle, which is why the receipts are a good thing in terms of if it doesn’t happen. The conversion will result in dilution, but you are getting paid to wait. Thinks it will work out well.


Price: $22.600
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 WATCH H&R Real Estate Inv Trust
HR.UN-T
Zachary Curry

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.


Price: $21.330
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT Inter Pipeline
IPL-T
Zachary Curry

This has been caught up on the energy component, even though it has great contracts with bigger oil companies. Doesn’t consider it to be a dramatic high-yielder, so is not concerned about the payout ratio. They have some great, long term contracts, specifically with Imperial Oil (IMO-T). A good portion of it is shipping condensate for the oil sands. Notwithstanding the low energy prices, he doesn’t believe the oil sands projects are going to stop. Condensate will be needed and those contracts are long-term in nature.


Price: $23.870
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 PAST TOP PICK Keyera Corp
KEY-T
Zachary Curry

(A Top Pick June 21/16. Up 7%.) He still likes the name. A very well-managed company. Conservative debt metrics. Provides good income.


Price: $38.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT Mastercard Inc.
MA-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is a bit more international, but trades a little higher on a multiple basis. American Express is not a favourable one in his view.


Price: $142.240
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 PAST TOP PICK McDonalds
MCD-N
Zachary Curry

(A Top Pick June 21/16. Up 34%.) This continues to fire on all cylinders. New management has brought in new initiatives, new menus, technologies in the stores. It trades at a pretty hefty multiple now.


Price: $159.880
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 HOLD Manulife Financial
MFC-T
Zachary Curry

The best in class in Canada. There are always 2 components with the insurance companies, insurance and investments. A rising rate environment should be beneficial over the longer-term. Product sales are good. They are branching out into Asia. It has been well-managed.


Price: $24.440
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Magna Int'l. (A)
MG-T
Bruce Murray

In their last quarterly conference call, they talked about their opportunities. They are doing $2000 on Internal Combustion Engine (ICE) cars. On an electric vehicle, they think they have $2500 worth of opportunity. On a hybrid vehicle, which most vehicles will be, they think they’ve got $3000 worth of opportunity. This is an outstanding opportunity.


Price: $64.290
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 BUY National Bank of Canada
NA-T
Bruce Murray

Canadian banks in general have been great long-term investments for Canadians. The regulatory system has kept them out of trouble. This one was trading at a bit of a discount to the others, but has closed a lot of the discount over the last couple of years. The Québec economy is stronger now than it has been in years, which should be a regional positive for them. They have a larger exposure than the other banks to Alberta, but that has now been digested. This is fine to own. They’ll be able to raise their dividend is the other banks do.


Price: $57.810
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 TOP PICK Newell Brands Inc
NWL-N
Bruce Murray

This was a top pick in August. Then we had the hurricanes that hammered Houston. This company owns Rubbermaid and they buy a lot of rubber. They just put out a press release saying their earnings were going to be hurt because of the increased cost of rubber, and in fact might not get it for a period of time. Because of this, the stock has been hit and is now in the low $40s. He does not believe this is a long-term event, and he would buy the heck of it at this price. It is $3 of earnings and an extremely well-managed company. They own a plethora of brands. Earnings are $3 currently, and he thinks that goes to $4 in a couple of years. Has a $60 target price. Dividend yield of 2.2%. (Analysts’ price target is $58.)


Price: $42.400
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 COMMENT Pfizer Inc
PFE-N
Bruce Murray

(Market Call Minute.) This has run up a little bit lately. He likes to buy this at $31 and sell it at $38.


Price: $35.990
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 BUY PPG Industries
PPG-N
Zachary Curry

Produces chemicals and products which are chemically-based, and is in a great sweet spot. There will be continued demand on the infrastructure side and input prices are low. A good company to be in.


Price: $108.810
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 TOP PICK Royal Caribbean Cruises
RCL-N
Bruce Murray

The stock is down because of hurricanes; however it continues to plug away. Has a $135 target price on it. Demographic demand is strong. The Chinese are getting into cruising, which is a huge market opening up. Cruising will continue to grow. Dividend yield of 2%. (Analysts’ price target is $130.)


Price: $115.540
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 DON'T BUY Sprint Nextel
S-N
Bruce Murray

Just announced a merger with T-Mobile (TMUS-Q). Telecom has been an industry under pressure for a long time, and we are starting to see smaller players consolidate to cut costs. These are investments you want to hold, only to milk the cash flows remaining in them. The saturation level of smart phones is pretty high. There is probably some volume growth, but the game is largely over and we are going to be facing competitive pricing. It’s a cost-squeeze game.


Price: $8.030
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Shopify Inc.
SHOP-T
Bruce Murray

If you buy this tomorrow and hold it for 5-10 years, you will do just fine. If you buy it tomorrow and hold it for 1 year, he has no idea what could happen. A very high-priced stock. Growth rates of these companies are impressive. The future is strong, but the price you pay is high. Buy a little bit tomorrow, and buy more 6 months from now. That is the way you have to chew your way into these stocks.


Price: $146.970
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 COMMENT SNC-Lavalin Group Inc.
SNC-T
Zachary Curry

A great name for exposure to infrastructure spending, which seems to be going on in every country globally. The concerns over the bribery, etc. is largely behind them. They could gain meaningfully out of some of the contracts going forward on infrastructure spending. He prefers Brookfield Infrastructure Partners (BIP.UN-T)


Price: $55.200
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 DON'T BUY Suncor Energy Inc
SU-T
Bruce Murray

Oil is very cyclical on very long cycles. The last time oil rallied big time was in the 1970s when Japan industrialized. It rallied again when China industrialized. China appears to be done industrializing. The commodity infrastructure has been built globally, up to a point where we can supply the demand for energy. We have had technology changes that have allowed for the shale plays to come. The US mid-continent is loaded with shale oil and companies are able to produce the stuff for sub-$50 a barrel. There are millions and millions of barrels that can be brought on. The other big play that is happening is in the Marsalis shale in Ohio, which is hammering gas and natural gas liquids. Energy is going to be under assault for a long time. On top of that you have shales in other parts of the world and the technology will be transferable. Also, a lot of oil producing countries need money, so you are going to see a lot of oil coming at you. This company, unfortunately, is the high cost oil, the dirtiest oil, at the end of the pipeline. They will survive, because their cash costs are about $25 a barrel. He wouldn’t put his money here for the next 10 years.


Price: $42.130
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
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