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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
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

Markets. This reminds him of 2007-2008. We have low interest-rates, and all this is really doing is inflating the value of financial assets. There is almost a zero interest rates in the US for 5 years which, gave 2.5% growth. Europe is still in the can with zero growth. Japan just slipped back into recession, and now the People's Bank of China has come out saying they are cutting interest rates because the economy is slowing. Markets are going higher, but are creating a bubble kind of condition. He would prefer the market was going higher because of a strong economy and growing earnings. It is going higher because of stock buybacks and higher valuations in the market in general. It is hardly a buoyant economy to justify some of the recent moves, particularly in some of the non-resource parts of the market. He is looking for areas that are a little more value oriented and a little more yield oriented. His cash levels are higher than what they have been before. Today he is Selling into strength rather than doing any Buying.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

US Growth.  He sees growth better than anywhere else right now. Going forward they have a few more headwinds as the US dollar is going to be a little more difficult for them. With Europe and China slowing down and with Japan in recession, if all your trading partners are doing poorly, it is going to be hard for the US to rise on its own. Earnings are growing generally, but there is a lot that scares him. You feel you are getting pushed into buying stocks because things are going higher, but that is what happened in 1998-1999.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

For a long-term hold of 5 years or more, what would be the best sector? A lot of people like energy infrastructure and pipelines, but he finds that area overvalued. Some of the big US technology companies that have a global footprint look great. They are generating a lot of cash and margins are holding in. This would be at the top of his list. You could buy an ETF such as SPDR Technology (XLK-N), or pick a basket of 5 or 6 names. Likes healthcare, but it's a tough one to find the right names.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Markets. The market correction was very short, but he did buy a few things for a few accounts where he was bulking up on some stocks, but it began to run away from him quite quickly. Thinks we are going to see another leg to the downside going forward. PE multiples are still pretty high. The same problems exist in the world that existed before. There are all the geopolitical issues globally. There is also starting to be a real divergence in monetary policies globally. US is backing off from quantitative easing, but we have Europe and Japan going more towards that direction. There are a lot of mixed signals right now. We are towards the end of the year also, and there are a number of areas, particularly in Canada, that are into tax loss selling, which is putting some pressure on materials and energy stocks, for the next few weeks anyways. US seems to be carrying the world on its shoulders at the moment, and he thinks fundamentals are lagging valuations still.


Price: $0.020
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 PARTIAL SELL Alcoa
AA-N
John Zechner

This has done very well. People became bullish on aluminum recently. The increase in usage of aluminum in the automobile is giving more credence. Costs have come down for them because the price of aluminum is relatively flat. Stock has more than doubled, so if you own, he would be inclined to take some profits. He thinks you have seen the best of your gains at this point.


Price: $17.450
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 HOLD Apple
AAPL-Q
John Zechner

Apple (AAPL-Q) or General Electric (GE-N)? Two completely different plays in different segments of the market. This has had a great run recently. Thinks this has gone through a crisis period and came out very well. iPhone 6 is selling very well. Have a great brand recognition. He thinks people continue to underestimate and undervalue things like iTunes and the software in general.


Price: $116.470
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Michael Sprung

This is not a value stock. Has had a very good run. Very smart management. A lot of their growth has been by acquisition. Good operations in Canada and US as well as Europe. He looks at the multiples and can't justify the current price. If you want to play this, Metro (MRU-T) owns about 5%-8%, and has been doing very well lately.


Price: $38.930
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 COMMENT Athabaska Oil Sands Corp
ATH-T
John Zechner

Chart is a very ugly picture, but at $3 it gives the company a market capitalization of $1.2 billion. This is basically what Petro China paid them. He likes what they have in their Duvernay assets and the growth they have in Hangingstone. If oil prices slipped down to $60-$65 a barrel, there is going to be risk to the whole energy sector, but their balance sheet is in very good shape.


Price: $3.200
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 BUY BCE Inc.
BCE-T
John Zechner

Until last night, resource stocks have really been under a lot of pressure. People are worried about commodity prices because of the higher US$, so in Canada people are gravitating to non-resource areas, the smaller part of the market. Areas like telecoms are growing and pay a decent dividend yield, and the valuations are not excessive. It's a logical place to move. They all stick out as relatively good value even though the industry is slowing down. Doesn't feel there is a lot of downside or risk to the area.


Price: $53.320
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 HOLD Bonterra Energy Corp
BNE-T
John Zechner

The pressures on this stock are simply industry related. Oil production growth is fine. They have a decent dividend yield. Good management and a good strong track record.


Price: $48.870
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 TOP PICK Bank of Nova Scotia
BNS-T
Michael Sprung

Relative valuation has taken a bit of a hit lately, because in their recent quarter they reported a bit of a hiccup in their international operations. It is fairly rare that you are able to buy this bank for a lower Price to Book valuation than its competitors. At current levels, it’s a pretty good place to be. In the meantime, you are being paid 3.8% dividend yield and that dividend is likely to go up in the coming years. Tier 1 capital of about 10.9%.


Price: $70.000
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 HOLD Baytex Energy Corp
BTE-T
Michael Sprung

A well-managed company. Good assets. Doesn't think the balance sheet is in terrible condition. Have been severely affected along with a lot of other oil/gas stocks. Believes it is going to level out from here. If we have some stability in the energy market, he thinks this will come out of this downtrend and reverse itself. Wouldn't be surprised to see this appreciate fairly quickly, should conditions improve a little.


Price: $30.940
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 HOLD Canadian Oil Sands
COS-T
Michael Sprung

Where it is trading today, he would not necessarily sell. If you are looking to participate in the oil sands, he might choose a different vehicle, but overall this company is at a level now where it looks reasonably valued. An extremely long-term play.


Price: $17.650
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 BUY Crescent Point Energy Corp
CPG-T
Michael Sprung

Has reached a valuation where he has started to nibble at it.  Has a very good distribution. Used to depend a lot on their dividend reinvestment plan to finance it, but much less now with their production increasing. They have so much good land position where their future drilling opportunities are quite numerous, and have been very good at executing their strategies. Thinks they will continue to exploit their opportunities in the Bakken and Shaunavon areas. At these levels it is becoming a compelling price for a longer-term investor.


Price: $36.670
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Canadian Western Bank
CWB-T
Michael Sprung

Their dominant operation is in the energy geographies, and he feels that is where a lot of the concerns have rolled in. Selling at a relative discount to the other banks than it used to. Latest quarter has been okay.  Net interest margin was squeezed a little in the last quarter, but those things are transitory. Have a fairly good capital base. Tier one capital is about 8% and thinks they will probably have to increase that over time. Longer term, this is probably a pretty good investment to have. Yield is just a little over 2%. You get a much better yield with some of the other Canadian banks.


Price: $37.920
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 PAST TOP PICK Encana Corp
ECA-T
Michael Sprung

(A Top Pick Dec 11/13. Up 10.03%.) This is a company that is really in transition. Have gone from primarily being a gas producer to much more exposure to liquids in a short period of time. What have astounded people are the prices they have got for the assets they have sold. Have also made some very smart purchases.


Price: $20.880
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 HOLD EnerCare Inc
ECI-T
Michael Sprung

Has appreciated fairly sharply in the last short period of time. This is a company with a very low Book Value and selling at a high multiple of Book, but the earnings on that Book are significant, and the cash flow it has been generating has been improving. Just finished acquiring some holdings from Direct Energy. Thinks they are in very good position in the longer term. At the current price, he considers this as a Hold not a Buy.


Price: $15.520
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 PAST TOP PICK Element Financial
EFN-T
John Zechner

(A Top Pick Feb 10/14. Up 11.09%.) Has taken profits on this earlier in the year and is looking to add it back. Likes what management is doing on a longer-term basis. This is a leasing business, which is a very low margin business, but they lever them up. As they start to lever it up they’re going to see better earnings growth. Could be volatile.


Price: $14.450
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 DON'T BUY Enbridge
ENB-T
Michael Sprung

Has a little of this in some accounts, but only from a legacy position. Has been an extremely well run company, but always sold at somewhat of a premium multiple. His problem is that a lot of the pipelines, at over 20X earnings, look expensive at current levels. The price you are paying today is anticipating a lot of future dividend increases. People should be concerned about how much debt is going to be financed for pipeline growth.


Price: $52.350
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Finning Int
FTT-T
Michael Sprung

Very, very dependent on the resource industries, particularly mining, energy as well as construction. Insofar as you can see the economic landscape picking up, this one longer-term is a good industrial holding from here. For him to get interested in it, he would want to see it below $25.


Price: $27.920
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 DON'T BUY General Electric
GE-N
John Zechner

Apple (AAPL-Q) or General Electric (GE-N)? Two completely different plays in different segments of the market. This is obviously more of a play on capital spending. They have got out of a lot of their consumer businesses and will be spinning out the leasing businesses. Some of their capitals spending customers are slowing down a little, so he would be a little concerned there.


Price: $26.990
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 PAST TOP PICK Hudbay Minerals Inc.
HBM-T
Michael Sprung

(A Top Pick Dec 11/13. Up 23.61%.)  A lot of people doubted their ability to finance and bring on the constancy of a mine, which will be coming on stream next year. That will provide a further boost to their valuation. In the meantime, they have done some very smart things by selling a royalty stream into Silver Wheaton (SLW-T).  Management has done a very good job of manoeuvring this company and putting it in place for future production increases. Should there be any appreciation in commodity prices in the next couple of years that will be an added kick to the valuation.


Price: $9.530
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Home Capital Group
HCG-T
Michael Sprung

Very diversified portfolio of mortgages, so he wouldn't be concerned about their exposure to any particular community. Extremely well-managed. Their loan losses are very, very low. Good management team.


Price: $51.620
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 PARTIAL SELL Home Depot
HD-N
John Zechner

If you own, he would be tempted to take some profits. Has had a tremendous bounce off the August lows. The recent earnings beat. There is a little bit of the US market in general that he doesn't like such as a lot of earnings beat was because of share buybacks. The US housing market is improving which they are benefiting from, but feels the valuation multiples are very high for single-digit growth.


Price: $98.280
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 COMMENT Loblaw Companies Ltd
L-T
Michael Sprung

Has a lot of interesting parts to it. Has gone through a bit of transformation over the last 2 years in terms of reorganizing their supply, putting in SAP systems, etc. There has been some management turnover. Overall it is a lot more efficient than it was 5 years ago. Looking out a few years, you could see them earning around $3.75, a fairly significant multiple from a few years back. It may be a little ahead of itself if it were to go up very quickly from here.


Price: $61.410
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 BUY Manulife Financial
MFC-T
John Zechner

Manulife (MFC-T) or Canadian banks? He has both. However, if it came to one or the other, he would be inclined to go with Manulife right now. The bank sector valuation is at a very high level and earnings growth is slowing down. Feels the housing market in Canada is a little bit riskier than it is in the US. This company has done restructuring and have got their balance sheet in better shape.


Price: $21.910
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Manulife Financial
MFC-T
Michael Sprung

Doesn't think this is fully valued right now. They have a very, very strong balance sheet. Required capital is 248%, one of the highest in the industry. Since the financial crisis, they have really de-risked their balance sheet to a great extent, changed their sales mix into products that have more predictable profitability, gotten out of a lot of the market sensitive products. Extremely well-managed. Expects you could see upside from here. Wouldn't be surprised to see the dividend increased in the next year or two.


Price: $21.910
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 PARTIAL SELL Magna Int'l. (A)
MG-T
Michael Sprung

The automotive industry has done a lot better over the last few years. As a result, there has been good appreciation in the auto suppliers. Since we have seen such great appreciation in the auto sector, unless it keeps going and growing, he doesn't see a whole lot of potential going forward. If you own, consider taking profits.


Price: $118.200
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 TOP PICK Martinrea
MRE-T
John Zechner

Some downside protection and earnings growth is at a very low valuation. Stock was off recently in the last quarter, when they met the earnings, but projections going forward were probably below what the street wanted. Spending a lot of money on programs going forward. As these programs come in, it is going to generate new earnings growth for the next couple of years. Sees them generating better than 10% earnings growth going forward for the next 3 years. Trading at under a 10X forward multiple. Also, they have a great positioning in aluminum parts. Yield of 1.18%.


Price: $10.380
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 TOP PICK New Flyer Industries Inc.
NFI-T
Michael Sprung

Well-positioned, and the management over the last few years has put much more of a focus on manufacturing and efficiencies, and over the coming years they will be beneficiaries as fleets are renewed in cities throughout North America. They participate in electric, hybrid and traditional bus lines. Not only are they one of the few North American manufacturers left, but also have a good parts aftermarket business that has been growing significantly. Yield of 4.49% which he feels is safe.


Price: $13.040
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 TOP PICK Precision Drilling
PD-T
Michael Sprung

Stock has pulled back significantly with the problems in the oil sector. This is now at a level where he thinks it is very attractive. This is Canada's largest drilling company. Have significant operations in the US. If you have faith in the oil/gas industry, this is a very good entry point. Yield of 3.06%.


Price: $9.150
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Pengrowth Energy
PGF-T
Michael Sprung

The big factor with this company is the Lindbergh project, which is expected to start coming on in the near future. The success of that is largely going to determine what happens with this company. They have had higher production at their Cardium assets and the old Garrington area has done little bit better. They've hedged 83% of their 2015 production at $93-$94.50, and he feels that will stand them in good stead. Has a reasonably good chance of appreciation from here. A 10.5% dividend yield and doesn't think they will review their dividend policy until some time next year, if conditions don't improve a lot.


Price: $4.530
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 COMMENT Penn West Petroleum
PWT-T
Michael Sprung

This company has been in a state of turmoil. Their balance sheet is still quite levered. Have been hoping to sell off some assets and understands they will be selling off some with about 7000 barrels per day. That should help mitigate the situation. Has been some management turnover in the last couple of years, but the worst thing that is hitting them right now is the lower commodity prices while they are financially constrained. There are safer ways to participate in the oil patch, but if it survives, it could have a lot more leverage.


Price: $5.240
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 PAST TOP PICK Quebecor Inc (B)
QBR.B-T
John Zechner

(A Top Pick Feb 10/14. Up 26.46%.) The de facto 4th player in the telecom area. He doesn’t own this for the publishing assets, but getting it for what it is going to be doing in wireless. It was cheaper than the rest of the group and had better growth potential.


Price: $30.390
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 TOP PICK Qualcomm
QCOM-Q
John Zechner

They sell communication chips across the industry. Almost any smart phone built globally has a Qualcomm chip in it. Also, have a lot of products going into areas such as wearables and the higher growth areas. The biggest problem recently has been with what they sell in China and getting their royalties. Stock continues to have a decent growth rate. Yield of 2.37%.


Price: $71.470
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 DON'T BUY Reitmans
RET-T
Michael Sprung

Retail landscape in Canada has changed quite dramatically, and this company has been very much impacted by the incursion of the Wal-Mart’s and Targets and discount chains. They are in a very difficult position. In today's environment, it has lost its lustre as a dividend provider. Have good retail locations and a reasonably desired product, but people just aren't shopping at those types of locations anymore.


Price: $5.900
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 SELL Transocean Inc.
RIG-N
John Zechner

Looking at what is happening in offshore drilling right now, there is still too much supply and pricing is coming down. Thinks the company has been mismanaged for the last couple of years.


Price: $25.930
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 HOLD Shawcor Ltd. (A)
SCL-T
John Zechner

Has come under pressure like a lot of energy stocks. It is a coating for pipes, so it is not exactly a direct play on the oil sector. Have shown pretty good earnings growth over a number of years. Well-managed. Sort of a unique spot with regards to the product they have.


Price: $51.470
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 COMMENT Stuart Olson Inc
SOX-T
Michael Sprung

Had some problems a couple of years back with fixed price contracts that went way over budget and really hurt their bottom line. That has been working through, but not quite as fast as people had hoped for. Believes they are writing newer contracts that are going to be at better margins going forward. Commercial and industrial divisions have been doing a lot better recently. This is going to be a matter of time. As non-profitable contracts drop-off and newer ones come into play, he feels management is going to be very diligent in seeing that these margins come through. In the meantime, you are being paid a very generous dividend. Feels it has very good potential for capital appreciation with very limited downside risk. Wouldn't be surprised to see the stock well through $10-$12 in the next couple of years.


Price: $6.990
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 BUY Suncor Energy Inc
SU-T
Michael Sprung

He is a big believer in this one. A good way to play the oil patch from an integrated perspective. You have everything from conventional oil sands to upstream and downstream. Extremely well-managed. On the multiple pieces, it looks pretty reasonable at these levels. If you look out over the next year or 2, it is selling at around 6X cash flow and 10-12 times earnings, which is quite reasonable. Because it is in the energy sector, there might be some volatility in the short term.


Price: $40.520
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Teck Resources Ltd. (B)
TCK.B-T
Michael Sprung

Believes this is selling at reasonably good valuation these days, but it is not necessarily a slam-dunk. The dividend is safe if commodity prices do not deteriorate a whole lot more. If coal prices go below $100, he would be worried about the dividend. Currently this is selling at such a reasonable price, given the scope of their operations, that it could have significant upside from here. Wouldn't be surprised, should there be some recovery in copper, zinc and coal that this could very quickly be a $30 stock again.


Price: $19.940
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 COMMENT Trinidad Drilling Ltd
TDG-T
John Zechner

The energy sector has been pummelled. He had lightened up in general during the summer, but wishes he had sold it all. Still likes this company. They have great prospects. The risk right now is the company’s customers. Their cash flows are going to be coming down, so they will be spending less. The 50% drop in the stock has reflected a lot of that and it is going to be better value. Have a great joint venture with Halliburton. Thinks there are sector risks right now and he is underweight in energy.


Price: $6.740
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 PARTIAL SELL Tim Hortons
THI-T
John Zechner

Pretty fully valued at this point and will be a different animal you own going forward with the Burger King acquisition. The company is continuing to do a great job, but penetration has gotten as far as it can in Canada. Growth has always been a little more difficult in the US. Consider taking some money off the table and look for something else or sit on the cash.


Price: $93.870
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 COMMENT Trans Canada Corp
TRP-T
John Zechner

His problem with this is its valuation. Trading around 23 or 24 times earnings. Looks like it has some earnings growth built in at about 5% and some dividend growth which is good, but the valuation just astounds him. They still need a lot of capital.


Price: $56.930
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 TOP PICK TorstarCorp (B)
TS.B-T
John Zechner

When they sold Harlequin, they did much better than anyone expected with $450 million. Has a market cap of $500 million right now with about $200 million in cash. Newspaper business is not growing, but they are cutting costs. Their digital division is growing. 8.16% dividend yield with lots of cash to pay it.


Price: $6.570
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 PAST TOP PICK Uranium Participation Corp.
U-T
John Zechner

(A Top Pick Feb 10/14. Up 2.49%.) Thinks there are still some excess supplies out there and you still haven't got the Japanese restarts going. You Buy this more because of the reactors coming on in the next couple of years, particularly in China. Also, there are long-term costs to bringing in new uranium mines.


Price: $5.480
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 PAST TOP PICK George Weston Ltd.
WN-T
Michael Sprung

(A Top Pick Dec 11/13. Up 31.64%.) Even at today's valuation, it is putting very little valuation on the bakery operations. He feels they’re having a strategic review as to what they are going to do with the bakery operations. This represents good value.


Price: $99.520
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 BUY Yamana Gold Inc.
YRI-T
John Zechner

Gold is one of the toughest calls out there. Got out of it a couple of months ago, but is now getting a little bit nervous about not owning it. Had a nice rally and is at the critical $1200 level, which is the cost of production for a lot of these companies. Even though there is some downside risk to gold in the shorter term, ultimately all this money creation and appreciation of the currencies will ultimately be a positive for gold. He is comfortable owning this one in this range.


Price: $4.570
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-20 TOP PICK Tsingtao Brewery Co.
0168-HK
Darren Sissons

Has been growing at double digit rates.  Brewing companies use a ton of energy.  So lower energy costs are helpful for this story.  It is relatively cheap.  Owned since the low $30s. 


Price: $0.000
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Darren Sissons

Markets.  The first part of the year was pretty good and the second part has declined since then. Mining stocks have declined most of the year.  The oil sell-off started in the second half and the markets have not performed well.  There is long term significant value in the mining category.  There are big discounts.  TCK.B-T is on sale.  In Oil and Gas there are a ton of good companies.  The demand for copper will not go away in emerging markets. 


Price: $0.020
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Brookfield preferred shares E and F? He thinks these are a Hold. Brascan is now owned by Brookfield, which is a good quality company. Thinks that one of these is a floating-rate preferred and this is the one you should probably hold in a rising interest-rate environment.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Bond Yields. As to whether bond yields are going up or down, the forces are pretty well-balanced right now. The bias is towards slightly higher rates from this point, but not by very much. Feels rates are going to inch up a little. In the early part of the year, there was a big shift in demand. There was far more money to invest in bonds than there was bonds available. US deficit shrank, and all the geopolitical tensions caused foreign investors to flee into the treasury market. Inflation has been low and growth has been weaker than expected and commercial banks have been shoring up their balance sheets because of the new law, so there have been more buyers of US government corporate bonds than sellers. In the last 12 months, government yields have fallen and US corporate bonds have risen, which tells you there is trouble in the junk bond market. Part of the reason for that is the energy patch, where a lot of weak balance sheets are emerging with the plummeting of the price of oil. The boom for high-yield bonds seems to be over, the number of people issuing them has fallen and there are fewer investors wishing to buy them.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

How will currently listed debentures react when long-term interest rates go up? Will it be more dramatic or the same as bond yields? “Listed bonds” would be convertible bonds in Canada, and as a group of bonds, they are unrated and subordinated at very low quality. Many of them are small and don't trade very actively. They will rise in yield as long as the conversion value isn't worth much. Many of these have become overvalued. Their prices will fall as general yields rise, but not in a straight line because the conversion value may kick in and cause them not to fall as much as regular bonds. He does not invest in convertible debentures and thinks they are junk. If you really like the company, buy the common.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Brascan Corp 5.95% maturing Jan 14/35? This is very long term and he has a preference to “not” Buy long term corporate bonds. If you look back 20 years you see all the companies that have gone out of business. There is a lot of risk in these bonds if rates do start to rise. If rates on these bonds went up 1%, the price would fall $12.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Bought Province of Ontario bonds, 4.2% coupon at a discount and are now worth $108+. Maturity is 2018. Is it better to take the gain now or ride it out? If this is a large part of your portfolio, you might think about reducing it and taking some of those capital gains. However, he is still in favour of purchasing 2018-2019 bonds for his “rolling down the yield curve” strategy.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Bond ETF's or individual corporate bonds held to maturity? The basic problem here is that ETF's do not mature. When he advocates ladders, they get individual bonds and they know when their money is going to come due, exactly how much and when. With an ETF, you are at the mercy of the market. He feels you are better off with individual bonds.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

How do I find detailed information preferred shares? The most comprehensive source for preferred shares information is Hymas Inv Canada (http://WWW.HIMIVEST.COM) and has more information than you can ever digest about preferred shares.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Holding 2021 Real Return Bonds? He would consider holding these. These are fairly short-term and are the shortest Real Return bonds in the market. There is not much downside risk in these, even if the yield rises sharply.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 N/A A Comment -- General Comments From an Expert
A Commentary
Hank Cunningham

Energy bonds. Some of the spreads may be widening out. Would this be an opportunity to lock in a higher yield? What names would you recommend? He would not be touching any of the convertible bonds, unless he felt the price of oil was going to rebound. An ETF might be the better way, as picking individual oil bonds is fraught with difficulty, unless you buy a package of them.


Price: $0.020
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: _N/A
2014-11-20 PAST TOP PICK Air Products & Chemicals Inc.
APD-N
Darren Sissons

(Top Pick Dec 05/13, Up 36.72%) He likes this longer term.  Great balance sheet.


Price: $142.680
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 TOP PICK Arc Resources Ltd
ARX-T
Darren Sissons

There has been a big decline in energy prices. This is a very good management team.  The dividend is sustainable at current levels.  They have exposure to all the right markets.  A balanced portfolio.  Longer term this will make some money.


Price: $29.250
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 TOP PICK Brookfield Asset Management (A)
BAM.A-T
Hank Cunningham

3.95% bonds maturing Apr 9/19. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.


Price: $55.340
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Yes
2014-11-20 PAST TOP PICK BCE Inc.
BCE-T
Hank Cunningham

(A Top Pick Jan 29/14. Up 4.28%.) 3.35% bond maturing June 18/19. This has rolled down the curve and the price is higher. You get the price higher plus the coupon.


Price: $53.220
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Yes
2014-11-20 SELL BCE Inc.
BCE-T
Hank Cunningham

7.65% bond due Dec 30/31? If you own, he would suggest you sell. He doesn't like long-term corporate bonds. You probably have done well on them, but he would like you to have something shorter term than that. You are going to give up income and yield if you sell them and he thinks Bell is going to make it to 2031, but rates could rise in the next year or 2. Long-term bonds are subject to price swings.


Price: $53.220
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2014-11-20 TOP PICK BCE Inc.
BCE-T
Hank Cunningham

3.25% bonds maturing June 17/20. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.


Price: $53.220
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Yes
2014-11-20 BUY Bank of Nova Scotia
BNS-T
Darren Sissons

Just pick one of the banks and hold it.  BNS-T is his preferred.  It is on sale because of its operations in the Caribbean.  The dividend is safe here.


Price: $69.920
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 PAST TOP PICK BP PLC
BP-N
Darren Sissons

(Top Pick Dec 05/13, Down 5.72%) He is still buying it for clients.  The Russian event affected this stock.  This company is on sale and longer term oil prices are going higher.


Price: $41.770
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 PAST TOP PICK Brookfield Office Properties
BPO-T (Dead)
Hank Cunningham

(A Top Pick Jan 29/14. Up 3.1%.) 5.29% bond maturing April 25/17. This was part of his “rolling down the yield curve” strategy, to take advantage of the steep yield curve. You buy 3, 4 and 5 year corporate bonds, and as they get shorter in term, they fall in yield and up in price, because they're getting closer to maturity and the spread narrows also, because there is less credit risk as the bond shortens.


Price: $22.360
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Yes
2014-11-20 BUY iShares 1-5 yr Ladder Corp Bond ETF
CBO-T
Hank Cunningham

Likes the 1-5 year corporate laddered ETF. It is a nice, safe ETF and you will get the kind of returns that he has shown in Past Picks. This is better than cash and is very safe.


Price: $19.540
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: No
2014-11-20 COMMENT iShares 1-5 yr Ladder Corp Bond ETF
CBO-T
Hank Cunningham

iShares 1-5 yr Ladder Corp Bond ETF (CBO-T) or iShares 1-5 yr Government Bond ETF (CLF-T)? He prefers this one because the risk is very low and it is a very well diversified short-term portfolio and will give you extra yield over time over the government one. If safety of capital is paramount, then he would suggest half-and-half.


Price: $19.540
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2014-11-20 COMMENT iShares 1-5 yr Government Bond ETF
CLF-T
Hank Cunningham

iShares 1-5 yr Ladder Corp Bond ETF (CBO-T) or iShares 1-5 yr Government Bond ETF (CLF-T)? He prefers the corporate one because the risk is very low and it is a very well diversified short-term portfolio. It will give you extra yield over time, over this one. This one will suit those who are risk adverse and willing to accept lower returns. If safety of capital is paramount, then he would suggest half-and-half.


Price: $19.250
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2014-11-20 PARTIAL BUY Canadian National R.R.
CNR-T
Darren Sissons

CNR-T is the best performing rail in terms of operating efficiency in North America.  Buy a half weight and buy the balance in half a year. 


Price: $81.140
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 BUY Walt Disney
DIS-N
Darren Sissons

Has been a solid performer.  The dividend is cheap. 


Price: $88.900
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: No
2014-11-20 TOP PICK Callaway Golf
ELY-N
Darren Sissons

(Top Pick Dec 05/13, Down 2.82%) The turnaround is about half way through.  We had a dismal summer last year and then a poor winter.  Longer term restructuring stories are the kind of animal that are lumpy, but when they work they work well so he is happy to hold this.  The US middle class tend to be golfers.  New product introduction benefits them as does the new CEO’s turning the company around.  There should be more upside.  You see a lot of young guys on courses in Florida. 


Price: $7.570
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 BUY Freeport McMoran Copper & Gold
FCX-N
Darren Sissons

There is going to be a recovery here.  Copper is a continuing theme.  Sees no problem with the story.  It requires a multiyear horizon.


Price: $28.570
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 WEAK BUY Lloyds TSB Group PLC
LYG-N
Darren Sissons

The US is closer to an interest rate hike and will propel those banks.  The US banks are freshly recapitalized.  In the UK that is not the case.  This is a good bank.  Sell if you bought before the crisis.  If you bought afterwards, hold as it will be a multiyear success story.  He holds HSBC-N broadly.


Price: $4.860
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 BUY on WEAKNESS Spark New Zealand Ltd
NZTCY-Q (OTC)
Darren Sissons

At current levels the dividend is sustainable.  Buy on currency weakness.


Price: $0.000
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 BUY Philip Morris International
PM-N
Darren Sissons

Look at the dividend growth history.  It has been very regular.  He is big fans of this category.  As a business model they are very attractive.  Not expensive because of the regulatory risk.


Price: $85.810
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: No
2014-11-20 BUY Royal Dutch Shell PLC (A)
RDS.A-N
Darren Sissons

The .A shares are taxed differently in the UK.  This has the best balance sheet of the majors.  They underperformed because they were investing.  There is upside on the dividend.  The balance sheet is sustainable.  You have to wait until oil prices raise before there will be upside in the stock price.


Price: $71.000
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 HOLD Sherritt International Corp.
S-T
Hank Cunningham

Thoughts on the 2018 and 2020 bonds considering the recent events? The company just redeemed a lot of its earlier bonds and issued the bond in 2022, to put out the maturity date so there is less pressure for the company to meet any principal maturities short term. If you own, he would Hold. This company has always had a good rapport with the street.


Price: $2.680
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: No
2014-11-20 HOLD Sherritt International Corp.
S-T
Hank Cunningham

7.5% Sept 24/2020 bond? This is one of the better firms that is dealing with the street. Just redeemed a lot of their bonds early and replaced them with a longer term bond. They have a balance sheet where there are no forthcoming principal maturities that will cause them any anxiousness in the bond market.


Price: $2.680
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2014-11-20 PAST TOP PICK Shoppers Drug Mart Corp
SC-T (Dead)
Hank Cunningham

(A Top Pick Jan 29/14. Up 2.96%.) 2.36% bond maturing May 24/18. This has rolled down the curve with a positive return of over 3%. It will continue to generate positive returns.


Price: $60.830
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Yes
2014-11-20 DON'T BUY Sanofi-Aventis
SNY-N
Darren Sissons

The big drop was related to the poor performance of the diabetes drug.  When the CEO gets let go after announcing poor earnings it is not a catalyst.  He wonders if they have a proper pipeline.  He suggests staying away from it although there is some definite value here.


Price: $46.570
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: No
2014-11-20 BUY A T & T US
T-N
Darren Sissons

He owns BCE-T.  Bought after the failed acquisition so the cost price was $28.  The challenge is for new clients.  Telcos are a GDP grip.  The US economy is getting ready to turn the corner.  The dividend will grow.  The potential of an interest rate increase will cause the pension funds to eliminate their deficit.  T-N will be the first where they will not have to pay a pension amount to employees. 


Price: $35.280
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 DON'T BUY Transalta Corp
TA-T
Hank Cunningham

6.2% strip bonds maturing in 2030? This is very long-term and his preference is to “not” Buy long term corporate bonds. The credit rating on this company is a low BBB, verging on a BB+, so it is not very high quality.


Price: $11.500
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: No
2014-11-20 WEAK BUY Teck Resources Ltd. (B)
TCK.B-T
Darren Sissons

Buying it at a discount is always a good thing.  But the market is telling you there is half the demand moving forward although he does not agree with it.  Copper demand is not going away.  It is a buy if you have three years to hold it.  It is quite attractive here.


Price: $18.220
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 COMMENT iShares 20+ yr Tr. Bond ETF
TLT-N
Hank Cunningham

These units have produced almost 12% in the last 12 months. The average term on this ETF is almost 7 years, so it is a good bet on the long-term market. Doesn't think the next 12 months are going to produce anything like that. This is an ultra bond fund for anybody that wants to play the bond market.


Price: $119.380
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2014-11-20 BUY Unilever PLC
UL-N
Darren Sissons

It is a serial dividend increaser and the balance sheet is incredible.  They are on sale because of their exposure to the emerging markets.  Prefers to PG-N.  This will do well over the long term.


Price: $41.340
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Yes
2014-11-20 BUY on WEAKNESS Visa Inc.
V-N
Darren Sissons

There was no domestic acceptance of Visa last year, but in the last couple of weeks they announced they are opening up the payment market.  This one should be a big deal for this company, but they will have to go through a penetration processes.  You have no exposure to payment defaults.  They are just a transaction processing company.  It is a very expensive story.  Longer term you will be okay.  The valuation is very expensive.


Price: $251.670
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 BUY Wells Fargo
WFC-N
Darren Sissons

He avoids the regulatory glare.  He goes for regional banks.  However, he would buy this one here.


Price: $53.480
Subject: GLOBAL LARGE
Bias: BULLISH on RESOURCES
Owned: Unknown
2014-11-20 TOP PICK TSX Group
X-T
Hank Cunningham

3.25% bonds maturing Oct 3/18. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.


Price: $52.650
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Yes
2014-11-20 DON'T BUY iShares US High Yield Bond Index ETF
XHY-T
Hank Cunningham

Thinks the boom is over in the high-yield market, and the price of this particular ETF will likely work itself lower. Very liquid and very diversified, but a major percentage of the bond held in this ETF is in the energy patch and there is a lot of concern about some of the credit worthiness of some of the issues as long as the price of oil stays where it is or goes even lower. Thinks you will get a chance to buy it cheaper.


Price: $21.210
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2014-11-19 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

TSX. Had expected a bit of a correction going into the fall, but was really surprised at the volatility of the correction, how hard the market had sold off but how fast it has recovered as well. He has seen a fair bit of technical damage done. In the US, a lot of that damage was repaired, but in Canada it hasn't done quite as well. He is still monitoring a lot of indicators fairly closely. One of the huge catalysts for stocks going forward is the price of oil. A $0.01 drop of gasoline in the US is worth $1 billion in US consumer pockets. Gasoline has dropped $0.65-$0.75, so there's going to be a lot of money that consumers have that hopefully will triple its way into the economy. He's looking for solid earnings growth going forward. US and Canada have reported pretty good numbers so far this quarter. Expects the next quarter will see some pretty good earnings as well, because the consumer is going to be so strong. He is seeing a lot of opportunities across the board in Canadian companies. There is a lot of great earnings growth. We are going into the strongest seasonal period from the end of October to the end of May. On top of that, we are also moving into the strongest period of the 4 year presidential cycle. From a probability standpoint we have seen the correction, which has taken a lot of the froth out of the market, and we should now see fairly strong and a fairly good upwards markets for the next 6 months at least.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2014-11-19 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Global economy. US economy is doing quite well. Global economy is doing okay, but certain parts are doing better than others. Europe continues to struggle. Latin America is having some problems. China is a little bit slow, but still growing at a pretty fast pace. India seems to be doing pretty well. All in all, what we have seen here is a readjustment where a lot of strategists and analysts had global forecasts that were overly optimistic in the 1st part of the year, and have been adjusting their forecasts down. Adding that to the mix, with the threat of higher interest rates in the US, is causing some investors to refocus their attention. Given what the federal reserve board said today, the Fed doesn't seem to be overly concerned about the stock market or market volatility, and they don't seem to be too concerned about the global economy, because they think there are positive offsets that are positive. For example, interest rates remain very, very low and are going to remain at a very, very low rate for a long period of time and they have moved lower. Energy prices are significantly lower, which is a major positive stimulus for the whole global economy. The Fed is looking at this and saying they are going to remain on their track towards higher short-term “administered” interest rates some time late next year and he thinks that is a reasonable thing to do. Canada did it, and we didn't fall off a cliff. The global economy is still going to grow at about 3.5% per year.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: _N/A
2014-11-19 PAST TOP PICK Air Canada (B)
AC-T
Bruce Campbell (2)

(A Top Pick Jan 15/14. Up 12.36%.) Still likes. Continue to have nice earnings reports. Just announced a baggage fee, which drops money to the bottom line. Have a lot of positive things working in their favour.


Price: $10.140
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-11-19 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Bruce Campbell (2)

There has been such a huge run in all the consumer staples names, both in Canada and the US, all year. This company falls into that category. Not cheap from a valuation standpoint, but comparing it to a lot of the other consumer staples names, it is probably one that he likes the best. Thinks they will continue to execute on their acquisition strategy. Every time they do an acquisition, the market gets nervous about what is happening, and they end up with bigger synergies and stronger numbers. Thinks this will go higher.


Price: $41.420
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-11-19 PAST TOP PICK Avigilon Corp
AVO-T
Bruce Campbell (2)

(A Top Pick Jan 15/14. Down 45.84%.) Still likes. The market put them in the penalty box. He started to see things break down from a technical standpoint in early February. Sold his stock at the $28 level and ended up making money. Past quarter was quite good and the stock had a big one-day move. He wants to see it follow through with another quarter of good numbers.


Price: $18.000
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 TOP PICK Badger Daylighting
BAD-T
Bruce Campbell (2)

Had a great run. Have phenomenal margins of over 25%. A very profitable company. They manufacture and operate hydro-vac trucks that are used to excavate, using water and a vacuum. Half their business is in oil/gas, as well as pipelines and utilities. Last summer they announced they were reducing the number of trucks they were building, from 5 down to 4, and the market got very concerned. Also, had a bit of a stumble with their earnings. The most recent numbers show that the margins and earnings are back up. They now have a solid plan in place, where they are going to double the number of trucks in the US from 450 to 900 in the next 5 years. Dividend yield of 1.1%.


Price: $32.280
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-11-19 COMMENT BlackBerry
BB-T
Bruce Campbell (2)

This company is really doing what they said they were going to do. The problem is that perception is really against them. Their last quarterly reports have been beating expectations. Market is questioning whether they can continue to execute. From what he sees so far, John Chen is doing an excellent job. Expects the numbers will move into the green fairly soon and the stock will probably move higher.


Price: $11.560
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 COMMENT Bonavista Energy Corp
BNP-T
John O'Connell, CFA

This has been a tremendous growth story. There is a new management team, which he thinks is very talented and who are doing their best to right side the balance sheet, as they had a little bit too much debt at one point. They stuck with the dividend through thick and thin, but eventually reduced it. He likes the new management team and thinks they are doing the right things. This is one that you could own.


Price: $10.590
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 COMMENT Baytex Energy Corp
BTE-T
Bruce Campbell (2)

Always has his eye on this because of its size and domination in the heavy oil market. Has been punished a little more than some of the other names. He would want to see it basing from a technical standpoint before he looked at it, as well as some revision in their numbers. Probably won't see that until the CRA issue is resolved.


Price: $29.600
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 HOLD Baytex Energy Corp
BTE-T
John O'Connell, CFA

A well run company. He was not that keen on their recent US acquisition. Heavy crude oil prices have been quite good recently. The Canadian dollar is falling, and a lot of investors don't appreciate that the falling Canadian dollar is a very healthy offset for a lot of these Canadian oil-producing companies, because they sell in US dollars. This is one that you could own at these prices and probably do pretty well.


Price: $29.600
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 COMMENT Cameco Corporation
CCO-T
John O'Connell, CFA

If you are going to invest in a uranium producer, this is the one to invest in. This is obviously a politically charged investment. Doesn't think there is any way, long-term, that the Europeans, looking at an increasingly belligerent Russian government, can't give nuclear a restart. Also, Chinese coal, oil, natural gas and oil consumption continues to go up. Chinese are embracing the fact that they are killing themselves and everyone else if they don't make adjustments.


Price: $21.630
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 COMMENT Crescent Point Energy Corp
CPG-T
John O'Connell, CFA

He is quite optimistic on the energy space in general, but you always need to be picking good quality companies. Forgetting about the dividend, he likes this company’s growth profile. They have done an extremely good job of executing and growing production, maintaining their costs well, consolidating large areas. They made a very good purchase in the Utica Basin in the US, which a lot of people were very suspicious of, and they proved the critics wrong. His only complaint is that they are serial acquirers of assets. Not necessarily a bad thing, but if they continue to tap the investing landscape in Canada to finance that growth, they have tapped the retail investor one too many times. They need to go down to the US investment bankers and sell their stock to Americans.


Price: $35.300
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2014-11-19 COMMENT DHX Media
DHX.B-T
Bruce Campbell (2)

Stock has done phenomenally well. Had a bit of a pullback recently. He had previously owned this and is on his radar screen. Last quarter's earnings were a little bit of a disappointment to the street. It will eventually be a take out; it is just a matter of when. They continue to build out their library. Just announced a deal where they are going to be doing some work in China. Revenue and earnings are going to slowly catch up to all the building they have done in content. If it pulled back a little more, he would probably look at adding it to his portfolio.


Price: $9.050
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 COMMENT Dollarama Inc.
DOL-T
John O'Connell, CFA

Has been a tremendous growth story. Well-run. The company has done an excellent job of increasing the average selling price for their product in the store. There is still a lot of running room from a space perspective. Trades at a pretty rich valuation of 24X estimated earnings. He just doesn't want any exposure to Canadian retailing. Prefers US retailers instead.


Price: $52.830
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 COMMENT Enterprise Group
E-T
Bruce Campbell (2)

A supply services company associated with the oil/gas business. Recent quarter was a bit of a disappointment to the street and the stock dropped back. Probably in the penalty box until 1) the wind is at their back from a sector standpoint and 2) they post a quarter that surprises the street, or at least meet its expectations. He prefers Petrowest (PRW-T).


Price: $0.580
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 COMMENT Elkwater Resources Ltd
ELW-X
Bruce Campbell (2)

Quite excited about what is going on. There are 2 different things to look at. Stock price has been under a lot of pressure because 1) low energy prices and 2) they did a recapitalization in the summer, which meant there were a lot of shareholders who had restricted stock, and that came free trading at the beginning of November. At the same time, the company has been working on acquisitions that they made, which will be closing probably later this week or early next. That will allow them to start building the company. They have no debt. This is a real bargain. You'll probably have to be patient.


Price: $0.180
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-11-19 COMMENT General Motors Corporation
GM-N
John O'Connell, CFA

He has tended to stay away from the automotive business, because it is very cyclical and a huge consumer of capital. It is a very, very tough business to survive in. The car cycle still has some room to run, so he feels you could be here if you really want to be invested in the automotive sector.


Price: $32.150
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 TOP PICK Google
GOOGL-Q
John O'Connell, CFA

Has owned this for quite some time. A wonderfully innovative company. 80% of all cell phones operate on their system. Has a great balance sheet. Visionary leadership that doesn't pay themselves a penny. They are able to attract outstanding talent. A lot of the things that they are working on, like autonomous driven cars, are coming to fruition. These are the kind of guys that are making things happen. They are creating the demand. The YouTube site has not been really monetized as much as it probably could be. Trading at about 18X forward earnings. For company this size, growing this well, with that many opportunities, and a dominant position in so many industries, it is incredibly good value.


Price: $547.200
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-11-19 COMMENT Ikkuma Resources
IKM-X
Bruce Campbell (2)

A really interesting company. The team came over from Manitok (MEI-X). They have a specialty in drilling foothills oil and gas that really no one else has a lot of technical expertise in. Probably finding pools that are sitting there and have never been discovered before. The current environment with the price of oil probably works to their benefit, because they are able to go out and accumulate properties, when nobody else wants them, and probably get fairly good prices for them. Fairly early with the story. Will probably be an exciting story over the next 3-5 years. If you have that kind of time horizon, this will be a great stock.


Price: $1.500
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2014-11-19 COMMENT Input Capital Corp
INP-X
Bruce Campbell (2)

Has watched this. A really interesting streaming business. We typically see streaming companies in the energy or mining. This is in agricultural and they stream with canola. What he likes is that they are going to have great cash flow, but they are going to have to build out that base. Still a fairly new company. If you have a longer time frame, this is one you could look at. Doesn't screen super well in his process for earnings, but thinks it's just a matter of time.


Price: $2.010
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 TOP PICK Intertain Group
IT-T
Bruce Campbell (2)

Online gambling. This was spun out of Amaya Gaming (AYA-T) and they still have a relationship with them where Amaya is guaranteeing some revenue for them. A big part of their market is in Bingo. Amaya is in the poker market, which is much more fickle as the players tend to move around from one site to the next. Bingo brings in a different demographic of more females. Made a number of acquisitions in the last couple of months, with several more they are working on. Fairly cheap here. Wouldn't be surprised if Amaya came back in and bought them back.


Price: $14.130
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-11-19 HOLD Intertape Polymer Group
ITP-T
Bruce Campbell (2)

This is really a turnaround story that is firing on all cylinders. Just came out with their earnings in the last few weeks and they were blowout numbers. Their big competition in North America is 3M (MMM-N). They continue to execute and have done a very good job of restructuring and streamlining the company. Thinks their business continues to go higher.


Price: $19.320
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-11-19 COMMENT Kelt Exploration
KEL-T
Bruce Campbell (2)

Has really trimmed back his energy exposure, but one area that he has held onto are natural gas stocks. He uses a weather service out of the US, which is really accurate. It is calling for a colder than normal winter in the eastern part of North America. That will draw down the natural gas supply, so he thinks the stock will be fairly firm. This company is very well-managed and are in the right location. It is just a matter choosing between one or the other, and he has actually picked  Pine Cliff Energy (PNE-X) and Storm Resources (SRX-X), which both have great balance sheets and the ability to make acquisitions. Fairly low decline rates and production costs are low. However, he would be comfortable with this one.


Price: $9.380
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 TOP PICK Kelt Exploration
KEL-T
John O'Connell, CFA

(A Top Pick Dec 5/13. Down 1.26%.) Has grown its production per share by around 200% plus. Cash flow has grown by a huge amount. Stock has gone down because oil prices are down. Predominantly a natural gas producer. Very, very well run. Producing about 15,000 barrels per day and is going to grow its production next year. Has announced that it is going to reduce its spending budget a little bit next year, but not substantially. Balance sheet is in excellent shape. At these prices, it represents excellent value.


Price: $9.380
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-11-19 COMMENT Long Run Exploration
LRE-T
John O'Connell, CFA

Extremely high dividend yield of 14%-15%. The company has to do something if the model is not sustainable at these prices. Balance sheets get destroyed and may be having to sell things to pay down debt. If they stopped paying the dividend, he would probably look at this company. They are trapped in this game of having a free lunch in the energy business. His guess is that they are going to sell assets to try to stay sustainable.


Price: $2.730
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 SELL Noranda Income Fund
NIF.UN-T
John O'Connell, CFA

Have a ton of trouble on their hands. A classic case of financial engineering going bad. Noranda sold it into this fund at the highest price they possibly could, to make it look like an attractive investment to unsuspecting retail investors. This is a mess.


Price: $2.390
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-11-19 COMMENT Precision Drilling
PD-T
Bruce Campbell (2)

With everything that is happening in the energy sector right now, he has taken a bit of a backseat and doesn't have a lot of energy exposure. Certainly a great company and a great management team. If he started to see oil prices stabilize, so that he would know where capital budgets were going to be for exploration companies, it would be a great point to enter back into this company.


Price: $8.590
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-11-19 PARTIAL SELL Prometic Life Sciences Inc.
PLI-T
Bruce Campbell (2)

Stock has been on a tear. He originally got involved because of their manufacturing businesses. They manufacture plasma from blood, for different drug companies that are used in different drugs. Sees this business continually ramping up over the next few years. Have a number of drugs that are in clinical trials, and if they get approved then the sample size of the amount of plasma they are going to need is going to expand exponentially. Sort of a lottery ticket, because they also have some technologies for orphan drugs, and that is what has really caught the market’s attention. Just issued stock and raised $25 million. Expects there will be some kind of partnership agreement, which could bring in more cash to fund their trials. Going forward, he thinks the stock goes significantly higher. If you own, consider taking some profits and trade the stock. He likes it at the $1.90 level.


Price: $2.050
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
Showing 1 to 120 of 134,253 entries
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