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

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets. The biggest cost to the US government for the next 20 to 30 years is healthcare, but you don’t get the development of drugs from companies without the profits. We need to watch the IBB-N biotech ETF.  He thinks it might re-test the lows.  He sees a 40% chance of a rate hike in September and a 63% chance in December. Don’t think the fed will not raise interest rates in front of the election.  They have done it before.  He thinks the US$ will rise from here as we have challenges in Europe and Japan.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  The US$.  The market changed dramatically after the Fed said the rates were to go up September and December both.  The Euro is 57.6% of the US dollar index, so it matters what Europe does.  The notion that currency doesn’t matter is wrong.  It is the most important factor when investing.  A rate hike will put downward pressure on commodities and upward pressure on the US$.  He thinks we re-test the Brexit lows over the next couple of months.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Do you trim preferred or common shares when you need to lighten up on equities?  Perpetual preferreds trade more like bonds.  They may underperform in the next while whereas rate resets may do better.  Common shares will have even more volatility.  So he would sell these when rebalancing.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Sell a losing stock or a winning stock when you need to lighten up on equities?  He would crystallize the loss.  But it all depends on the particular situation, whether it is a taxable account and how it is diversified.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Markets.  We are in the early stages of secular bull market for the US$.  We are going to hike rates in the US for September and that is bullish.  Unless we get the right data point between now and the third week of September the raise should happen.  An increasing US$ brings earnings down when repatriated.  He thinks attracted investment into the US will counteract it in valuations.  Canada is SO overvalued.  It is crazy – all assets – housing & markets.  Canada topped out in earnings in 2011.  Canada doesn’t look good.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: _N/A
2016-08-29 BUY A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Where to park US$ for 6 months?  No equity is a safe haven.  Verizon would be the closest he could find .  He has a  $52 model price and it has a 4% yield.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Madden

Market. We have seen the Canadian market bounce off the post BREXIT lows, but thinks there is more fuel in the tanks. The TSX Composite is not expensive right now, trading at about 1.9X BV, which is pretty modest compared to 30-year historic average of 2.1. On an earnings basis, it trades at about 19X this year’s earnings, which is pretty much exactly in line with a historic average. This is all occurring amidst the backdrop of earnings that are still cyclically depressed and about 17% below trend.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Madden

Favoured sectors if there is a rate hike? An overwhelmingly, knowledgeable choice would be the financial sector. Canadian banks have managed to mint record profits, even in the very, very low interest rate conditions. If we get rates going up, and ideally a yield curve steepening, that could be a tremendous tailwind for their net interest margins.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2016-08-29 WAIT AutoCanada Inc.
ACQ-T
Brian Madden

A very, very impressive stock for a number of years, but is very over indexed to Alberta. It peaked at close to $100 in 2014. Very inexpensive. Also, it is a growth by acquisition story so the bigger they get, the more they are going to need to do bigger and larger and more frequent deals. He would tend to err on the side of waiting for more financial proof that they are back in gear and growing their earnings once more. 


Price: $23.100
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 WATCH Alimentation Couche-Tard (B)
ATD.B-T
Brian Acker, CA

They are refueling their growth with a series of acquisitions.  We are hitting resistance at EBV+6 so the ride is over.  Model price $71.  If we ever get a correction he would love to buy it at $45.


Price: $67.630
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Brian Madden

One of the premier growth stories in Canada, not just in the consumer space, but in any sector. Extremely well-managed. They have a 20+ year track record of growing earnings and improving returns on shareholders’ equity. Just pulled the trigger on a very large transformational acquisition with the purchase of CFT Brands. The synergies on that should come in at about $150-$250 million, bigger than most of the street was expecting. Dividend yield of 0.46%.


Price: $67.630
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-29 DON'T BUY Avigilon Corp
AVO-T
Brian Madden

Their technology is pretty cutting edge. They provide digital security cameras and related software for large-scale corporate, retail and industrial applications. Had been a pretty good growth stock for a number of years. Feels management has lost a lot of credibility. They missed numbers. Also, they have a revolving door in the C suite with the CFO, etc. Too risky for his clients.


Price: $9.160
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 WATCH Bank of America
BAC-N
Brian Acker, CA

They rallied last week because of the expectation of raising rates.  The only problem he has is that it is under EBV-3.  He wants to see a positive transit above this.


Price: $15.840
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 HOLD BlackBerry
BB-T
Brian Madden

CEO is very well remunerated at $89 million. However, it is not entirely all recurring compensation. He earns about $3 million a year, but when he joined the company, he got a very lumpy one time signing bonus, which was comprised of a lot of restricted stock. It remains to be seen whether he will meet the performance criteria, and actually realize on that, because it is tied to whether the shares outperform the NASDAQ, which has not been happening. Buying “value plays” in technology is a tough way to make money. Incentives motivate behaviour, and looking at the conditions attached to John Chen’s pay packet, the 3-year anniversary date is mid-November, so if you own the stock he would stick around to see what comes up between now and the anniversary date.


Price: $10.310
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 COMMENT Cott Corp
BCB-T
Brian Madden

This had been fading into oblivion for a very long time. Consumption of carbonated soft drinks is really on the decline. Very much a commodity driven business and vulnerable to the swings in price in plastics, aluminum, sugar, etc. They’ve made several transformational acquisitions into better businesses such as an office and home coffee and water delivery. Recently made 2 more acquisitions, one in the US and one in Europe. EPS is stuck in a range of about $.20 compared to $.40 in 2014. He prefers being invested in businesses that are proving and executing and achieving the financial metrics he is looking for. This doesn’t meet that test.


Price: $20.820
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 COMMENT Bank of Nova Scotia
BNS-T
Brian Madden

Has tremendous reach and scale in Latin America and South America. In Mexico they are one of the dominant banking franchises.


Price: $68.860
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-29 TOP PICK CCL Industries (B)
CCL.B-T
Brian Madden

This company makes packaging and labels, and their client base are large consumer goods packaging companies. A growth by acquisition story, and recently acquired Checkpoint Security Systems. Have been growing earnings at a 40% compound rate over the last 4 years. Very solid execution. Lots of runway to keep acquiring and consolidating a fragmented industry.


Price: $240.350
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-29 HOLD Calfrac Well Services Ltd
CFW-T
Brian Madden

(Market Call Minute.) Not for the faint of heart. A leveraged business model. Has a tailwind in the form of improving service sector activity with rising oil prices, but is definitely not a blue-chip stock.


Price: $2.970
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 DON'T BUY Corus Entertainment (B)
CJR.B-T
Brian Acker, CA

It is hard to be positive on this one.  The model price is $19, or a 50% upside, but it just had a negative transit to EBV.  He wonders if the dividend is safe.


Price: $12.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2016-08-29 HOLD Canadian Pacific Rail
CP-T
Brian Acker, CA

You are at your limit in terms of price (EBV+6), and his model price of $198.  But long term it looks pretty good.  By next year EBV+6 will be $256.  There is not an American railroad he likes.


Price: $201.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 BUY on WEAKNESS Constellation Software Inc.
CSU-T
Brian Acker, CA

He likes it.  $400 model price, but they could do a lot of things to increase the model price, such as a stock split. 


Price: $559.860
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 BUY Dominion Diamond
DDC-T
Brian Madden

This has been challenging. They own 2 world-class diamond mines. The stock sold off when there was a fire at one of the processing plants, which curtailed production in the 2nd quarter. It should be able to get that back up and running within a month or 2. Ridiculously inexpensive, trading at about .6X its BV, and trades at an enterprise value to EBITDA multiple of about 2 or 2.5 times. Just sold their corporate head office for $85 million. He still likes the name.


Price: $11.820
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-29 DON'T BUY DH Corporation
DH-T
Brian Acker, CA

The problem is that acquisition.  It is big.  He thinks there is doubt in their strategy.  The model price is $37.  At $22 he would be interested in it.


Price: $29.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2016-08-29 DON'T BUY DH Corporation
DH-T
Brian Madden

The emerging growth driver for this company is FinTech. They made a number of acquisitions in the FinTech space and are struggling to integrate them. He would be on the sidelines until they figure out what they have acquired and digested and get the profitability back on track.


Price: $29.070
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 DON'T BUY Denison Mines Corp
DML-T
Brian Madden

Uranium producer, and the elephant in the room is what is going to happen in Japan. Many analysts would have expected their reactors would have been turned on by now. With uranium under $20 a pound, these companies are not really making any money. He would stay away from the space.


Price: $0.670
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 BUY Dollarama Inc.
DOL-T
Brian Madden

This has been a sensational performer. The knock has always been that it is expensive. Currently it is trading at 27X earnings. They are rolling out more price points at higher levels, going from just $1-$1.50 items to $2-$3, and he understands they have plans to roll out even higher price points. A good organic growth story. They are opening 60 to 70 stores a year and have a dominant position. Trading at 28X, so be careful.


Price: $96.970
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-29 WEAK BUY Empire Company (A)
EMP.A-T
Brian Acker, CA

It has had its struggles with the Safeway acquisition.  His model price is $25.50, a 20% upside.  It should hold here at EBV+2.  All his Canadian picks he is not crazy about.


Price: $21.360
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 BUY Flextronic International
FLEX-Q
Brian Acker, CA

The model price is $18.62, it has a 44% upside.  It will probably get to EBV+4.  Sell at $14.50 and buy at $11.56.


Price: $13.090
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 COMMENT Franco-Nevada Corp.
FNV-T
Brian Madden

The premier in gold streaming. Gold has been fraught with peril over the last 5 years until very recently in January, when the price started climbing again. Canadian investors are very, very sensitive that gold is 6%-7%-8% of the TSX composite by weight. There is a lot of hair on a lot of gold mining/producing companies, but this one is free of all those risks as they own a streaming business, and are more of a financing company rather than a gold company. This has a tremendous management team which runs a very lean and mean business.


Price: $94.690
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 TOP PICK General Electric
GE-N
Brian Acker, CA

We are getting to a point where the basic fundamentals are running out in the markets and you need to look for stocks that are re-organizing.  Model price is up to $25.  It keeps going up.  The fundamentals will keep pushing the stock up.  You want industrials with the infrastructure products coming up.


Price: $31.360
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 PAST TOP PICK Gilead Sciences Inc.
GILD-Q
Brian Acker, CA

(Top Pick Sep 19/15, Down 27.04%) $170 Model price.  It is at 7 times PE.  Wall street does not like them because they cure someone rather than sell them drugs for life.  Keep an eye on it.  He thinks it will do well.


Price: $78.170
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 TOP PICK Hewlett Packard Enterprise Co.
HPE-N
Brian Acker, CA

HP-N was old tech.  It split and HPE-N is up 40% in his fund already.  Everyone is confused.  This part is the cloud, security, etc.   The old one is the contract manufacturer.  HPE-N is at EBV whereas peers are multiples of this.  31% upside.


Price: $21.840
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 COMMENT Manulife Financial
MFC-T
Brian Madden

The whole life insurance sector has been a troubled battleground, and hinges on interest rates being extraordinarily low. Thinks it is still going to be pretty tough to own this name.


Price: $17.900
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-29 DON'T BUY Magna Int'l. (A)
MG-T
Brian Acker, CA

It is really the sub-prime housing of the US.  We have pulled so much demand forward.  This is cyclical.  His model price is $88.  This stock has a long way to fall in the event of a correction.


Price: $52.590
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 TOP PICK Magna Int'l. (A)
MG-T
Brian Madden

Canada’s largest auto parts company. This is a non-resource cyclical. It is taking market share in North America, Europe and Asia. Margins are improving. Very inexpensive at about 7X earnings, versus its peers at about 11X. Dividend yield of 2.46%.


Price: $52.590
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-29 PAST TOP PICK Microsoft
MSFT-Q
Brian Acker, CA

(Top Pick Sep 19/15, Up 37.87%) If it pops to EBV+7, $76 it would be a sell.  Model price is $62. It just had a positive transit over one of his lines, meaning it is a buy signal.


Price: $58.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 DON'T BUY Russel Metals
RUS-T
Brian Acker, CA

It is a cyclical.  It got down to EBV earlier and had a big bounce.  He thinks it will come down to EBV ($13.60) again.  They are paying out more than they are earning.  Don’t touch it.  Look at it if it gets to the single digits.


Price: $21.650
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 DON'T BUY Shopify Inc.
SH-T
Brian Acker, CA

Everyone is looking at revenue growth and not earnings.  It is very expensive at EBV+9.  They will lose $.19 this year and $.16 next year. 


Price: $53.850
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 WEAK BUY Global X Silver Miners
SIL-N
Larry Berman CFA, CMT, CTA

How to Play Silver.  There are three different ways to play: Seniors (SLVP-N), Juniors (SILJ-N) or the metal, SIL-N.  He would buy SIL-N on dips.  But if the US$ gets stronger in the interim, then it would mitigate some of your gains.


Price: $46.630
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-08-29 DON'T BUY PureFunds™ ISE Junior Silver ETF
SILJ-N
Larry Berman CFA, CMT, CTA

How to Play Silver.  There are three different ways to play: Seniors (SLVP-N), Juniors (SILJ-N) or the metal, SIL-N.  He would buy SIL-N on dips.  But if the US$ gets stronger in the interim, then it would mitigate some of your gains.


Price: $16.790
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-08-29 BUY on WEAKNESS Stella-Jones Inc.
SJ-T
Brian Acker, CA

You always get a correction in this stock.  If it comes back to EBV+4 ($36) he would be a big buyer.  His model price is $62.63, a 46% upside.  It will either get news or do an acquisition and be back up.


Price: $42.870
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 DON'T BUY iShares MSCI Global Silver Miners ETF
SLVP-N
Larry Berman CFA, CMT, CTA

How to Play Silver.  There are three different ways to play: Seniors (SLVP-N), Juniors (SILJ-N) or the metal, SIL-N.  He would buy SIL-N on dips.  But if the US$ gets stronger in the interim, then it would mitigate some of your gains.


Price: $14.680
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-08-29 HOLD Stantec Inc
STN-T
Brian Madden

(Market Call Minute.) Engineering/construction. This company is struggling to integrate an acquisition, and with revenue headwinds in their energy business. It is one of the best steady long-term growers that Canada has.


Price: $30.800
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-29 HOLD Suncor Energy Inc
SU-T
Brian Madden

One of the premier plays in the Canadian Oil Sands. They took advantage of the downturn by increasing their ownership in Syncrude. This has to be a cornerstone of the energy part of any Canadian portfolio.


Price: $36.140
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-29 DON'T BUY Transcontinental Inc. (A)
TCL.A-T
Brian Madden

A legacy business in publishing, printing newspapers and flyers, etc. That business is in secular decline. They are trying to avoid that by making acquisitions and trying to get into labels and things a little more sophisticated. They haven’t demonstrated an ability to grow earnings. He would steer clear of this.


Price: $18.500
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 HOLD Tricon Capital Group
TCN-T
Brian Madden

(Market Call Minute.) A well-managed company. A little more expensive, but exposed to good demographic trends in the US real estate industry.


Price: $9.750
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-29 WAIT UnitedHealth Group Inc
UNH-N
Brian Acker, CA

It is coming in under EBV+5, or $116.81, -14% to model price.  We are getting 9% compound health care cost increases in the US annually.  Wait for $110, EBV+4, to buy the stock again.


Price: $137.270
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2016-08-29 SELL Valeant Pharmaceuticals
VRX-T
Brian Madden

(Market Call Minute.) This company has lost all faith of investors. You can’t trust the financial statements. 


Price: $39.390
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-29 DON'T BUY Vangrd Total World E.T.F.
VT-N
Larry Berman CFA, CMT, CTA

This is only in the US market and trading it might involve currency conversion costs.  The CAD$ is somewhat undervalued right now so he thinks this is a bad time.  Also, you get all the other currency exposure.


Price: $61.050
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-08-29 PAST TOP PICK Verizon Communications
VZ-N
Brian Acker, CA

(Top Pick Sep 19/15, Up 23.59%) He still likes it.  It is at his model price.  The model price will be up in a year.  It has a good dividend.


Price: $52.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 DON'T BUY SPDR HOMEBUILDERS E.T.F.
XHB-N
Larry Berman CFA, CMT, CTA

How to Play the Housing Market in the US.  US housing has already come back.  He is not sure there is a whole lot more upside.  XH­B-N has the home builders and this is the best way to play that market.  It also has other companies that benefit from new home sales.  It does not have the lumber companies, however.


Price: $36.270
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-08-29 TOP PICK Exxon Mobil
XOM-N
Brian Acker, CA

It is at EBV+3, great dividend.  Oil is so out of favour.  His model price is $73.  You are buying the best company in the world at a cheap price, based on the commodity.


Price: $87.840
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2016-08-29 SELL BMO HighYield Corp Bond US Hedge to CAD ETF
ZHY-T
Larry Berman CFA, CMT, CTA

Don’t invest in it because it is ‘high yield’.  You are investing in the worst companies that have not defaulted yet.  There is more risk in these bonds.  When the economy turns down, these companies will struggle.  It will trade like equities.  He thinks markets are much closer to a top than a bottom.


Price: $14.470
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2016-08-29 BUY BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
Larry Berman CFA, CMT, CTA

Recommendation for a US or European ETF? The US is expensive, while Europe is relatively cheap.  From a long term buy and hold perspective, Europe is okay.  He likes ZWE-T, high quality, high dividend, currency hedged with a covered call overlay.


Price: $19.660
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-08-26 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Market. In the very near short term, he is uncertain as to how things are going to go. September and the first part of October are usually choppy. However, in July there was a volume thrust and a breadth thrust, which are pretty unique situations, and they used up a lot of the short term energy to occur. Longer-term they have historically produced great numbers in the market. It is going to take a little while for that to build up. Once we hit that seasonally strong period of November-May, the market should make fairly good progress. One of the relative signals he looks at is growth versus value, and each of those individually versus the market. In the last 3-4 weeks, he started to see a transition where growth stocks are starting to gain a little momentum in the overall market, and value stocks are starting to lose a little momentum. At the same time, momentum on some of the yield stocks have started to wane. It’s too early to tell if this is a direction change.


Price: $0.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: _N/A
2016-08-26 N/A A Comment -- General Comments From an Expert
A Commentary
Stan Wong

Market. To bring valuations down, we are going to need more earnings growth for the back half of the year and into next year. The markets are elevated in terms of valuations. The S&P 500 is trading at about 18.5X forward earnings, and the TSX is trading at about 19.5X forward earnings. The historical 10-year average for forward PE multiples is about 14X. He is pretty constructive and selective of NA equities. Low interest rates are still there acting as a safety net for equity prices. We are getting some hints of more fiscal stimulus from the fiscal side, which might help equity markets and the economies. From a technical perspective, we just broke out of an 18-month range bound market and broke above very key levels in the S&P 500. Historically this is a softer part of the year, so we may see some volatility going into September after the Labour Day weekend. That will provide investors with an opportunity to selectively Buy on dips. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: _N/A
2016-08-26 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Stan Wong

Gold? His portfolio actually held silver as a precious metal, and he just sold it. The prospect of rising interest rates now is a bit closer, so things like gold and silver may start to come off a little. If next week’s jobs numbers are not so great, then interest rates moving higher will be pushed even further, and maybe gold will start moving higher.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 COMMENT Apple
AAPL-Q
Stan Wong

(Market Call Minute.) Sold his holdings a few weeks ago. With the iPhone being 2/3 of its sales and slowing sales is a bit of a concern for him.


Price: $106.940
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 TOP PICK Altus Group
AIF-T
Bruce Campbell (2)

Commercial real estate valuations. Consulting is their steady Eddie business, but they also have Altus Analytics, a software business which is a really high recurring business with strong margins, and which has been growing at about 30% per year. As well, they have a survey business which has been hurt by the energy sector and we are starting to see a turn in energy. Dividend yield of 2.19%.


Price: $26.850
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-08-26 COMMENT American International Group
AIG-N
Stan Wong

An insurance company, and you need rising interest rates for insurance companies to do very well. The chart is pretty much sideways. Until we see rates actually start moving higher, and the Fed actually makes some action rather than talking about rising interest rates, the stock will probably move sideways for quite some time. In the US, he would look at the actual bank companies, rather than the insurers.


Price: $59.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 WAIT Amgen Inc.
AMGN-Q
Stan Wong

(Market Call Minute.) He likes the biotech and the healthcare space, but there is some rhetoric coming out of the US in terms of politics. Keep an eye on that before buying a name like this.


Price: $171.970
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 COMMENT Algonquin Power & Utilities Corp
AQN-T
Bruce Campbell (2)

When interest rates start going up, there will be a selloff in all of these utility names. You could also see a potential selloff when there is a rotation in money moving from sector to sector. Some of the utilities, REITs and telcos had been bought for yield/safety and are starting to get a little bit stretched now. If you are a trader, you can take advantage of this by selling some now, wait for a lower price or rotate into a different area. He has been doing this with some of his holdings.


Price: $11.930
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-08-26 COMMENT Avigilon Corp
AVO-T
Bruce Campbell (2)

This has been a tough one for investors in the last few years. They were really focused on hitting this $500 million revenue target, and from all accounts it looks like they are going to succeed. However, they have done it at the cost of being profitable and being cash flow positive. Sold his holdings at significant higher prices. It is probably a takeover candidate once they turn that profitability around.


Price: $9.340
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 TOP PICK American Express
AXP-N
Stan Wong

This continues to focus on the lending side of its business, and they are doing a lot of cost cutting initiatives which is going to help shares move higher. Technically, it recently broke its 200 day moving average on the upside, which is very bullish. It has formed a solid recovery from its lows earlier this year. Fundamentally it is reasonably valued, trading at about 12X forward earnings, with an estimated growth rate of 8%-10% in terms of earnings per share. Over the last 5 years, it has delivered an annual dividend growth rate of over 10%, and going forward he expects it to be 8%-9%. Dividend yield of 1.79%.


Price: $64.790
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Yes
2016-08-26 COMMENT Airboss of America
BOS-T
Bruce Campbell (2)

This was a darling last fall and in the early part of this year, but has really sold off. A lot of that had to do with prospects for their business and the multiple that the market was paying. They are in rubber compounding and do a lot in defence, which will be where their uptake is in the next few years. With the US candidates’ comments, there is potential for bigger military and bigger military spend. The major shareholder on this is the CEO.


Price: $13.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 COMMENT Chesswood Group
CHW-T
Bruce Campbell (2)

Just had an interesting quarter where they had great numbers both from earnings and cash flow, but their loan loss provisions came in a little bit lower than expected. It looks like management is streamlining what they have, making a few smaller acquisitions that tuck into their traditional financing business. It still trades at a pretty reasonable multiple. Also, has a nice yield which is well supported. He has this on his radar screen.


Price: $11.230
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 COMMENT Canadian National R.R.
CNR-T
Stan Wong

These names are considered cyclical because they are in the industrial space. The chart looks pretty decent in that it has broken above the 200 day moving average and staying above that. Also, oil prices have started to recover so the volume moving from A to B should start to improve. Some others he has been watching include CSX (CSX-X) and Union Pacific (UNP-N).


Price: $84.640
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 COMMENT Canadian Tire Corporation Ltd. (A)
CTC.A-T
Bruce Campbell (2)

This ranks almost dead centre in the middle of all the Canadian companies he looks at. The price has been dropping, so technically it ranks in the bottom 20% of his rankings. He would like to see an improvement in both rankings. Longer-term, this is a great company. If you are more into the value camp, you could start looking at this for a 2-3 year timeframe.


Price: $135.550
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 WAIT Concordia Healthcare
CXR-T
Bruce Campbell (2)

This has got back to the level where he had started to initially acquire it. He would like to see the Donnatal numbers stabilize and what happens with some of the new things that are coming out with in the International division. He would wait a quarter or 2 of solid numbers before stepping back in.


Price: $11.510
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 PAST TOP PICK Walt Disney
DIS-N
Stan Wong

(A Top Pick Aug 27/15. Down 5.54%.) Had a lot of issues with what is happening with ESPN and cord cutting, but they’ve started to address that with the MLB business they purchased, which leads the way to hopefully more streaming services with ESPN. That may help stem some of the worries. He likes the name, but valuations are little stretched so he is keeping an eye on it. Also, just opened Shanghai Disney World.


Price: $95.210
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Yes
2016-08-26 COMMENT Diversified Royalty Corp.
DIV-T
Bruce Campbell (2)

It seems things are getting close to being finalized with the Bennett litigation. That will mean the company will no longer have to pay for Mr. Bennett’s legal bills. The company just released a pretty decent quarter. However, their payout ratio came out to less than 100%, and the stock price actually started to move up off of that. It looks like the Alberta economy is going to start to pick up, which will mean a bottoming in the Franworks Restaurant, and you could see same-store sale improvements. It looks like the dividend is sustainable at these levels. If you are a longer-term investor and can wait for Franworks to turn itself around, you will then get a nice yield and probably some capital appreciation. When that happens, management is probably scouting out for the next deal as they want to make this a multi-royalty company.


Price: $2.430
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-08-26 BUY on WEAKNESS Dollarama Inc.
DOL-T
Stan Wong

This has executed very well. He recently took profits because the valuations were getting a bit stretched. Trading at 27X earnings with a 16% growth rate, you are paying a 1.7 PEG ratio, which is a bit expensive. He would like to see a lower price.


Price: $97.390
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 COMMENT Eaton Corp.
ETN-N
Stan Wong

(Market Call Minute.) He likes the industrials and this looks very interesting. They provide engineered equipment to different companies.


Price: $67.320
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 PAST TOP PICK Facebook
FB-Q
Stan Wong

(A Top Pick Aug 27/15. Up 39.26%.) In the social media space, this has a very strong and considerable competitive advantage. The catalyst with this is what is going to happen with Instagram to monetize that space. WhatsApp is another business they own, and they will be able to monetize that business as well. Ever since this company IPO’d, they’ve only missed one quarterly earnings expectation.


Price: $124.960
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Yes
2016-08-26 COMMENT GoPro Inc
GPRO-Q
Stan Wong

The chart shows there has been lots of damage. It had a high of $49.50, and is now $14.72. However, it has been basing for quite some time and is above its 200 day moving average. Is demand for these types of cameras and drones increasing or are they coming down? It is probably softening at this point. They are still losing money.


Price: $14.720
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 TOP PICK Intertape Polymer Group
ITP-T
Bruce Campbell (2)

There has been a major turnaround in this story. It was a company that was not well-managed and had a huge debt load. They have turned things around, doing it by one division, one plant at a time. Thinks they are going to capitalize by being in the right place at the right time. The majority of what they do is tapes. As more and more people go online, things are being shipped out in boxes that are going to have to be taped. They’ve a 5-year plan of doubling revenue, based all on organic growth. Dividend yield of 3.29%.


Price: $21.880
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-08-26 COMMENT Johnson & Johnson
JNJ-N
Stan Wong

(Market Call Minute.) Has worries about what is happening in the healthcare space in terms of drug pricing, etc. However, the nice thing about this is that it has the consumer products division, so it is a nice diversified health care name.


Price: $119.040
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 COMMENT SPDR S&P Regional Banking ETF
KRE-N
Stan Wong

SPDR Financial (XLF-N) or SPDR S&P Regional Banking? He likes XLF more because it has the larger cap more diversified names that are in capital markets, investment management, security management and wealth management. Interest rates will eventually move higher, but will stay low for long, and you want to have companies that are more diversified.


Price: $42.110
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 BUY Loblaw Companies Ltd
L-T
Stan Wong

(Market Call Minute.) He likes this. It is part of that safer defensive part of your portfolio.


Price: $71.270
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 PAST TOP PICK Inspira Financial Inc
LND-X
Bruce Campbell (2)

(A Top Pick Aug 19/15. Down 66.93%.) Originally they were going to be lending to doctors doing short-term financing. In the last few months they announced they were going to go into a software service business in order to provide billing software for the addiction rehab business in the US. That was a bit of a shock for him, so he exited his position. Since then, they have announced a dividend, but it hasn’t done much for the stock price.


Price: $0.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 HOLD Manulife Financial
MFC-T
Bruce Campbell (2)

In his ranking system, it is in the 2nd quartile of all the companies he looks at. Technically, it would rank a lot lower. There are 2 aspects that are going to drive the business. One is interest rates and the other is their Asian business, whose economy continues to improve.


Price: $17.820
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 WATCH Magna Int'l. (A)
MG-T
Stan Wong

This has shown up on his screens as cheap valuations, trading at 7 or 8 times forward PE. What is worrying is that he thinks it is facing some moderating US and global auto sales. They are trying to increase the content in the auto parts they provide, as well as going into the higher margin technology parts. On the one hand you have the problem of slowing growth, but on the other hand it is a pretty cheap stock. He would watch to see where it lands and where it is moving. He would want to confirm that it is above the 200 day moving average, and use a stop loss.


Price: $52.340
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 COMMENT Mitel Networks
MITL-Q
Bruce Campbell (2)

This has tested your patience if you are a longer-term investor. From a street valuation perspective, this is in a business that is going to continue to grow. Have made some interesting acquisitions. This falls in the middle of his fundamental and technical rankings.


Price: $7.530
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-08-26 COMMENT Monsanto Company
MON-N
Stan Wong

Technically it is looking a little stronger since early spring. Trading above its 200 day moving average. Thinks it is being held back a little because farm income is still coming off. This is the 4th straight annual decline in US farm incomes. There is also increased competition, which is affecting the stock price. He would prefer looking at something like Potash (POT-T) which has really based for quite some time.


Price: $107.400
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 TOP PICK Morgan Stanley
MS-N
Stan Wong

One of the largest financial services firms in the US. They have investment banking, securities investment management and global wealth management. Very diversified. They have the leverage to the growing economy in the US. Thinks it will see improvements in M&A activities and fees, and improvement in capital markets. Net interest margins should improve in an eventual higher interest rate environment. Broke above its 200 day moving average last month. Trading at 11X forward earnings and trading at a Price/Book ratio of .86%, which makes it pretty cheap. Dividend yield of 2.57%, which he expects to grow at 8%-9% over the next few years.


Price: $31.160
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Yes
2016-08-26 COMMENT Netflix Inc.
NFLX-Q
Stan Wong

Since the early part of this year, this has stayed in a very, very narrow range bound type of market. Its current range seems to be $80-$85-$100. Subscriber growth is getting to be a little less than what was expected. A lot of the grandfathering that went on with pricing, is now being un-grandfathered. There is a lot of competition in the streaming area. Trading at a pretty high valuation, and you have to be careful of paying these types of multiples for a company like this. On a forward PE basis, you are paying 200X earnings. Growth is expected to be 33%, and what if the competition heats up a bit more.


Price: $97.580
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 COMMENT Northland Power Inc
NPI-T
Bruce Campbell (2)

When interest rates start going up, there will be a selloff in all of these utility names. You could also see a potential selloff when there is a rotation in money moving from sector to sector. Some of the utilities, REITs and telcos had been bought for yield/safety and are starting to get a little bit stretched now. This now has a strategic review, so there is the potential that this could get taken out at a higher level. 


Price: $24.110
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-08-26 PAST TOP PICK NYX Gaming Group Ltd
NYX-X
Bruce Campbell (2)

(A Top Pick Aug 19/15. Down 27.45%.) There has been a lot of noise from a lot of different things. Made some acquisitions in the UK. He no longer owns them, but owns their convertible debentures. Longer-term, this still looks fantastic. Management owns a big part of the company.


Price: $1.870
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-08-26 COMMENT Oracle
ORCL-N
Stan Wong

(Market Call Minute.) Cloud is getting more and more important and he likes that technology space. The stock is doing well and is breaking out.


Price: $41.260
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 PAST TOP PICK Perk.com Inc
PER-T
Bruce Campbell (2)

(A Top Pick Aug 19/15. Down 35.35%.) This has advertising that you have to watch before you play a game or watch a video. If you do, you earn Perk points that you use for different things. The stock is trading at a fairly cheap valuation. Have been growing their business and have made some very smart acquisitions. He still likes.


Price: $3.200
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-08-26 COMMENT Patient Home Monitoring
PHM-X
Bruce Campbell (2)

Just reported their quarter and there were some interesting things from both a bullish and a bearish perspective. They’ve been working hard to reduce their costs which is really positive. Margins have come off quite a bit because of this. However, Accounts Receivable rose a fair bit, and he would like to see them get those under control and also collect them. Also, they are not free cash flow positive. If he saw them turn free cash flow positive and the Accounts Receivable terms come down and they collected a lot of that, he would be more positive on this.


Price: $0.205
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 BUY on WEAKNESS Pacific Insight Electronics
PIH-T
Bruce Campbell (2)

He continues to like this. There are recent rumours swirling around that they are in discussions with Tesla (TSLA-Q) regarding the next model, which could be a nice catalyst. This is still trading at a real cheap valuation. It tends to get pushed around a lot by the thin volumes, so you can really capitalize on that.


Price: $14.200
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-08-26 COMMENT Potash Corp of Saskatchewan
POT-T
Stan Wong

(Market Call Minute.) This has been basing for a very, very long time. Eventually it is going to start moving higher, and he thinks it can move up quite nicely.


Price: $20.860
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 COMMENT Power Financial Corp
PWF-T
Stan Wong

This and other insurance type of companies have had a bit of a tough go lately. This one has fallen for quite some time and is below its 200 day moving average which is falling. Hopefully this will start to base with interest rates eventually moving higher. Some things that are hurting the stock is that 30% of its revenues are coming from Europe and that it is 87% insurance.


Price: $29.910
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 BUY Qualcomm
QCOM-Q
Stan Wong

(Market Call Minute.) He likes this. They are doing well with what is happening with their Snapdragon chip and they are doing well in China.


Price: $62.970
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Yes
2016-08-26 COMMENT Royal Bank
RY-T
Bruce Campbell (2)

If a long-term investor and looking for safety, you really can’t go much further off to meet the guidelines you are looking for with Canadian banks. They have a good yield and tend to grow it over time.


Price: $81.540
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-08-26 DON'T BUY Tesla Motors Inc
TSLA-Q
Stan Wong

(Market Call Minute.) Very expensive. Are they a car company or green energy company? Thinks investors are a little bit confused. Stock has suffered for the last little while, so this would not be a buy for him.


Price: $219.990
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 PAST TOP PICK UnitedHealth Group Inc
UNH-N
Stan Wong

(A Top Pick Aug 27/15. Up 18.02%.) Recently took profits on this. The healthcare sector is under little pressure with some of the rhetoric coming out of the election talk in the US. He still likes this, but it might hold back a little by more talk from the US politics.


Price: $136.620
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 COMMENT Vermilion Energy Inc
VET-T
Bruce Campbell (2)

Ranks pretty well in his ranking system. Technically it is very strong, probably in the top 15% of all the companies he looks at. He likes the diversified nature of their assets. They have a good dividend and seem to be very well-managed.


Price: $47.680
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-08-26 TOP PICK Vanguard US Dividend Appreciation Index ETF
VGG-T
Stan Wong

A simple basket of US names that have a history of increasing their dividends over the last 10 consecutive years. As US interest rates move higher, he thinks dividend growth companies will outperform those with little or no dividend growth. Year-to-date and over the past year, this has outperformed the broader S&P 500.


Price: $37.670
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Yes
2016-08-26 COMMENT Valeant Pharmaceuticals
VRX-T
Stan Wong

He can only comment on this from a technical perspective, because there are so many things that are changing from the fundamental side and value. Looking at valuations, the stock is cheap trading at 4 or 5 times earnings, but are those earnings accurate? Technically, it looks interesting. Since March it really has traded in a very flat basing pattern. Normally that means it can perform going forward.


Price: $40.140
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 COMMENT Verizon Communications
VZ-N
Stan Wong

Telecommunication and utility companies are not prime examples of dividend growers. The projected three-year dividend growth of this is about 3%, pretty low relative to other companies. The dividend is attractive at 4.3%. A good company but you have to be careful of interest rates moving higher and the prospects of them moving higher. You could consider Telus (T-T) which has publicly said they are going to increase their dividend by almost double digit growth over the next several years.


Price: $52.070
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 DON'T BUY Wells Fargo
WFC-N
Stan Wong

He likes banks in the US, however, this one is over 50% in retail banking, which is really dependent on net interest margins. Even if they raise interest rates in Nov/Dec, it is difficult for this bank to move forward very nicely in terms of the stock price, if interest rates aren’t significantly higher. He would rather look at names that are in the brokerage area, whether it be investment management or wealth management. This is trading at 12X earnings, which is pretty cheap on a go forward basis, but he would consider other names. Trading below its 200 day moving average which is sloping downwards.


Price: $48.510
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: No
2016-08-26 BUY SPDR Financial E.T.F.
XLF-N
Stan Wong

SPDR Financial (XLF-N) or SPDR S&P Regional Banking? He likes this more because it has the larger cap more diversified names that are in capital markets, investment management, security management and wealth management. Interest rates will eventually move higher, but will stay low for long, and you want to have companies that are more diversified.


Price: $24.110
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 COMMENT SPDR Technology ETF
XLK-N
Stan Wong

He likes the technology sector. The top holdings in this includes Apple, Microsoft and Facebook. This one is an older ETF in the technology space and does include some communication names such as AT&T and Verizon. You may want to look at others that strip out those communication names.


Price: $47.050
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 WATCH iShares S&P/TSX Cap. Cons. St.
XST-T
Stan Wong

Consumer Staples has done very, very well in Canada. A lot of the names in this have done very well, because a lot of investors have moved into the safer part of the index. This is one of the most defensive areas that you want to look at. However, a lot of the names are starting to get expensive in terms of their valuations. Be careful about how extended some of these valuations are. If interest rates start to move higher, you might want to pair back your holdings in this.


Price: $55.490
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 DON'T BUY BMO US High Dividend Covered Call ETF
ZWH-T
Stan Wong

This is a basket of high dividend payers in the US. On days when the Fed talks about rising interest rates, those stocks tend to drop. That is his concern about high dividend payers. Look for ETF’s or companies that are growing their dividends, or have those dividend attributes. In a rising environment, you will do better just holding the individual or underlying holdings, rather than having a covered call strategy. (See Top Picks.)


Price: $19.490
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: BULLISH
Owned: Unknown
2016-08-26 TOP PICK Sleep Country Canada Holdings
ZZZ-T
Bruce Campbell (2)

Continues to execute exactly as he anticipated. They continue to grow same-store sales by increasing store numbers and increasing the dollar spend with people coming into their stores. The recent quarter was the 12th consecutive same-store sales growth quarter. They’ve also been working on improving margins by selling accessories including higher end pillows and beddings. Still a lot of runway left for them to grow. Dividend yield of 1.94%.


Price: $31.240
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-08-25 COMMENT A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Markets.  You have several factors that the markets are ignoring.  The markets are not sensitive to values in them.  Oil has decoupled from the markets.  With XRE-T and other ETFs the share price appreciation does not justify the price.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: _N/A
2016-08-25 N/A A Comment -- General Comments From an Expert
A Commentary
David Driscoll

Market. Believes interest rates have been at an ultra low rate for too long, and that the central banks globally have painted themselves into a corner. They would love to have interest rates at around 5% in order to have wiggle room to go either way. The latest craze is that all the Hedge funds want to Short the volatility and go Long the junk bonds. They are making 5%-6% yield on the “less than investment grade” bonds and trying to pick up points all the drop in volatility. We’ll probably see volatility start to rise in September. This has happened before with hedge funds. You can’t have non-volatility for an extended period of time without something happening. Investors should be making sure that they have a fully diversified portfolio and assets not correlated with each other. If 1 goes down, 2 in the same industry, the other is going down with it. The way you can offset your downside is to have non-correlation in the portfolio, make sure your percentage weightings are in line and diversified by industry, country and asset size.


Price: $0.020
Subject: GLOBAL
Bias: BEARISH
Owned: _N/A
2016-08-25 N/A A Comment -- General Comments From an Expert
A Commentary
David Driscoll

Deflationary threats? Central bank policy is monetary policy where they really control the short end of the yield curve. The QE that the US brought into play, which everybody else decided to jump on board, is only part of the equation. The bigger issue is that the governments are not initiating fiscal policy with a “want to spend”. Central banks are using tools that are 20-30 years out of date. Without a monetary policy in place to get people working again and retirees looking for yield, we get negative interest rates. At some point, the string has to break.


Price: $0.020
Subject: GLOBAL
Bias: BEARISH
Owned: _N/A
2016-08-25 COMMENT A Comment -- General Comments From an Expert
A Commentary
David Driscoll

Gold? This is going to be pretty much based on where interest rates are and where the US$ moves. He would prefer gold wafers as opposed to gold stocks. (See Top Picks.)


Price: $0.020
Subject: GLOBAL
Bias: BEARISH
Owned: Yes
2016-08-25 PAST TOP PICK Apple
AAPL-Q
Kash Pashootan

(Top Pick Aug 14/15, Down 5.73%) They are heading into a product refresh cycle.  Apple is a different company today.  It is more developed today. 


Price: $107.570
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-08-25 TOP PICK Apple
AAPL-Q
Kash Pashootan

It is a cash cow without innovation.  They will refresh many of their products.  They need to gain traction in emerging markets with their iPhone. 


Price: $107.570
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-08-25 COMMENT Barrick Gold
ABX-T
David Driscoll

Hold or sell? It comes down to what you are trying to accomplish. Is this a trade or an investment? In the short term, they have been busily trying to get rid of assets, because they have a big debt overhang that has got their credit rating under review, and a negative BB. (See Top Picks.)


Price: $23.650
Subject: GLOBAL
Bias: BEARISH
Owned: Unknown
2016-08-25 BUY Algonquin Power & Utilities Corp
AQN-T
Kash Pashootan

He likes this name.  He sold it because the utility sector had a run.  Utilities have really rallied recently and this one has been a real beneficiary of this.  They have essentially gone up this year so this sector is expensive.  It could mean that they still go up.  AQN-T has distribution and generation.  He sold it because another holding of his held this stock also.


Price: $12.140
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: No
2016-08-25 PAST TOP PICK BCE Inc.
BCE-T
Kash Pashootan

(Top Pick Aug 14/15, Up 20.91%) It is a mature company and he is happy to take the gain, but does not think it will repeat.  The barriers to entry are significant.  You are getting paid a great yield.  Their beta is quite low.


Price: $61.920
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-08-25 WATCH Corus Entertainment (B)
CJR.B-T
Kash Pashootan

The easy money has been made.  It is up since Jan. about 9%. It is a unique story in terms of the restructuring.  The concern is that worries with pick and pay were over blown.  The dividend is safe, although there is some restructuring that has to happen.  They sold off HBO and are now focusing on kids and family.  Don’t expect another 8% like the previous 8 months.


Price: $12.590
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-08-25 WAIT Coach Inc
COH-N
Kash Pashootan

They recovered by renovation of stores to freshen things up.  Removed product from about a quarter of their retailers.  They reduced the number of discounts they have had.  Their focus is to get back on track of being a premium brand.  Don’t be in a rush to buy it.


Price: $39.830
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: No
2016-08-25 DON'T BUY Costco Wholesale
COST-Q
Kash Pashootan

It has always been at a premium.  They are a low priced leader and margins are at half the peer group.   25% of revenues are from fees from memberships and 90% of fees are from renewals of memberships.  They have a dividend of 1% but he has not stepped in because the valuation is too rich.


Price: $164.860
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
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