stockchase picture

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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-08-01 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

Markets. Expects the 2 day sell off is the start of the correction that we have all heard of. Has been positioning himself in the past couple of weeks as negatively as he has been since 2011. Has a net Short in his hedge fund. He is still a long-term Bull and the glass is half full, but it seems so extended in the short term for a variety of reasons. It just seems that it is ahead of itself, and with political actions seems to be breaking down a little. Thinks we are overdue for a correction. His worry is that everybody is expecting 5%-10%, but sometimes these things gain momentum and it wouldn’t surprise him to see the market off 15%-20%. The safest place is to have cash on the sidelines. Some of the cyclical sectors are starting to act a little better. Europe growth is slowing down, but emerging economies and China seem to be doing well. Thinks gold is all right in an environment like this. Feels the highest risk sectors are energy, technology and social network. The earnings are sort of winding down now, so what is the next level?


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-08-01 BUY Air Canada (B)
AC.B-T
John Zechner

(Market Call Minute.) He would still buy it in here. Have had earnings upside and still has cost cutting. Well-positioned.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 PAST TOP PICK Athabaska Oil Sands Corp
ATH-T
John Zechner

(A Top Pick July 18/13. Down 4.42%.) Still waiting for the $1.3 billion to come through from Petro China for the Dover oil sands. The longer the time goes on, the less people believe the money is actually coming in. Even without that money coming in, he feels the stock is worth more than where it is trading currently. Light oil assets alone are worth $7-$8.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 PARTIAL SELL Boeing
BA-N
John Zechner

His inclination would be to take a little bit of money off the table. Feels you are paying a little bit up for the growth right now, and the valuation is at the higher end.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 HOLD Bank of America
BAC-N
John Zechner

Likes this. Sold his holdings recently when it ran up into the $16-$17 area, but is looking at a point for when to buy it back. There is earnings potential in the $1.80-$2 range. Still a lot of costs they can cut and can generate some earnings growth.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-08-01 BUY BlackBerry
BB-T
John Zechner

Likes this. Volatile, but has a lot of low hanging fruit. There are metric valuations that can be improved upon. It’s not going to be in the handset business, but more in software on the security side. New CEO is reinventing the company. There is still a massive Short position in the US, which is going to have to be covered at some point.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 COMMENT BCE Inc.
BCE-T
John Zechner

(Market Call Minute.) A Hold at best. Management has done a fantastic job, but the yield is not going to get any better and earnings growth is slowing down a little. Doesn’t think there is much valuation upside.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 TOP PICK Catamaran Corp
CCT-T
John Zechner

Healthcare in general has seen a tremendous amount of technology spending. It needs it. The rollout of the Affordable Care act in the US is making the public and private pharmacy benefit exchanges much more valuable. Their acquisitions over the last couple of years have been ultimately accretive to earnings. On a valuation basis you are probably trading at around 20X earnings.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 BUY on WEAKNESS Canadian Natural Rsrcs
CNQ-T
John Zechner

Sold his holdings recently. Had a great run from the low $30’s. Heavy oil spreads have tightened, which has benefited them. Valuations in the sector have gone higher. He would look to buy this back again in the low $40’s. Still a good, long term growth story.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-08-01 PAST TOP PICK Capstone Mining Corp.
CS-T
John Zechner

(A Top Pick July 18/13. Up 44.83%.) Took a little bit of money out of this because the weight in the portfolio had risen. Copper hasn’t had a great move, but this company did some great acquisitions at the right time. People are recognizing this as a cheap junior.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 BUY Cisco
CSCO-Q
John Zechner

(Market Call Minute.) Thinks they are reinventing themselves in the router market to some degree. On the hardware side they are still one of the great long term stories. They generate cash and have good profit margins.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 HOLD Cenovus Energy
CVE-T
John Zechner

Had liked this for a while because it was a bit slower in growth, but the last quarter was really impressive. Production growth has started to come back, and on the heavy side the spreads have narrowed a little bit. 3.2% dividend yield.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-08-01 BUY Deutsche Bank AG
DB-N
John Zechner

You could do a lot worse than owning the German banks right now. The German market and the banks have been hit particularly hard. Earnings were a little bit below expectations recently, but not bad across-the-board. Valuations are extremely attractive. They are impacted more aggressively by the Russian situation, which is why Germany has not been as quick on the sanctions.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 PARTIAL SELL Deere & Co.
DE-N
John Zechner

Thinks you are heading into another earnings cycle positive for this company, so he expects earnings growth to continue globally. However, he finds valuations a little bit rich, and if he owned he would probably be trimming some of his position.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 TOP PICK Walt Disney
DIS-N
John Zechner

The only mistake he ever made with this company is by Selling it. It has been the best growth stock over the last 50 years. They have reinvented themselves. Over the past couple of years, they have increased their content in sports with ESPN, Marvel comics, Star Wars, etc. They are now expanding on a global basis with their theme parks, consumer products, Disney Interactive. They continue to hit it out of the park. You are getting all of this for a 20 multiple. This is one that you Buy and put it away.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 PAST TOP PICK CGI Group (A)
GIB.A-T
John Zechner

(A Top Pick July 18/13. Up 25.26%.) A decent growth story. Their last acquisition made a lot of sense driving margins higher.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 BUY Kraft Foods Group
KRFT-Q
John Zechner

You could do well buying this for the longer term at these prices. They’ve had a few missteps, but when you look at the global brands and the growth, they are well positioned on a global basis to grow. 3.9% dividend yield.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 PARTIAL SELL Linamar Corp
LNR-T
John Zechner

He would be a little concerned here. The stock has had a fantastic run. You have to buy early in the auto cycle. Have done well on the earnings side and have beaten in the last number of quarters. Valuation is higher than the rest of the group.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-08-01 COMMENT Louisiana Pacific Corp
LPX-N
John Zechner

(Market Call Minute.) This would be a Hold at best. The lumber market is rolling over and housing in the US is slowing down a little. Doesn’t see a lot of upside.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 HOLD Microsoft
MSFT-Q
John Zechner

Longer-term, he is more positive on this. They have reinvented themselves and moving to more profitable core areas. Thinks there is a lot of inherent value here.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 BUY National Bank of Canada
NA-T
John Zechner

All the banks had a decent run, but this one has lagged and is still cheaper than the rest. Getting a discount multiple. Have been penalized because of negative views on their capital market activities, but mostly because they have been more of a regional bank than a national one. Feels they are getting around this. He is comfortable with the valuation, growth, and amongst the top 6 banks this would be his favourite in terms of relative potential returns. 4% dividend.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 SELL Norbord Inc.
NBD-T
John Zechner

Oriented strand board (OSB), their core product, has come under severe pricing pressure. Also the dividend yield is quite high and seems unsustainable, so he expects to see this cut sometime in the next year.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-08-01 DON'T BUY Sunlife Financial
SLF-T
John Zechner

He has switched from lifecos to the banks because lifecos have had a pretty good run this year. They benefit a lot from rising interest rates, and he is a little concerned about the next quarter’s earnings. Thinks the valuation is a little bit rich right now.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 COMMENT Telus Corp
T-T
John Zechner

Versus its peers, he really likes it. They have the best penetration on wireless and some of the better profit metrics. The group is struggling a little bit and have a few headwinds in their face on an inventory basis. However, he feels that a lot of that is starting to get factored into the stock. He hasn’t owned much telecom in the past year or so. Maybe it’s getting to the point where everybody recognizes that wireless is slowing down and there could be a 4th player out there, but in the end these are great cash generating businesses.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 TOP PICK Trinidad Drilling Ltd
TDG-T
John Zechner

In energy, he likes the energy service companies. The excessive cash flow being thrown off by the oil companies still has to be put back into the ground. This company had a high debt level but have started paying it down. Getting great rig activity. More importantly, they have this great joint global venture with Halliburton (HAL-N) which is going to be phenomenal for the growth going forward.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-08-01 DON'T BUY Trans Canada Corp
TRP-T
John Zechner

He doesn’t get the pipeline stocks and their valuations right now. They always traded at 10 to 12 times earnings multiples, and now they are trading at around 20 times. Doesn’t feel the growth is that much faster. Multiples are way too high.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-08-01 SPECULATIVE BUY Tesla Motors Inc
TSLA-Q
John Zechner

This is a tough one. He wouldn’t be Short the stock right now, even though valuations are through the roof. They produce as many cars right now in a year as General Motors (GM-N) produces in a day, and yet the stocks are valued at the same level. This is the future of automobiles, so how willing are you to pay up on a valuation basis to own this right now. They have generated some profits now, but if you start pulling away the subsidies and government grants, they are clearly not profitable. Thinks that people are going to be willing to pay up for a long time for the potential that they have.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-08-01 BUY Valeant Pharmaceuticals
VRX-T
John Zechner

(Market Call Minute.) This is not without risk, but it is cheap. He thinks they get Allergan (AGN-N), but even without this it is a Buy. This is not a long-term hold. The rate they are going on acquisitions and the debt they are piling up it will reach a point of slowing down, but for now it is cheap, cheap.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Jon Vialoux

Markets. We have just entered the most volatile period of the year. From the start of July all the way through to October volatility typically rises. As we have seen since June, the Vicks has spiked about 50%. The S&P 500 has now broken support at the 50 day. Since the 2011 lows, we have been rising in a narrowing range and the rallies have been less intensive. Investors do not believe in the rally. That is a bearish setup. If we break below the bottom trendline of that pattern, it could suggest significant downside potential. It seems reasonable, especially now in this seasonal volatile time frame, that we will see a correction happen in the next couple of months. Right now there are no favourable recurring events to drive the market higher. We are past earnings season. Between now and the 3rd quarter earnings season, the market’s economic data tends not to be too favourable at this time.


Price: $0.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Jon Vialoux

Precious Metals. Gold is in a period of seasonal strength, and silver can tend to benefit as well. There has been a significant decline in gold prices over the last few years, but over the past year, they have started to show signs of bottoming. The chart is showing a good sign of a “head and shoulders” bottoming pattern. This implies that if we get a break above the neckline, there could be significant upside potential. Gold is due for a retracement. $1200 would be the new support for gold. $19.50 would be the support level for silver.


Price: $0.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Jon Vialoux

Platinum. Platinum tends to do well in the first half of the year, when industrial production rises and manufacturing tends to do well, January through to April. That’s when you want to be buying platinum. It is currently starting to show signs of rolling over.


Price: $0.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Jon Vialoux

Natural gas. Seasonality is from September all the way through to November. Last year there was a huge run-up all the way from September all the way through to February. We are within the seasonally weak period, but we are seeing signs of a bottom. Currently there is a bit of consolidation. It has certainly become very oversold.


Price: $0.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Markets. Feels the market today was hit by the real, genuine, credible fear amongst the Bears that the Fed could be behind the curve. Yesterday there was a 4% GDP print and today there was some wage inflation, the biggest in a lot of years. We saw the 10Yrs race up, and then drop because of all the geopolitical concerns. That is the kind of thing that can bring an air pocket to this market. Feels we are going to have more of a correction. The S&P 500 cut through the 20, 50 and the 100 on the 2-year daily chart. If right, he can see another 4% down on this move, unless there is some other move that comes out. At the end of the day, this will be a real buying opportunity for a whole bunch of different reasons, but there might be a bit of a challenge for this bull market hegemony that we have seen so long. If rates rise for the right reason, this will be fine. He doesn’t think we are going to 4%-5% interest rates. We might have 2.9%, 3% or 3.2%. In low interest rates, what asset class do people want to go into? Feels that markets are very well supported. In any sort of trending market you are going to have days like today.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Protection strategies in the event of a substantial market downturn such as 20%? For most people it is about asset allocation. If you have a 50/50 asset mix, equities to fixed income with a tactical swing of perhaps 20% either way, then before the 20% happens, you may want to have only 30% in equities. You also want to own stocks that are doing well. Some will benefit from having an option facility. Others can benefit from being able to Short. Also, Futures makes sense. However, the key here is really experience. He finds that people usually put on protection when it is too late.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Hedging and protection strategies? Unless he is really, really confident that a position is going to drop, he won’t ever Buy Puts. The reason why options are so good is because you can write premiums. If you like Bank of Nova Scotia (BNS-T), but you think it has $3 downside from here, you sell Calls and you get a second income. If you like Canadian Natural Resources (CNQ-T), but you don’t want to buy it here because you think it is a little too toppy, you oblige yourself to own it a couple of dollars lower by selling the Puts. So options really make sense that way. If you want protection, then Shorting is the much cleaner, better way almost all the time.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: _N/A
2014-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Large Canadian banks for protection and growth? The banks are not cheap anymore, they are back to where they were in their heyday before the credit crunch. However, he thinks the capital is going to continue to go into them, and people are going to be surprised at how much higher they can go. Loan growth in Canada is looking pretty good. Although valuations are 12X, they are still a whole lot cheaper than many parts of the market. The best ones to own are the ones that have the highest tier 1 capital ratios, because they have the ability to make the most accretive acquisitions. That would be Bank of Nova Scotia (BNS-T), Royal Bank (RY-T) and the Toronto Dominion (TD-T). Also, the CIBC (CM-T) if they decide not to issue equity.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: _N/A
2014-07-31 SPECULATIVE BUY AGF Management (B)
AGF.B-T
Greg Newman

Last quarter it fell. There are concerns about its free cash flow. Paid out $22 million in dividends last quarter, and only earned $14.5 million. However, they do have $233 million in cash, so they can achieve that burn rate for 6-7 years if their business doesn’t turn around. Part of the reason for the big burn last quarter was a bit of a mismatch of capital, timing of the dividend and launch of new growth initiatives. Feels they have a pretty good shot of turning their business around, and asset management continues to be a good place to be. Pretty cheap but more for the risk tolerant.


Price: $11.820
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 TOP PICK Agrium
AGU-T
Greg Newman

Everything has happened wrong with the stock. Bad weather, falling nitrogen prices due to China exports, etc. Now you have falling corn prices. Had elevated natural gas prices, but now have lower prices which should help. The bottom line is that farmers are spending only 30% of their budgets on fertilizer, which is the lowest in a decade. He sees the trend normalizing eventually. Sees really big cash flow coming on in 2015, mostly from cost cutting and synergies. Has potential for dividend growth, buybacks as well as a higher share price. This has a very long term secular tailwind of population growth and the need to increase yield per unit of farmland.


Price: $99.400
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 BUY Arc Resources Ltd
ARX-T
Greg Newman

Suffered a little bit because natural gas prices have come down. He is constructive on this name. Just reported and had 110,000 production versus 107,000 that the market was looking for. Their Parkland and Tower assets are having very impressive production growth. His model suggests that this could have 40% earnings growth over the next few years. Payout ratio of 116% on 2015 estimates is pretty good. A pretty clean balance sheet.


Price: $30.040
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 DON'T BUY Atlantic Power Corp.
ATP-T
Greg Newman

This one is very tempting, but he doesn’t think the dividend yield is sustainable. As of Q1, the dividend was 3X higher than the free cash flow. Doesn’t think there will be a buyer for them.


Price: $4.130
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 BUY Artis Real Estate Investment Trust
AX.UN-T
Greg Newman

They are upping their exposure into the US, which is currently at about 24%. Their goal is 30%. A higher leveraged name, but their balance sheet is improving. He sees in-line growth of around 3.5%, which is equal to its diversified peers. Payout ratio is trending down and looking a lot better.


Price: $15.550
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 HOLD Bombardier Inc (B)
BBD.B-T
Greg Newman

The exciting thing here is that they recently had organizational changes. Split their aerospace into 3 different units. Thinks the signal here is that they may be going to try to spin one of them out and try to generate shareholder value. This has really weak free cash flow, and he doesn’t see the business jet market turning around any time soon.


Price: $3.730
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 COMMENT Baidu.com
BIDU-Q
Jon Vialoux

Reported greater earnings recently. Chart shows it has spiked higher, and it essentially has created a gap. We essentially could see a fill of that gap by a downwards movement of about 5%. Trading well above its significant moving averages. Seasonally, Internet stocks tend to do pretty well into September and October.


Price: $216.050
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 DON'T BUY Bonavista Energy Corp
BNP-T
Jon Vialoux

Energy is entering its next period of seasonal strength. There is potential for downside risk, and this stock is showing that with its recent plunge. This has fallen below its 200 day moving average and its 50 day is pointing lower, which implies a negative intermediate term trend. Support has been breached on the stock, so it is pointing to significant downside potential.


Price: $14.100
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 PAST TOP PICK CitiGroup
C-N
Greg Newman

(A Top Pick July 29/13. Down 4.47%.) Had thought this would be a dividend stock by now, but they weren’t allowed to return capital and have been criticized as too big to manage. Q2 was better-than-expected. Credit quality is improving. Still trading well below its tangible estimated Book Value. Tier 1 capital is really high. Still levered to an improving planet and US. Patience should get rewarded on this.


Price: $48.910
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 DON'T BUY Chinook Energy Inc
CKE-T
Jon Vialoux

Energy is positive coming up, but the chart on this one is not that appealing. It just broke through the 50 day a few days ago, and there has been significant underperformance against the market over the past month. There are signs that this one is trending lower.


Price: $2.200
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 COMMENT Canadian Natural Rsrcs
CNQ-T
Jon Vialoux

The energy sector, particularly the energy exploration and production industry, tends to have 2 periods of seasonal strength. The first one is from January all the way through to May. The next period is just approaching, basically the last half of summer all the way through to Labour Day. The average gain for August and mid-September is about 5%. Trends are still very much positive. 1.9% dividend yield.


Price: $47.530
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 COMMENT Detour Gold
DGC-T
Jon Vialoux

This is the seasonal strength for gold, and looks lined up for a seasonal move. The 15 and 20 day are pointing higher, which implies a short and intermediate trend which is a good setup for the seasonal trade ahead.


Price: $12.290
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 COMMENT Exchange Income
EIF-T
Greg Newman

He likes this name. Its 2013 payout ratio is very high, but on his 2014 assumed numbers, from them turning around their West Tower asset. If they can achieve 4.5% margins in 2014 on that asset and 7% in 2015, he models a 55% 2015 payout ratio. If that’s the case, the 9.7% dividend is fine. He also sees it trading at a very fair value of 8.7X 2015 right now.


Price: $17.210
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 BUY Fortis Inc.
FTS-T
Greg Newman

The UNS transaction is proceeding well and will be modestly accretive to them. This is only a $7 billion company and they have about $8 billion of utility type investments coming online over the next few years. There is a lot of growth here. Also, have potential for a lot of LNG related investments, with their strategic presence in BC.


Price: $33.550
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 TOP PICK Mrk Vectors Gold Miners ETF
GDX-N
Jon Vialoux

When the gold miners report their earnings at the end of July that is the kick off to the start of the period of seasonal strength for the miners. This is experiencing a dip today, so you could take advantage of some of the weakness. The average gain between the end of July and September 25 is about 8%.


Price: $25.910
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Yes
2014-07-31 BUY Horizons Enhanced Income Gold ETF
HEP-T
Jon Vialoux

It generates a good dividend by writing Calls against the positions it has in its portfolio. Between the end of July and through to September, gold miners tend to go higher.


Price: $6.420
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 TOP PICK HAP Floating Rate Bond ETF
HFR-T
Jon Vialoux

(A Top Pick April 22/14. Up 0.43%.) This is equivalent to a cash holding, and is about 32% of his fund right now. This is a short-term duration bond ETF, and provides a hedge against the volatility that is frequent at this time of year. He intends this to be his holding through until October.


Price: $10.190
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Yes
2014-07-31 BUY Husky Energy
HSE-T
Greg Newman

Just had their Q2, which was largely in line. Operationally it looks very good with Liwan up and running and Sunrise on track to start up at the end of 2014. Trading at a discount to its five-year average. He sees good earnings growth at around 21%. Has a $40 target.


Price: $33.170
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 PAST TOP PICK Kellog
K-N
Jon Vialoux

(A Top Pick April 22/14. Down 7.3%.) Broke below a head and shoulders pattern yesterday. The period of seasonal strength generally is from April through until November. It is definitely time to step aside and get out if you own.


Price: $59.830
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: No
2014-07-31 BUY on WEAKNESS Loblaw Companies Ltd
L-T
Greg Newman

Had a monster quarter which he thinks was a result of better same-store sales and the spectre of higher inflation in the 2nd half. Company is saying they have $300 million in synergies from Shoppers over the next 3 years. Have an SAP rollout that is intact. He forecasts really good operational earnings growth of about 19% over the next few years, 12% cash flow growth and pretty decent dividend growth of around 7.4%. It is vulnerable that you are not going to get as much inflation in food as the market is positioned for. He would  buy this at a lower price.


Price: $53.630
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 SPECULATIVE BUY Long Run Exploration
LRE-T
Greg Newman

Thinks this is a real good one. Has a payout ratio of under 100%, a dividend of around 7.5%, and is trading at about 3.7X EV discounted to its cash flow, versus its peers of almost double that. Just bought some new properties that fit in well, which should help in terms of execution. A high-risk name, but a very good one to own.


Price: $5.500
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 DON'T BUY Lightstream Resources
LTS-T
Greg Newman

Have been improving their operations and have been making asset sales, which is what the market wants to see. Payout ratio is getting a little bit better. For the risks, he thinks there are better names such as Long Run Energy (LRE-T) which probably has much better upside. He is optimistic as they have executed on their turnaround, but there are better opportunities elsewhere.


Price: $7.200
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 PAST TOP PICK Metlife
MET-N
Greg Newman

(A Top Pick July 29/13. Up 11.67%.) This should have done a whole lot better, but has been mired by regulatory concerns. Feels the US government will be labelling this as “too big to fail”, so capital, leverage and liquidity will be constrained. He would be using this fear as a way to be buying this. Still a Buy.


Price: $52.600
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 BUY Manulife Financial
MFC-T
Greg Newman

Trading at a Price to Book of around 1.4% and is on track for its 2016 targets, and he sees them growing their annual compound growth rate and operating earnings at 19% over the next 2 years. This is a name for the future.


Price: $22.280
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 TOP PICK Magna Int'l. (A)
MG-T
Greg Newman

Nobody wants to buy this at its high price, but it is cheaper than its peers. 6.2% times 2015 estimates versus the peers at around 6.5%. Given the quality of this name, their higher return on assets, buybacks, dividend growth and acquisition opportunities, they should trade higher at 6.75%. US price is about $110, and he sees it going to $150 US. Raised their guidance on sales and margins in Q1, and he sees upside for both North American and European margins. He estimates they can grow their dividend at 31% in 2015 as well as a 16.5% buyback.


Price: $117.090
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 HOLD National Bank of Canada
NA-T
Jon Vialoux

Canadian banks have done phenomenally well. From a seasonal perspective, financials tend to do well into the first half of the year. Canadian financials can track the market higher from October through to December, but this is not as significant as the one in March and April. We are technically in the off-season right now.


Price: $48.800
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 COMMENT Norbord Inc.
NBD-T
Greg Newman

Great Short? If you Short here, you are going to have to pay that -10% dividend that the stock is paying. They just came out in Q2 and said that the dividend is safe, at least until the end of 2014. The housing data in the US was a big surprise. OSB pricing is exceptionally weak, however the company is executing. Better pricing and their shipments are up 10%, year-over-year. There is a lot of talk right now that the housing recovery doesn’t happen, and he thinks that pent-up demand will eventually turn housing around.


Price: $22.690
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 DON'T BUY Niko Resources
NKO-T
Jon Vialoux

Not that appealing. This company doesn’t tend to benefit from the 2nd period of seasonal strength for energy. Probably not something you want to pursue.


Price: $1.980
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 TOP PICK Peyto Exploration & Develop.
PEY-T
Greg Newman

Really strong cash flow and production. He sees 30% cash flow growth over the next couple of years. Their all-in costs per barrel of oil is equivalent is $7.42, which is unheard of in the industry. Solid balance sheet. Trades more or less in line with peers, but has much better growth.


Price: $36.650
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 BUY on WEAKNESS Parkland Fuel Corp
PKI-T
Greg Newman

Have done a great job in replacing their lost Suncor contract. Thinks the 5.1% dividend yield is pretty safe for 2014 with a 71% payout ratio. Have a really good history of growing by acquisition. Balance sheet still has flexibility to be able to make more acquisitions. Not a whole lot of organic growth right now and yet it is trading beyond its 5-year average. He would buy this on a pullback.


Price: $20.590
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-31 COMMENT Power Financial Corp
PWF-T
Jon Vialoux

For financials in general, seasonal strength is in the first half of the year, but not particularly strong for the back half. This one has been doing quite well during its off-season. The chart shows the 20 day is moving higher, a positive short-term trend. 50 day is curling higher, implying a renewed positive intermediate term trend. Technically, it is approaching resistance at $35.77. Pulling back today and wouldn’t be surprised to see some consolidation.


Price: $35.140
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 COMMENT RioCan Real Estate Investment
REI.UN-T
Greg Newman

Reported today and their same property operating income was up by 1.4%. This has a $1.1 billion development pipeline that can drive growth for years. Their payout ratios are trending down which is a good thing. Very strong balance sheet. The quality is reflected in the valuation of 18X. If you want a retail REIT that maybe has more sizzle and upside, look at Calloway (CWT.UN-T). It has a higher dividend, lower payout ratio and trades at about 14.5X.


Price: $27.080
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 PAST TOP PICK Scholastic Corp.
SCHL-Q
Jon Vialoux

(A Top Pick April 22/14. Up 7.76%.) This tends to do well from May all the way through to September. The bulk of its earnings and income is generated from September through to November. Continues to be a Hold. The trend is still positive.


Price: $35.420
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: No
2014-07-31 BUY on WEAKNESS Surge Energy Inc
SGY-T
Greg Newman

Just reported, and earnings were up with EPS at $0.20 versus his $0.08 estimate. They closed on Longview in June and reiterated their guidance. The dividend is fine and the payout ratio looks to be below 100%. As long as you are comfortable owning an oil name with oil falling, this is a good one. His instinct would be to try to buy it on a pullback.


Price: $8.500
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 COMMENT Silver Wheaton
SLW-T
Jon Vialoux

Silver is positive at this time of year. July and August are the peak periods of strength. Chart is showing a familiar “head and shoulders” bottoming pattern. If it breaks above the neckline, he can see it at about $28.


Price: $28.480
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 COMMENT Toronto Dominion
TD-T
Jon Vialoux

This is his long-term Hold, and he has done tremendously well with it. There is nothing negative to say about the stock. The trend is definitely positive. Seasonals tend to benefit the first half of the year rather than the last half.


Price: $57.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Yes
2014-07-31 BUY Toronto Dominion
TD-T
Greg Newman

Thinks they can grow their operational earnings by 8.7% in the next couple of years. The US banking exposure is going to limit some of their growth right now. Have very favourable trends in credit expenses. Thinks you can get $59-$60 over the next 12 months combined with a nice dividend.


Price: $57.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 WAIT Tourmaline Oil Corp
TOU-T
Jon Vialoux

The next period of seasonal strength is from August through until mid-September. All the energy stocks have had a great run in the first half of the year. It has now broken below its support. Wait for the correction to play out and the basing pattern develop.


Price: $51.330
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-07-31 PAST TOP PICK Trans Canada Corp
TRP-T
Greg Newman

(A Top Pick July 29/13. Up 21.4%.) Had hoped we would get the Keystone, which has now been put back earliest to Q1 of 2015. Wouldn’t be buying this today.


Price: $54.700
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2014-07-31 TOP PICK iShares S&P Global Timber & Forestry ETF
WOOD-Q
Jon Vialoux

*Short*. This is the period of seasonal weakness for housing stocks. This tends to impact the demand for lumber. September is particularly weak for the price of lumber. Has declined 80% of the time for the past 20 years for an average decline of 9%. If you do Short this, it’s a good idea to have a Stop at about $53.50.


Price: $50.390
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: No
2014-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Peter Imhof

Markets.  He is looking at the earnings of each company, but as long as the earnings are coming through he is willing to keep holding them.  You have to be stock selective.  Cap-X has been going up.  Companies don’t feel the need to keep the money on the balance sheet so much now.  He sees attractive companies in all sectors.  There is no overweight in any one sector.


Price: $0.020
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: _N/A
2014-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Markets. The GDP out of the US today was fantastic. This should lead to stronger earnings growth going forward. As long as we see the economy growing, which it has been over the last few quarters, we should continue to see earnings numbers from individual companies continue to be positive. Thinks there could also be some concern that the strong data means higher interest rates and less taper. A few things  he is watching fairly closely are margin debts, which have continued to rise over the last several months. However, what is more concerning is that when credit gets pulled away, the margin debt numbers start to drop. He is seeing sentiment very much bullish for the newsletter writers, but the individual investors for the last 3 weeks in a row, have actually become more bearish. Two factors that he thinks are important for predicting a recession is 1) the price of oil, and whether or not it has seen an 80% increase in the past 12 months. We need oil to be trading in the $140’s for that to happen. 2) An inverted yield curve and we’re certainly not at that point in time right now.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2014-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Banks versus Lifeco’s? In his ranking system, lifeco’s rank a little bit higher. He looks for earnings growth and accelerated earnings growth. At this point in the cycle, insurance companies are going to see higher rates from higher interest rates. Also, bigger gains on their loan books based on capital markets.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2014-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Precious Metals. Six months to a year ago, he had no precious metals in his portfolios. The companies he looked at were probably in the bottom 2 deciles of his universe. In the last 6 months, these have come up in rankings. He is looking at more of these precious metal companies.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2014-07-30 COMMENT Athabasca Minerals
ABM-X
Bruce Campbell (2)

A really interesting company. Their primary business right now is gravel crushing. They operate a mine for the Alberta government. Numbers came out today and were probably a little disappointing. The real upside with this one is that they have an opportunity to participate in a frac sand market. The majority of the frac sand that is used in Western Canada gets railed in from Wisconsin. They have an opportunity to set up a depot, which will require some capital, so wouldn’t be surprised to see them raising money in the short term. This is where the huge upside is as they will be able to compete on price. The sand won’t be the same quality, but will be satisfactory for most of the frac jobs. He is looking at this one.


Price: $2.620
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 PAST TOP PICK Air Canada (B)
AC.B-T
Bruce Campbell (2)

(A Top Pick Oct 16/13. Up 94.89%.) Feels there continues to be growth here. The business cycle has been expanding, and there are more overseas flights which is where they make some money. Also, they are working on cost controls.


Price: $9.770
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 PAST TOP PICK AutoCanada Inc.
ACQ-T
Bruce Campbell (2)

(A Top Pick Oct 16/13. Up 92.49%.) Continues to like this one. Has pulled back a little because of 1) articles indicating competition coming in from the US, and 2) they did a secondary offering. He still really likes it and there is still a lot of room for it to go. Own roughly 45 dealerships in Canada, and there are probably 250-300 dealerships available. If they went to smaller dealerships, there are 3,300 dealerships available.


Price: $73.600
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Bruce Campbell (2)

(A Top Pick Oct 16/13. Up 30.59%.) This had a 3 for 1 stock split. Started to drop down in rankings, and he was looking for a higher growth opportunities, so he sold his holdings.


Price: $30.010
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 SELL Athabaska Oil Sands Corp
ATH-T
Peter Imhof

There are so many better places to play in the oil and gas area.  Don`t hang your hat on them getting the money from Petro China.


Price: $6.210
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 BUY Avigilon Corp
AVO-T
Peter Imhof

The numbers seem to be very good and they took a lot of market share from others. 


Price: $25.590
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 COMMENT Avigilon Corp
AVO-T
Bruce Campbell (2)

Had owned this under $7 and sold it at around $29. Had broken down from a technical analysis. Also, had broken down in his rankings a little. It is now showing up on his radar screen again, and he is watching it.


Price: $25.590
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 WATCH Badger Daylighting
BAD-T
Bruce Campbell (2)

From a company and fundamental standpoint, there is lots of room for them to grow, over the next few years. Probably won’t have the performance that it had in the last 2 years. Before buying, he would want to see it recover, and start to see some positive indicators from the MACD and stochastic indicators. When you see those crossover from a weekly basis that would be the time to buy.


Price: $32.410
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2014-07-30 BUY Benev Capital
BEV.H-X
Peter Imhof

Thought it would do well a year ago.  What happens now is there was a fight with Difference Capital and the management team bought a royalty on a restaurant chain out west.  They placed 11 million shares and he thinks they will do very well.  There was a lot of demand for the shares.  They have a 10% yield, the stock is halted right now but when it is released it should do well.


Price: $1.930
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 DON'T BUY Bellatrix Exploration Ltd.
BXE-T
Peter Imhof

He has been disappointed.  It is fairly cheap and they have some good growth longer term.  Don’t sell; new people have to move into the story.  He would like to see it trade sideways for a while.


Price: $8.200
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
2014-07-30 COMMENT Cardinal Energy Ltd
CJ-T
Bruce Campbell (2)

The lowest declines of any of the dividend paying energy companies. The acquisition they just made was a 14% decline rate, really low for energy companies. Yield of 4.3%.


Price: $19.670
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 HOLD Celestica Inc
CLS-T
Peter Imhof

Just reported earlier this week.  Numbers were good, but softer than people expected.  He exited at $10 at his previous employer.  He owns just a little bit.  You won`t be hurt by this story.


Price: $11.930
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
2014-07-30 PAST TOP PICK Canacol Energy Ltd.
CNE-T
Peter Imhof

(Top Pick July 11/13, Up 116.26%) Started buying when he moved to AGF.  They did a big financing and people participated.  He really likes the story,  A lot of news coming out over the next 4-5 weeks.  A lot of catalysts in the next 6 months.


Price: $7.190
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
2014-07-30 COMMENT Crescent Point Energy Corp
CPG-T
Bruce Campbell (2)

After they made the acquisition in Utah and came out with the numbers there, the stock moved up, but of late it has pulled back along with the rest of the sector. Very well run company.


Price: $44.830
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 BUY Capstone Mining Corp.
CS-T
Peter Imhof

Not too many ways to play the base metals companies.  Likes management.  Mid-cap copper producer.  A lower cost producer.  He likes the story.


Price: $3.000
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 DON'T BUY DHX Media
DHX-T
Peter Imhof

They have been in the right place at the right time.  They acquired the family channel.  They have to renew with Disney over the next few years.  They could get bought out over time.


Price: $7.030
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
2014-07-30 COMMENT DHX Media
DHX-T
Bruce Campbell (2)

Management team has done a great job. These content libraries are just becoming more and more valuable, especially as we migrate from just watching TVs over to iPads, computers and other devices. They are picking up children’s programs, which really don’t go out of favour. Thinks this can probably go higher.


Price: $7.030
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 BUY Element Financial
EFN-T
Bruce Campbell (2)

Has owned this in the past. Great management team. Continues to make a lot of acquisitions and continues to grow. This is one that you could tuck away for a five-year time horizon. They may not be around at that point. Had been approached by some Canadian and Japanese banks about buying out their business.


Price: $14.530
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 TOP PICK Easyhome
EH-T
Bruce Campbell (2)

The finance side is the impressive side. The leasing side just continues to be sort of stagnant and not growing a whole lot. Just announced fantastic earnings today. On Tuesday they came out with a new financing package, which basically clears the way for them to grow. Have also bumped up their guide for the future, saying they are going to grow between 14% and 16%.


Price: $24.360
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 HOLD Exchange Income
EIF-T
Bruce Campbell (2)

(Market Call Minute.) He would like to see how things shape up with AT&T. Their West Tower division has been having some troubles.


Price: $17.750
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2014-07-30 TOP PICK Elkwater Resources Ltd
ELW-X
Bruce Campbell (2)

Have just re-capitalized, so the name will be changed to Striker Exploration. Have very small production now, less than 100 barrels per day. Look for them to make an acquisition and grow this thing into the next Raging River (RRX-T).


Price: $0.700
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 DON'T BUY Equity Financial Holdings
EQI-T
Peter Imhof

There was an executive proxy battle.  He does not see how the earnings will now accelerate.  It will take a while to ramp up again.


Price: $9.180
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: No
2014-07-30 TOP PICK Espial Group
ESP-T
Peter Imhof

Just signed with a tier one communications company.  Cable companies are losing a lot of business to Netflix.  Are going to try to enhance the cable experience to subscribers.


Price: $3.220
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
2014-07-30 COMMENT Knight Therapeutics
GUD-T
Bruce Campbell (2)

Moved out of this to increase his position in another holding. This company has great leadership and great management. He is just waiting for them to execute on a deal. They are all cashed up and waiting for something to happen.


Price: $5.150
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 DON'T BUY Guestlogix
GXI-T
Peter Imhof

History of over promising and under delivering.  Does not like the earnings profile and cash flows.  Never hit on where they say they will.


Price: $1.230
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 BUY Guestlogix
GXI-T
Bruce Campbell (2)

Owns this in his growth funds. Has technologies that allow the airlines to process extra payments. Have signed a couple of big contracts with 2 big airline seat manufacturers. He has been waiting for them to actually get them into the airplanes, and at that point in time there will be some revenue. Looking for a big blowout quarter, either this quarter or the next. If they miss their numbers this quarter, there will be a lot of critical eyes, but he thinks this is just a delay.


Price: $1.230
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 COMMENT Home Capital Group
HCG-T
Bruce Campbell (2)

(Market Call Minute.) Fantastic management and thinks it goes higher.


Price: $51.450
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2014-07-30 DON'T BUY Horizon North Logistics
HNL-T
Bruce Campbell (2)

(Market Call Minute.) 3rd quarter in a row that they’ve had a miss. Had trouble putting numbers to the bottom line.


Price: $6.240
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2014-07-30 HOLD Intertape Polymer Group
ITP-T
Peter Imhof

Would continue to hold it.


Price: $14.040
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 PAST TOP PICK Loyalist Group Limited
LOY-X
Peter Imhof

(Top Pick July 11/13, Down 24.17%) They still have an opportunity to come through. They missed on a couple of quarters.


Price: $0.445
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: No
2014-07-30 BUY Lundin Mining Corp.
LUN-T
Peter Imhof

Likes it in terms of production numbers.  People are moving out of some of the other base metal names and into this one.  Likes the management team.


Price: $6.300
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
2014-07-30 DON'T BUY Macro Enterprises
MCR-X
Peter Imhof

They took a bit of a loss on a contract to engage some small guys.  Does not think the next quarter will be any better.  Prefers PRW-T.


Price: $4.390
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 COMMENT Mart Resources Inc
MMT-T
Peter Imhof

Nigerian oil and gas play.  This is a tough one.  It is not for the faint of heart.  Looking at acquisitions that may grow their production quite a bit.  Does not know if he would enter the stock right now.


Price: $1.360
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: No
2014-07-30 BUY Mandalay Resources Corp.
MND-T
Peter Imhof

Was a favorite name at his previous employer.  They continue to come through with higher production and lower production costs.  It is rather illiquid for him with the fund he is running.


Price: $1.180
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 PAST TOP PICK Martinrea
MRE-T
Peter Imhof

(Top Pick July 11/13, Up 14.98%) He bought Magna instead of this.  Likes both names.


Price: $12.970
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: No
2014-07-30 DON'T BUY Merus Labs International
MSL-T
Peter Imhof

Looking to make acquisitions.  They are all competing on acquisitions.


Price: $2.560
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Unknown
2014-07-30 COMMENT National Bank of Canada
NA-T
Bruce Campbell (2)

This is the one bank that would rank the highest in his process. Has performed well and continues to do so. Made some acquisitions on the capital market side recently, which continues to drive earnings for them. Also, they don’t have much of a penetration in the west, which is something they could potentially do down the road. A good holding.


Price: $49.150
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 TOP PICK Patient Home Monitoring
PHM-X
Bruce Campbell (2)

Have an acquisition strategy where they are going out and buying monitoring companies. Have bought 3 in the last 12 months. Most acquisition companies are growing through acquisition, but this one is also growing organically. They are buying different companies, and then cross-selling between them. Thinks they can probably earn $.04-$.05 a share over the next 12 months. If you put a 10 or 15 times multiple on a company that is growing 20% plus per year, you can see the stock significantly higher.


Price: $0.330
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-07-30 BUY on WEAKNESS Pine Cliff Energy
PNE-X
Bruce Campbell (2)

Has had a great run. Announced 2 acquisitions in the last few weeks alone. He would want to see it pull back a little because you are basically paying all-time highs for it now. Phenomenal management team that keeps making acquisitions, and he expects to see more.


Price: $1.850
Subject: CANADIAN
Bias: BULLISH
Owned: No
2014-07-30 BUY Panterra Resource
PRC-X
Peter Imhof

Did a very good at making the acquisition at a very low multiple on the deal.  They should do well as they come out with a couple of quarters after the deal. 


Price: $0.560
Subject: NORTH AMERICAN - SMALL
Bias: SELECTIVE
Owned: Yes
Showing 1 to 120 of 130,359 entries
First Previous 1 2 3 4 5 Next Last