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

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Date Signal Company Expert Opinion Price
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

US$. Where there are free-flowing currencies, and countries have to repay interest and the notional value of the bond in US dollars, it is going to be a lot more expensive for them. This will likely cause some credit stress over the next year or so. He is pretty sure the dollar is going to remain strong over the next year or so versus most currencies, specifically the euro and the yen. For the first time ever, Chinese estate values are going down. Money has been coming out of there to feed the stock market. Chinese mainland stocks have doubled over the last year or so, more importantly the last 6 months. Margin requirements were raised on Friday, but to combat that a shift in the reserve ratios to kind of neutralize things, the market seem to be a little positive this morning that there is no worsening in the Greek situation. Year-on-year earnings are declining, most of it, not all, is coming from the energy sector. He expects this for the next number of quarters.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: _N/A
2015-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Fixed Income Suggestions. There are a couple of things to consider. You have credit risks. Corporate bonds, with the worse quality of these being high-yield or junk bonds. You will get a much higher yield, but those correlate a lot more with equity returns than they do with bond returns in general. If you don’t want a lot of interest rate risks, then a short term, 1 to 5 year laddered bond portfolio. All of the providers have them. If you fear that credit might be a problem at some point, then you want something with a bit longer duration on the government side. If stocks fall, government bonds will tend to do well. Longer  maturities tend to do better than shorter ones when you have a flight to safety.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Gold. At $1150, he kind of likes some exposure to gold. If you are going to hold gold for a long period of time, you are probably better holding gold equities, as gold bullion yields nothing. If you are thinking about trading, ETF’s are fine for that. He would suggest 5% or 10% in your portfolio.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Natural gas ETF, based on an outlook prices will increase in 3-5 years. There are 2 ways to play this. In the US FCG-N is the large cap natural gas weighted ETF of the companies. You get a dividend on this. In Canada ZJN-T is the Junior natural gas weighted ETF. If you have a 3 to 5 year view, do not even remotely consider any ETF’s linked to the underlying commodity. The underlying NAV erosion, over a long period of time, could be toxic.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

US currency and the US market? He wouldn’t put 100% of his clients’ money into the US, but currently is about 65% Canada and 35% US. The currency has worked in his favour recently, but that doesn’t mean it is going to continue to work in his favour. You have to own the best companies that you think are reasonable, cheap on valuation and are going to grow. Currency has a way of working itself out over the long-term. The companies he buys, he plans to own for 3 to 5 years or longer.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: _N/A
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Greece. We are now in Act III of the Greek tragedy. No one knows for sure how this is going to play out. For a German taxpayer, who has just had his retirement age raised to 67, to use his tax dollars for his government to fund Greece, where a guy there retires at 55, it doesn’t add up. Feels it ultimately comes apart, but the pride in Europe is really strong and they are going to try to keep it together. A chart showing capital outflows as a percentage of GDP in Greece shows the intensity in the last 6 months is far greater than in previous ones. People with money in the banks in Cyprus actually lost money on their deposits. This is why money is fleeing Greece. About a year ago, Greece was able to come back to the bond market and issue bonds. They issued a 3 year bond at 3.38 which is currently yielding 27%. That is pricing in over a 50% chance of default. The European bank Index is still 60% below its peak before the crisis of 2008-2009. We are back up to the levels where we had seen problems. The vast majority of European banks failed the stress tests. He doesn’t think a QE is going to help and fix this.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: _N/A
2015-04-20 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Energy. Has sold all his energy producers and is out of energy completely, except for Pembina Pipeline (PPL-T) and Keyera (KEY-T). Hasn’t made a lot of money on energy, even in good times. Prefers owning companies that have strong pricing power, have the ability to raise their prices, and the ability to raise and compound capital over time, in a more certain business environment.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Markets. 25% of the Canadian Index is tied to energy or energy related companies, as well as other related plays in the index. Not easy to get diversified, so he has gone outside of Canada to get exposure. The great companies have PEs priced at excessive levels, because there is nothing else to buy. When you gravitate to looking for non-commodity related companies, everybody else is looking for them too, so valuations are too high. Because of this, he is looking outside of Canada and has found a lot of good ideas in the US. US and Canadian financials look extremely cheap. Also, healthcare and US technology also look attractive.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: _N/A
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Currency hedging? His issue is that this is costly, and if you do it through a hedge product, it will eat into your fees or your dividend. Because of this, he doesn’t do it. He would be buying J.P. Morgan (JPM-N) or Goldman Sachs (GS-N).


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: _N/A
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Keith Richards

Markets. There is a greater than average probability of a correction this summer, probably 10%-20%, or probably a bit higher. There are a lot of different factors involved. First of all there are formations on the market. We have not had a 20% correction on the S&P 500 for literally for 4 years. Lack of volatility is not a great thing. He is also starting to see some of the secondary indicators that are showing that volatility might return. When levels of the VIX (volatility index) get too low, we tend to not stay there forever. His chart show that we have been hanging around in the low end (10 to 13) for a couple of years. This can’t last forever and he thinks we are probably going to see a move up. Looking at Breadth, it basically says how much participation there is in the stock market. He is looking at a 40 day moving average of the new highs and new lows on the NYSE. The chart shows stocks are moving up, but the moving average is heading down. 71% of Dumb Money (unsophisticated such as retail investors) is very bullish, versus 35%-36% of Smart Money (basically professionals, i.e. insiders, pension managers, sophisticated investors, etc.) A 2 to 1 ratio. Not such a great thing when Smart Money is leaving the room and Dumb Money is piling in.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: _N/A
2015-04-20 TOP PICK Apple
AAPL-Q
Barry Schwartz

Good companies that have high ROE’s and generate lots of free cash flow with great branded products are going to grow. Thinks they are going to earn $8.40 this year and well over $9 next year. Add in the cash balance and trading at 10 or 11 times earnings, it may be the best company in the world. Dividend yield of 1.47%.


Price: $127.600
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 PAST TOP PICK American International Group
AIG-N
Barry Schwartz

(A Top Pick March 27/14. Up 18.08%.) One of the biggest insurance companies globally. Good management. Buying back stocks below Book Value. Still a Buy.


Price: $57.510
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 BUY on WEAKNESS Alimentation Couche-Tard (B)
ATD.B-T
Barry Schwartz

This has been an all-star performer and has been very successfully making lots of acquisitions. The valuation seems a little too rich. This is a company that you could probably buy on a pullback and hold in your portfolio for years and years to come.


Price: $48.150
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 WATCH Avigilon Corp
AVO-T
Keith Richards

It is a pretty wild and crazy chart. Some pretty major resistance on the stock at around $25, and thinks it is going to have some trouble getting through that figure for the time being. If he owned the stock, he would be very tempted to Sell it at $25.


Price: $21.930
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 BUY Progressive Waste Solutions Inc
BIN-T
Barry Schwartz

Just touched a multiyear high recently. Has been buying more of this today at around $34. They have added new trucks and are trying to increase the efficiency. He could see this as a Hold for many, many years.


Price: $34.630
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 COMMENT Bank of Montreal
BMO-T
Barry Schwartz

Royal (RY-T) or Bank of Montréal (BMO-T)? His 3 biggest holdings are National (NA-T), Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T). On a valuation basis, the cheapest is National which is trading at 10X next year’s earnings. On this, pick 1 or 2 banks, and never sell them and then go from there.


Price: $79.770
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 BUY Berkshire Hathaway Inc. (B)
BRK.B-N
Barry Schwartz

A good entry point and he would be a buyer. Warren Buffett is the greatest capital allocator and one of the greatest investors. Looking at this for his clients. A wonderful company, and at some point are probably going to have to start a dividend.


Price: $142.090
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 COMMENT BTB Real Estate Investment Trust
BTB.UN-T
Keith Richards

The REIT group is a great sector to move into over the summer. This particular stock has been outperforming the group. It has broken its overhead resistance of just under $5 which that is a good sign. You are coming into an OK season to own any REIT, and this is probably a leader within the group.


Price: $5.130
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 TOP PICK CASH
CASH
Keith Richards

(A Top Pick March 11/15.) He is holding 32% in cash. He is trying to leg a little bit out of the US stocks, because he thinks the Cdn$ might rally $.02-$.04, but is actually bearish longer-term on the Cdn$.


Price: $0.010
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2015-04-20 COMMENT CCL Industries (B)
CCL.B-T
Barry Schwartz

This is in the packaging business, which is a great business to be in. If you think the economy is going to continue to grow and more stuff is going to be shipped with Internet shopping, packaging is a good business to be in. (See Top Picks.)


Price: $145.850
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 TOP PICK Chemtrade Logisitics Inc.
CHE.UN-T
Keith Richards

Stock tends to trade between $19 and $22. It is at the top of its trading range, but thinks there is going to be more money rotating into it over the summer. Good dividend of around 5%. Low volatility.


Price: $22.030
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2015-04-20 COMMENT Spectral Med Inc
EDT-T
Keith Richards

There is nothing more powerful than a base breakout, and this had one in February of this year. This one is on a trend line right now and there is absolutely nothing wrong with the chart.


Price: $1.120
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 BUY Empire Company (A)
EMP.A-T
Barry Schwartz

Good entry point. They own Crombie Real Estate Investment (CRR.UN-T) and a massive amount of real estate, which gives them some potential to drop-down some assets into Crombie. Thinks the NAV is somewhere in the area of $100 a share.


Price: $88.870
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 COMMENT Express Scripts Inc
ESRX-Q
Barry Schwartz

The only pure play pharmaceutical manager that is publicly traded. This is an industry that is an oligopoly and has pricing power.


Price: $85.780
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 WATCH First Quantum Minerals
FM-T
Keith Richards

The big picture cycle for commodities is relatively negative. However, there are countertrend things you can play. Chart shows this had a long downtrend from October/14, but now looks like it may be trying to base. If this breaks out around $17 with some volume and lasts for more than just a few days, it could be a sign of a decent rally, and you could see the stock return to the $20 area, maybe even into the mid-$20. He would not buy this until it broke out.


Price: $16.620
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 COMMENT Fortis Inc.
FTS-T
Keith Richards

This had been going sideways since 2011, and broke out in the middle of 2014. The recent pullback is probably inspired by overall market volatility. As long as it doesn’t crack the base breakout point of around $35, he would think the stock is in pretty healthy condition.


Price: $39.520
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 COMMENT Google
GOOGL-Q
Barry Schwartz

Trading at 13X ex-cash earnings next year, and is a pretty cheap price for a company that is growing twice or 3 times as fast as a regular S&P 500 company. What he doesn’t like is that they keep issuing a lot of options and not doing anything with the growing cash base. He would like to see them start buying back stock or start a dividend. (See Top Picks.)


Price: $544.530
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Unknown
2015-04-20 TOP PICK Intertape Polymer Group
ITP-T
Barry Schwartz

Manufactures tape. This is for the e-commerce revolution that is going on globally. They sell a lot of stuff to Amazon. First-quarter earnings are not going to be so hot because of people delaying orders looking to get tapes at cheaper prices. Their biggest input is oil (resin) where prices have plummeted. Increased its dividend by 50% giving it a yield of 3.56%. Balance sheet has improved and cash flow is gushing. He is buying all he can buy below $18.


Price: $17.190
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 HOLD Keyera Corp
KEY-T
Barry Schwartz

This is mostly fee-for-service in the energy industry. It doesn’t matter whether oil is $2 or $200, oil has to be moved. Had very good earnings. The valuation is heavy, so he is not buying at these levels.


Price: $44.890
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 COMMENT Coca-Cola Company
KO-N
Barry Schwartz

There are worse places to be than in this. Growth has slowed and there are not a lot of margins going forward, but they continue to increase the dividend and buy back shares, and probably 10 years from now it will be double from where it is today. 3.2% dividend yield.


Price: $40.660
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 COMMENT KP Tissue Inc
KPT-T
Barry Schwartz

Has been no oomph in the stock and has been disappointing to investors. Launched a new manufacturing facility to try and get more private label toilet paper and tissues into the US via Wal-Mart (WMT-N). They are slowly but surely filling the pipeline, and earnings are going to grow. Respectable dividend of 4.45%. Valuation is very attractive. He is hoping that 2016 is going to be the break out year for this. You are getting paid to wait.


Price: $16.180
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 PAST TOP PICK Morguard Corporation
MRC-T
Barry Schwartz

(A Top Pick March 27/14. Up 22.02%.) This company is really thoughtful when it comes to adding on real estate and paying reasonable prices. They take a very long term approach. They have a number of publicly listed companies. He could see them spinning off more assets over time. Feels it is worth $200. Still adding to his holdings.


Price: $154.720
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 COMMENT Metro Inc (A)
MRU-T
Barry Schwartz

A great company. Has owned this in the past, but he is an active manager and his clients pay him to pick the best companies, so he has stuck with Empire (EMP.A-T). The 3 grocery chains, including Loblaw’s (L-T) have all been great performers over the past couple of years. 1.2% dividend yield.


Price: $35.790
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 HOLD Nobilis Health Corp
NHC-T
Keith Richards

This has gone parabolic and has been a good stock to own. Probably due for a correction. If you own, you have to decide how much of a long-term investor you are. There is no overhead resistance to make this stock want to crash and burn any time soon. Until it takes out an old low, you have to stay with it.


Price: $10.050
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: No
2015-04-20 COMMENT Patient Home Monitoring
PHM-X
Keith Richards

Had a major break out in 2014, which is very bullish. This is called a parabolic movement, which is due for selloff. He would think it might pullback in the short term.


Price: $1.960
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 COMMENT Plaza Retail REIT
PLZ.UN-T
Keith Richards

Had a great break out in 2014. Chart shows an uptrend that actually began in Oct/14. You can’t really go wrong with this kind of formation. Currently there is a little bit of levelling off. The higher highs and higher lows seems to be in question right now as the last low has not been taken out. You just want to make sure that it does break out over the high ($4.60?) level. Overall, this is a good looking chart.


Price: $4.480
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 HOLD Pembina Pipeline Corp
PPL-T
Keith Richards

A pipeline. He sold this out of his equity platform. His equity platform objective is to outperform the stock market and he doesn’t think this is going to outperform the stock market. However, he still has it in income oriented accounts, because it pays about a 4% dividend and is a relatively stable stock. A well-run company. Probably doesn’t have a huge downside from current levels.


Price: $42.550
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2015-04-20 PAST TOP PICK Restaurent Brands International
QSR-T
Barry Schwartz

(A Top Pick March 27/14. Up 65.01%.) Got a little cold feet and sold his holdings, probably a little too early.


Price: $46.670
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Unknown
2015-04-20 BUY Rogers Communcations (B)
RCI.B-T
Barry Schwartz

Nothing seems to be able to get the ball rolling on this. Valuation doesn’t make a lot of sense to him because earnings are growing and the subscriber base is growing. At 13X earnings, you are paying a lot more for BCE (BCE-T) and Telus (T-T). Have a lot of great assets inside the company that are not getting good value. Trading at 14 X forward earnings. 4.6% dividend yield.


Price: $41.860
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Unknown
2015-04-20 COMMENT Royal Bank
RY-T
Barry Schwartz

Royal (RY-T) or Bank of Montréal (BMO-T)? His 3 biggest holdings are National (NA-T), Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T). On a valuation basis, the cheapest is National which is trading at 10X next year’s earnings. On this, pick 1 or 2 banks, and never sell them and then go from there.


Price: $81.270
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 COMMENT TheScore Inc.
SCR-X
Keith Richards

Chart shows a fair amount of volatility, but it is OK volatility. The basics are there. You are getting your stepladder higher highs and higher lows. Feels the last run it had over the past 6 weeks has been a little bit steeper than usual, so it might be due for a pullback. Your lows and highs are higher and the overall trend is in great shape. If you have a perspective that is a little bit longer than a week, you are probably going to do okay on this.


Price: $0.890
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 DON'T BUY Suncor Energy Inc
SU-T
Barry Schwartz

Great company and smart management. The problem he has is that no matter what management does or what great assets they have, they can’t control the price of oil. If oil sticks at around $50-$60 next year, it is going to be a rough time for the company. Earnings are going to be out soon and he expects him to be atrocious. Doesn’t think the dividend is in jeopardy or that the balance sheet is in trouble.


Price: $40.270
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 COMMENT Sandvine Corp.
SVC-T
Keith Richards

This has a relatively volatile chart pattern, but had an interesting little bottom last fall, a bit of a head and shoulders. It broke out and has been moving in a greater uptrend, but chart shows a lot of volatility. For a long term investor, if you are long the stock, he would stay with the story even though it is probably due for a pullback.


Price: $4.150
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 COMMENT Tahoe Resources
THO-T
Keith Richards

Silver. He does not like commodities. Chart shows a long downtrend which might be breaking. It is probably a little early to tell. There were some higher lows, but there is a succession of lower highs. If it can break up through that gently sloping downtrend, it might be in for a bit of a run into the $20 area. He would like to see it break first.


Price: $14.510
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 DON'T BUY VelocityShares 3x Long Crude ETN linked to the S&P GSC
UWTI-N
Keith Richards

The problem with leveraged ETF’s is that they are actually reset every day. If the stock market moved up and down 10% every day, and a $10 share went up 3 times in a single day, it means it went up 30% and your $10 turns into $13. Next day it falls 10%. That means your $13 times 10% times 3 is going to fall to something like $9.60. The next day it goes back up 10%, but you are only at about $11.50. Your big swings by the day, because of re-balancing, are all over the map.


Price: $3.410
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: No
2015-04-20 BUY on WEAKNESS Visa Inc.
V-N
Barry Schwartz

This business is on fire. More and more people every day are using credit cards as opposed to cash. This quarter probably won’t be so hot because of currency translations. Great business. He wouldn’t be aggressively adding to holdings but would buy on pullbacks. Likes this better than MasterCard (MA-N).


Price: $64.720
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 BUY Whistler Blackcomb Holdings
WB-T
Barry Schwartz

Whistler didn’t get a lot of snow this year, which can be a problem when running a ski lift operation. This is 2 years in a row. These are world class operators with a terrific asset. No one can predict what is going to happen with weather. Thinks earnings this year are going to be a little bit better than last year, so there is no cause for concern. The dividend is not in peril whatsoever. At anywhere under $19, he has been buying and adding. Not cheap at 27X forward earnings. 5.4% dividend yield.


Price: $18.150
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 WATCH Westjet Airlines
WJA-T
Keith Richards

This is a good example of one of those stocks that, despite the stock market moving up or at least sideways, it is rounding over. It is just starting to play its $27 support level. It has been over a few times in the past year. If it broke down through that $27 level, he would exit. If it holds, it might be okay. Starting to look a little weak.


Price: $27.080
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-20 COMMENT Wal-Mart Stores Inc.
WMT-N
Barry Schwartz

Great company. They keep buying back stock, which has pushed the insiders back up to a level they are not comfortable with, causing them to sell some of their shares. This is one that he always looks at, but always seems to miss it. Not sure that he would buy this at the current price.


Price: $78.140
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: No
2015-04-20 TOP PICK TSX Group
X-T
Barry Schwartz

The 1st quarter has not been great in terms of trading, but this is not just a trading company. There are listing fees, advisory fees, and technology fees. Listing fees have been huge recently because there have been a lot of preferred shares and secondary offerings for oil and gas companies that need the money. He is hopeful that there will be more IPOs. Trading at around 12 or 13 times next year’s earnings. Dividend yield of 3.04%, which is the highest dividend yield relative to its US peers.


Price: $53.080
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 TOP PICK SPDR Consumer Staples ETF
XLP-N
Keith Richards

He is trying to hold lower beta stocks which is a great sector to move into, because it can be a lot more stable. Sometimes these lower beta stocks will actually thrive in a somewhat bearish environment. This one has been trending sideways. You are going to see a rotation where the staples start to move up over the next couple of months and discretionaries are going to start to slow down a bit. (See Past Picks.)


Price: $49.230
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: No
2015-04-20 PAST TOP PICK SPDR Cons Discretionary ETF
XLY-N
Keith Richards

(A Top Pick March 11/15. Up 2.70%.) This is an annual situation where he buys at a certain time and sells at a certain time. He does a rotation between consumer discretionary and consumer staples every year. Basically the idea is that staples are lower volatility beta stocks. You want to own those when markets get a little bit shaky. (See Top Picks.)


Price: $76.060
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2015-04-20 COMMENT BMO US Dividend ETF
ZDY-T
Larry Berman CFA, CMT, CTA

This is a smart Index where they take the Russell 1000, top 100 quality US stocks on a dividend basis equal weighted. A dividend payer of around 3% in the US. It is going to trade very similar to what the S&P 500 does to the Dow. Wouldn’t be surprised if we end of the year at 2100, right about where we are now. If it is sideways, and maybe a little lower, you want to have more focus on dividends in your portfolio, because it is a bit more defensive way of playing the market. A complement to that could be the Dow with a covered call, which would hedge your currency.


Price: $22.590
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 PAST TOP PICK BMO India Equity Hedged to CAD ETF
ZID-T
Keith Richards

(A Top Pick March 11/15. Down 9.36%.) This has been a little soft over the past month, but he has owned this along with an individual Indian stock for the past year. Generally speaking the government is pretty supportive of the economy and the stock market. He also likes the formation. This is in a long-term uptrend, and he views a recent pullback is a buying opportunity. The 200 day moving average has not been cracked.


Price: $18.400
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2015-04-20 COMMENT BMO S&P/TSX Laddered Preferred
ZPR-T
Larry Berman CFA, CMT, CTA

These reset preferreds are linked to the 5 year bond. So when the reset provisions come into play, if the bond yield is much lower, then the new coupon payment is going to be a lot less on the preferreds. They are more linked to fixed income than they are to equities. So if equity markets fall 10% on a correction, preferreds might fall 1%-2%, or sometimes they might go up depending on what is happening to interest rates at the time. They are a good diversifier because of this to get yield. He uses it by increasing his preferred exposure versus common. For example ZDV-T is the way to play high dividends in the Canadian market, which is 50 of the best dividend payers. When he fears the risk on the common shares, he wants a little more exposure to ZPR and when he feels the outlook is more for growth, he wants more ZDV. Meanwhile they both yield him more than 4% and it is a nice way to get Canadian tax efficient dividends in your taxable portfolio.


Price: $12.040
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 COMMENT BMO Covered Call Cdn Banks ETF
ZWB-T
Keith Richards

Banks as a group move together. There is going to be a correction on the market and we have already seen weakness in the banks because of their exposure to the oil sector. However, banks are one sector that you can own for a while. It could pull back, but if you are a longer-term investor, he doesn’t know if you should be panicking.


Price: $16.990
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2015-04-17 PAST TOP PICK Tsingtao Brewery Co.
0168-HK
Norman Levine

(A Top Pick May 2/14. Down 8.17%.) A brewery in China, and one of the largest globally. Owns this as a play on growing domestic consumption in China and ongoing urbanization. Still likes this and its outlook.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-04-17 N/A A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Economy.  He is waiting for rising interest rates in the US and everywhere. What is fuelling the stock market is what he would call just free money. Worldwide investors have been pouring money into equities, because fixed income is either providing very little or nothing. Large US multinational companies are being hit with currency issues because of the strong US$. Has been scaling back his exposure to equities, as he has found it much easier to Sell than to Buy. Hasn’t been adding anything in the multinational area, but has doubled his position in 3 banks, 2 US and one Canadian. For the most part they don’t have the exposure. Also, valuations are much, much more reasonable than multinational companies, especially consumer stocks.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2015-04-17 DON'T BUY Alcoa
AA-N
Norman Levine

Not a fan of most commodities. We still have longer to wait. Commodity cycles are very long, and we are in about a year 4 or 5 of the latest downtrend. One thing that bothers him is that China is a net producer of aluminum, not an importer.


Price: $13.460
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 BUY on WEAKNESS Apple
AAPL-Q
Norman Levine

Because the market has been so frothy, based on the free money, he would wait for a pullback in this as well as in most stocks.


Price: $124.750
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2015-04-17 WAIT Arc Resources Ltd
ARX-T
Norman Levine

One of the 2 energy stocks that he does own. A mixture of oil and gas. Exceedingly well-run company with very good properties. He would hold off buying because he thinks the price of oil is going back down again and gas has stayed down.


Price: $25.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-04-17 COMMENT BCE Inc.
BCE-T
Norman Levine

He prefers this to Rogers (RCI.B-T) because Rogers has a much bigger footprint in wireless, and they have been losing market share and subscribers.


Price: $53.970
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2015-04-17 TOP PICK CCL Industries (B)
CCL.B-T
Norman Levine

A Canadian based multinational consumer company. Their products are packaging. A world leader in labels, especially pressure sensitive ones. Also, make aluminum cans and plastic laminate tubes that are going into cosmetics, etc. A couple of years ago they made a transformative acquisition from Avery. They bought their label business as well as their digital printing business. That has been a huge win for them. Dividend yield of 1%.


Price: $146.930
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-04-17 DON'T BUY Canadian Oil Sands
COS-T
Norman Levine

Sold his holdings and has no desire to go back to it. An exceedingly volatile stock. Part of it is because every other day somebody is whispering takeover rumours.


Price: $12.960
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 COMMENT Costco Wholesale
COST-Q
Norman Levine

Great company and they run fabulous operations. However, consumer spending in the US has not been what people have been expecting. Retail stocks have all been stellar performers, but in anticipation of the consumer spending that hasn’t come. In the near term this is probably vulnerable, along with other retailers, to a correction.


Price: $144.570
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2015-04-17 COMMENT Crescent Point Energy Corp
CPG-T
Norman Levine

Sold his holdings because he was convinced that the price of oil was not going anywhere soon. This one has held up way better and has acted way better than a lot of oil stocks. It has great land positions. Also, management has very prudently hedged about 60% of their production at around $90 a barrel. The dividend is safe under current conditions, but he questions if it is safe next year if oil prices stay at a low level.


Price: $32.380
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 COMMENT Walt Disney
DIS-N
Norman Levine

Disney (DIS-N) or Starbucks (SBUX-Q)? Dissimilar companies. He doesn’t own either, but if he were, it would probably be this one because he likes the long-term prospects for entertainment. Dividend yield of 1.08%.


Price: $106.690
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 TOP PICK General Electric
GE-N
Norman Levine

Have proposed selling GE Capital, which is a transformative thing for them. They are going to largely get out of financial services and become a purely industrial company. Have said they will be doing a huge share buyback. Believes they are going to increase the dividends again on a regular basis. Also, make transformative acquisitions in the industrial space. Thinks that all of this will lead to a much higher stock price.


Price: $27.250
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-04-17 HOLD Kroger Co.
KR-N
Norman Levine

One of the biggest supermarket chains in the US. This has been an attractive area because it is purely domestic and earnings have been growing as they’ve been consolidating some of their stores and cutting expenses. This has been boosting profitability. The stock has done very well.


Price: $71.840
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 COMMENT Labrador Iron Ore Royalty
LIF-T
Norman Levine

Actually doesn’t own anything. It has a royalty on iron ore produced and sold by the Iron Ore Company of Canada. Iron ore prices have been under siege and volumes have not been as good as they could be. This has a nice 8.5% dividend yield and eventually will come back. The Company has recently sent out a proxy wanting to change the status of the company. He would suggest that you vote against that.


Price: $11.790
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2015-04-17 COMMENT Magna Int'l. (A)
MG-T
Norman Levine

An excellent company. The auto market has been doing very well and they have been a prime beneficiary, both in North America and Europe as things start to get better. A fine company and should continue to be.


Price: $65.580
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 COMMENT National Bank of Canada
NA-T
Norman Levine

A purely Canadian bank, so he traded his holdings for Bank of Nova Scotia (BNS-T). With the domestic headwinds he saw coming in the Canadian economy, both in the energy area and the consumer, he wanted to diversify away from a purely domestic bank. Dividend yield of 4.6%.


Price: $48.870
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 TOP PICK Power Financial Corp
PWF-T
Norman Levine

This is a company that has historically increased its dividends regularly, twice a year. The largest shareholder in Great West Lifeco (GWO-T), London Life, Canada Life and Putnam Investments. Also, the largest shareholder in IGM Group (IGM-T), Investors Group, etc. After the financial crisis they did not raise their dividend until March of this year. Thinks it is going to start again to be a regular thing, so your yield is going to continue to go up.


Price: $37.340
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-04-17 COMMENT Starbucks
SBUX-Q
Norman Levine

Disney (DIS-N) or Starbucks (SBUX-Q)? Dissimilar companies. Doesn’t own either, but if he were, it would probably be Disney, because he likes the long-term prospects for entertainment.


Price: $47.620
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 COMMENT SNC-Lavalin Group Inc.
SNC-T
Norman Levine

He is a firm believer that the federal government will be changing the exceedingly punitive law that says if you are convicted you will not be able to do business with the federal government for 10 years. Thinks this is great value here.


Price: $43.730
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-04-17 COMMENT Telus Corp
T-T
Norman Levine

He is favourably disposed to the Canadian telecom scene. Prefers BCE (BCE-T). The whole group had a rough quarter, but are coming back a little now. There were some worries at one point about interest rates going up, and that hurt the stocks. There had also been some regulatory worries. This one has a greater exposure to Western Canada, and therefore a greater exposure to Alberta. That has been a worry to the stock, but to him that is more of a short-term worry.


Price: $42.070
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 COMMENT Toronto Dominion
TD-T
Norman Levine

Prefers owning US banks to Canadian banks. If you want to own a Canadian bank that has US exposure, you can do that through this bank. US operations are large, but are underperformers as far as returns to the bank. You are better off owning a pure US bank. He has no interest in the money centred banks, prefers regional banks.


Price: $55.750
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 PAST TOP PICK Talisman Energy
TLM-T
Norman Levine

(A Top Pick May 2/14. Down 10.28%.) Sold his holdings. It turned out to be not as good a company as he had hoped.


Price: $9.610
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-17 PAST TOP PICK Wright Medical Group Inc
WMGI-Q
Norman Levine

(A Top Pick May 2/14. Down 13.72%.) Had liked its business and liked it because it was a turnaround stock. The new CEO had a good history of turning companies around and then selling them. Instead of turning this one around, he made an acquisition. He wasn’t happy with this, so sold his holdings.


Price: $25.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2015-04-16 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Markets. He looks at what drove returns over the last few years and he had stocks that were undervalued. There were earnings expectations where the bar was very low. As well as this, the US economy was recovering. Today stocks are no longer cheap, earnings expectations are no longer low, but the good news is that we are seeing the US economy continuing to recover, but there are just not as many inputs driving equities higher. For the last 4 years, he has favoured the US market over the Canadian market, primarily because when he looked at the TSX, which is made up of commodities and banks, he has been pessimistic especially on the commodity space. Equities as a whole, whether you are looking at the US or Canada, the easy money has been made and we should expect more volatility as we move forward.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: _N/A
2015-04-16 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Where is a safe parking lot for cash, while waiting for opportunities? The primary objective is to keep it safe and have it liquid and available. You could do that with a high-quality money market instrument, or even the banks, depending on how much you are parking. Banks have high interest savings accounts and you can buy that right in your trading account. Yields are somewhere between 1.25%-1.5%.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: _N/A
2015-04-16 BUY Apple
AAPL-Q
Kash Pashootan

With the amount of cash they have, there is a cushion to see dividend raises continuing to come forth. They have really executed on all fronts. Their foreign expansion of smart phones is continuing. Last quarter, sales in China were up 70% year-over-year. They still have a very small market share in Asia, so there is further upside potential. They are continuing to innovate which is important for the future.


Price: $126.170
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 COMMENT American Capital Agency
AGNC-Q
Paul Harris, CFA

This company basically borrows Short and lends out mortgages. They leverage that up and pay out their returns. He used to own this, but one of the issues he had was if interest rates started to rise, it would really hurt this stock. Highly levered which is another issue you have to look at. Gives you a very good rate of return when things are going well. Dividend rate of 12%.


Price: $21.670
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2015-04-16 TOP PICK Amgen Inc.
AMGN-Q
Paul Harris, CFA

Trading at about 16X earnings. Have great drugs in the kidney area and in cancer. Also, thinks there is a cholesterol drug coming out. Management is really interested in increasing margins, cutting costs, increasing dividends and paying back money to shareholders. Dividend yield of 1.89%.


Price: $166.870
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 COMMENT Bank of America
BAC-N
Kash Pashootan

The next stress test is in September. Buy now or wait and see? It depends on what other bank exposure you have in your portfolio. He likes the US banks, primarily the regional banks. What is nice about this bank is that it does generate a large part of its revenues from retail banking. If you have some patience, this is a name that you want to own in your portfolio, but if you want to take it one step further, he would look at some of the regional banks.


Price: $15.790
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 BUY Bank of America
BAC-N
Paul Harris, CFA

Likes this stock. Net interest margins are very low in the US and are under pressure. Although they cut costs, they didn’t see a lot of growth on the investment banking side. They are in 10% of all the households of the US, so they are a very large retail bank that needs net interest income to improve. They also are faced with a lot of regulatory issues. They have to do another stress test in September and he is upset that management has not been keeping an eye on these things. Thinks you should own this for the longer-term.


Price: $15.790
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 COMMENT BCE Inc.
BCE-T
Paul Harris, CFA

Are the yields of 4.5%-5.5% sustainable on BCE (BCE-T), Verizon (VZ-N) and Vodafone (VOD-Q)? Most of the dividends are sustainable and he thinks they can afford to grow their dividends. BCE trades at a very high multiple at almost 16X earnings. Why people are worried about BCE is that it is not only a telephone company, but also a communications company. Verizon and Vodafone gives you much more of a pure play.


Price: $53.980
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2015-04-16 COMMENT BHP Billiton Ltd.
BHP-N
Paul Harris, CFA

Has a great dividend. One of the lowest cost producers in iron ore. Their cost of production is about $20, so they can bear some of the costs. This is also a large oil company. If you can see a recovery in China and iron ore gets up to a better level, this stock will benefit a great deal. You are getting a great dividend, 5.3%, to be at these levels.


Price: $46.820
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 COMMENT Bank of Nova Scotia
BNS-T
Kash Pashootan

This is a meat and potatoes type of name that you want to own in your portfolio. He is underweight Canadian banks relative to the TSX index, primarily because a large part of their revenue comes from net interest margins. With interest rates continuing to stay low, the spread is going to continue to be lean. What has offset that is the Canadian consumer intoxicating themselves with debt and continuing to borrow. He is starting to see a ceiling there in that loan growth is slowing. What is unique with this bank is that a large part of their revenue is coming from Latin America.


Price: $65.730
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 PAST TOP PICK CAE Inc
CAE-T
Kash Pashootan

(A Top Pick Feb 27/15. Down 2.41%.) A leading player in the simulation space. With the number of active fleets growing, we need more pilots and they need to be certified, along with the existing pilots that need to be re-certified. Diversified with 60% in civil, 20% in defence and 10% in health care.


Price: $14.750
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 COMMENT Corus Entertainment (B)
CJR.B-T
Kash Pashootan

Have been beaten up after the CRTC’s unbundling announcement. He is not too worried about this. It has overshot and is an overreaction Likes their focus on the specialty channels, which have a higher margin. CEO will be retiring, which has also put some pressure on the stock. 6.5% dividend is safe.


Price: $17.580
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 COMMENT Columbia Banking System Inc
COLB-Q
Kash Pashootan

The story here is that they are strategically located in the Pacific Northwest, which is a region that he likes. There is a growth in population, decline in unemployment and wages are growing. Pays about a 2% dividend while you wait. Overall, he likes the regional banking space. He is bullish on the US consumer.


Price: $29.340
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 COMMENT Crescent Point Energy Corp
CPG-T
Kash Pashootan

He has been negative on energy for a while. The only “close to oil/gas” name he owns would be Enbridge (ENB-T). The dividend on this is safe for now, i.e. over the next 6 months. Anything longer than that is really a wildcard. You don’t want to bet the farm on the fact that they are hedged and that the dividend won’t go down.


Price: $32.370
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 PAST TOP PICK Cisco
CSCO-Q
Kash Pashootan

(A Top Pick Feb 27/15. Down 2.86%.) Likes this and the story hasn’t changed. They are doing a lot of things well and they are in the right spaces. With the increased usage of smart phones, traffic data is going up, and with their network solutions they are helping manage that and keep carriers’ spectrum efficient. Also, well positioned to capitalize on this “Internet of things” that we keep hearing about. Also, remember cyber security and how much focus is on that. 2.9% dividend yield.


Price: $28.600
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 PAST TOP PICK Deere & Co.
DE-N
Paul Harris, CFA

(A Top Pick April 29/14. Down 2.48%.) Still likes the stock. Not trading at a huge multiple, Around 12X earnings. Decent dividend yield. With the crop cycle, this is a time to own it. They not only have the agricultural business, but also have a more industrial business that has turned around and is doing better. Thinks this will do well over the next couple of years. Still a Buy.


Price: $88.940
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 COMMENT DH Corporation
DH-T
Paul Harris, CFA

Used to be a cheque business, but that is getting to be a smaller and smaller part. Did a couple of really big deals in the US. It is really a technology company in the financial services industry and it is very unique. Executed on their last acquisition very, very well and it will do the same with the latest one.


Price: $42.890
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 TOP PICK EnerCare Inc
ECI-T
Kash Pashootan

This IPO’d in 2002 under Consumer Water Heater. A lot has changed since then. One third of their business is sub metering for condos and apartments and two thirds of home services, air-conditioning, water heaters and furnaces. This business is a high percentage of recurring revenues. Very cash flow heavy, which is great for dividend investors. Dividend yield of 5.56% and they are able to sustain this with only 40% of their free cash flow. He is expecting some dividend increases from them. Only 22% of their overall contracts are in the billing stage, so cash flows are going to grow.


Price: $15.060
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 TOP PICK Element Financial
EFN-T
Paul Harris, CFA

Management understands this business very clearly. There is a good opportunity for them to grow. Just made an acquisition in the US, which will help them grow in the US a lot more. Because of what happened in the financial services industry in 2008, there are a lot of gaps in the leasing side of the business, and he thinks there is a great opportunity for them to come in and scoop up a lot of business and grow. A great growth story over the next several years in the US, and a little bit in Canada.


Price: $17.820
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 TOP PICK Emera Inc
EMA-T
Kash Pashootan

An electricity utility name. Focused in Atlantic Canada, and more recently have gone into the US as well. Along with other utilities, what he likes is the stable income stream and the reoccurring revenues. The risk for these types of names is that they are interest rate sensitive, but the risk of rates going up in Canada is very low right now. 31% of the revenues come from the US, and because they are paid in US$’s they are getting a boost from foreign exchange. Yield of 3.89%.


Price: $41.410
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 COMMENT Ford Motor
F-N
Paul Harris, CFA

Of all the US awful companies, this is his favourite. Not trading at a huge multiple. About a 3.7% dividend yield. Have some great products coming out. Expects there will be better growth out of them with more innovative and better products. The strong US$ hurts them a little bit.


Price: $15.940
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2015-04-16 WAIT General Electric
GE-N
Kash Pashootan

Have been trying to move to become more of an industrial focused business. They are doing this by divesting their GE Capital business. Recently sold a huge chunk of it and are almost completely out of it. He is not convinced that this is the time to buy this. His primary concern is the acquisition they did last year, where they spent $17 billion on an engineering company. 3.3% dividend yield.


Price: $27.280
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 DON'T BUY General Electric
GE-N
Paul Harris, CFA

General Electric (GE-N) or Visa (V-N)? This is an industrial company. They are spinning off their GE Capital business. You are really buying a well diversified industrial company that is global that is hopefully going to grow. Between the 2, he would probably pick Visa because it is a much better longer-term growth story. He wouldn’t buy this because you are not going to get a bump on the multiple anymore.


Price: $27.280
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2015-04-16 COMMENT General Mills
GIS-N
Kash Pashootan

General Mills (GIS-N) or Kellogg’s (K-N)? This one is strictly focused on cereals and is the world’s largest producer. About 20% of their revenues comes from Wal-Mart (WMT-N), which has been actively opening stores increasing their distribution channel. He sees future growth in the cereal market in emerging markets, especially Asia. Their demand for cereal is expected to go up 2X over the next few years. This would be his preferred play.


Price: $56.230
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 COMMENT Johnson & Johnson
JNJ-N
Kash Pashootan

Just reported and it was great. Did very well, but this is an example of one of those names that is quite exposed to foreign exchange. Because of this they have revised their 2015 estimates downwards. If you are looking at buying, there are 2 things you should consider. 1.) Is their further downside with foreign exchange issues moving forward? It’s too early to say. 2.) What are they going to do with that targeted capital of $20 billion that they were going to spend? He would wait to get some clarity on the foreign exchange. Pays a good dividend.


Price: $99.790
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 COMMENT Kellog
K-N
Kash Pashootan

General Mills (GIS-N) or Kellogg’s (K-N)? Primarily focused on what he considers junk food. The consumer has become more educated. His concern with this company is that they have not adapted to the healthy consumer preference. Put up almost $2 billion in debt a few years ago to buy Pringle. If you look at the cash flow that goes to servicing that debt and their dividend, there isn’t a lot of cash for new growth catalysts. General Mills would be his preferred play.


Price: $65.050
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 DON'T BUY Michael Kors Holdings
KORS-N
Kash Pashootan

The entry-level luxury market is a very risky one. It could be the flavour of the week where consumers cannot buy enough of it, and that could shift very quickly. Once everyone has one of their products, that ends up being it.


Price: $63.720
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 COMMENT Manulife Financial
MFC-T
Kash Pashootan

Low interest rates creates a real challenge for lifecos. This one has done a good job of transitioning from an insurance company to being more of a wealth management name. Their US wealth management is about 40% of their overall revenue. The real opportunity for them is in Asia and they have positioned themselves well to really compete in that space. He is looking at this name. 2.8% dividend yield.


Price: $22.080
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 TOP PICK Magna Int'l. (A)
MG-T
Kash Pashootan

When he looks at this and its valuations, it makes a lot of sense. He is positive on the auto sector, and this is a great way to participate without taking company specific risk. A wildcard for them at this point is what is going to happen in Europe. 40% of their revenues come from Europe. With commodity prices coming down, their revenues have grown. Dividend yield of 1.68%.


Price: $66.520
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 BUY on WEAKNESS Novo-Nordisk
NVO-N
Paul Harris, CFA

Has a very strong franchise in diabetes. Stock has done incredibly well. Also, have the potential of an obesity drug coming out. A lot of that is in the stock already. The problem he has is that the stock trades 54% above its peer group, has done 22% better than the healthcare group, trades at 33X earnings and doesn’t pay very much of a yield. Wait for a pullback.


Price: $54.970
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2015-04-16 TOP PICK Phoenix Energy Services
PHX-T
Paul Harris, CFA

A horizontal drilling company. Have some great technology for the drilling side, which is really their key business. Trades at 18X earnings and pays a yield of 5.35%. Their technology allows them to get data back to the main place where they can analyse and see where the drilling is all going. Management is doing all the right things.


Price: $7.850
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 PAST TOP PICK ProAssurance Corp
PRA-N
Kash Pashootan

(A Top Pick Feb 27/15. Up 2.95%.) Medical liability insurance is only going to go up. With healthcare being accessible to more and more Americans, you need more medical professionals and more premiums are being written. This company has been busy doing acquisitions which, has expanded their geographical footprint across the US as well as increasing the amount of premiums being written.


Price: $45.760
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 PAST TOP PICK Qualcomm
QCOM-Q
Paul Harris, CFA

(A Top Pick April 29/14. Down 11.56%.) Thinks the China issue has been sorted out. They have a very strong technology roadmap. They are really in all the cell phone businesses, which is the real growth. Also, thinks there is really good growth coming from other parts of their business. Good dividend yield.


Price: $67.910
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 COMMENT RioCan Real Estate Investment
REI.UN-T
Paul Harris, CFA

One of the largest REITs in Canada. Good management. They have had to kind of move outside of Canada because of the limited amount of growth prospects. A well-run company and one of the safer ones. He thinks REITs are going to do well.


Price: $28.900
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2015-04-16 COMMENT Regions Financial
RF-N
Paul Harris, CFA

A regional bank in the south east US. Interest rates are very low and this is a retail/commercial bank that derives a lot of their money from net interest income. He likes its location, which has lots of good growth over the long-term. They passed all the Fed’s stress tests and are able to accomplish a lot of their capital plans. This bank is over capitalized and at some point in time, you are going to see dividends move up more aggressively along with more share buyback.


Price: $9.700
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2015-04-16 WEAK BUY Transocean Inc.
RIG-N
Paul Harris, CFA

One issue with these companies is where does oil go? This was trading at some value below the value of their actual rigs out there. He believes oil will be higher over the longer-term and this is a good company. If you compare the volatility over the next little while, it will do well and you can see a reasonable rate of return on it. Probably worth buying at these levels.


Price: $18.600
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2015-04-16 COMMENT Starbucks
SBUX-Q
Kash Pashootan

He likes this. Have done an excellent job of expanding. Now over 21,000 stores in 66 countries. For the established stores, they are continuing to innovate, which is helping. Growth is really coming out of Asia where there have been 750 stores opened. Numbers are showing 20% growth year-over-year in Asia, compared to 10% in the US. This is a pure momentum growth story, and if you believe that is going to continue, this is the time to buy it. He would like to see a 10% pullback before he gets into it. Dividend is only 1.25%, so you are not getting paid a whole lot to wait.


Price: $48.245
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 COMMENT Telus Corp
T-T
Kash Pashootan

He owns all the Canadian telcos. The primary reason for that is he doesn’t see a whole lot of competition, especially with foreign players coming in. Good space. In terms of future growth, they have been spending money and investing in broadband networks.


Price: $42.070
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 PARTIAL BUY Transcontinental Inc. (A)
TCL.A-T
Kash Pashootan

Essentially in the printing space, and about 30% of their revenue comes in the media side. Print has been under pressure with the digital age. What they have done to save their stock price is to move towards the food packaging space. The bad news is that the acquisition is only 3% of revenues in the packaging space. The good news is that it is a 10 year contract. 3.75% dividend yield.


Price: $17.550
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: Yes
2015-04-16 COMMENT Toronto Dominion
TD-T
Kash Pashootan

Shares are performing much better on the TSX relative to the NYSE. How come? The short answer is currency. The spread right now is about 7%-7.5%. Because they report in Cdn$’s they have to convert and this is what causes the spread. This is more of a US bank than a Canadian one in that they have more branches in the US and more than 50% of their revenues comes from the US. A good name to own, because it does give you exposure to the US.


Price: $56.030
Subject: NORTH AMERICAN DIVIDENDS
Bias: BEARISH
Owned: No
2015-04-16 PAST TOP PICK Target Corp
TGT-N
Paul Harris, CFA

(A Top Pick April 29/14. Up 41%.) He had felt that a lot of the bad news was already in the stock. They have done a lot of good things. Getting out of Canada was the right decision for them. Still a great company, but wait for a pullback.


Price: $81.920
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
Showing 1 to 120 of 139,144 entries
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