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

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Date Signal Company Expert Opinion Price
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Markets. Thinks the markets go higher. Valuations are looking a little stretched, but there is no other game in town. Commodities don’t look attractive, bonds don’t look attractive, real estate has been good but he doesn’t see that going much higher. We are in a multi-decade bull market movement in equities. It has gone on for 5 or 6 years now, but what kills a bull market are recessions, and he doesn’t see this, at least not south of the border. The likelihood is that we are marching towards an eventual Fed tightening. Whether it is in the 1st half or the 2nd half of next year is hard to predict, but he tends to be in the 1st half. Once we see that happening, it will be clear that the rally in bonds is over, once and for all. Money that is sitting in bonds is eventually going to have to find a home, and he thinks that is going to be in equities. Equities in this low rate low inflation environment still offer good value, even at this level. You have to pick your best horse, and he thinks that is in US equities, simply because the US has the best fundamentals anywhere in the globe. Because growth is strong and it is rebounding, you want to be in cyclicals i.e. 1) industrials, 2) technology and 3) energy-later cycle, but keep in mind that energy will be quite weak in its financials. And then energy and materials much later.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: _N/A
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Energy. OPEC is debating whether to reduce the quota, which is roughly 30 million barrels a day. It really comes down to Saudi Arabia and what they want to do. Saudi Arabia and Iran do not exactly see eye to eye. Nor does Iran and Venezuela, etc., etc. There are huge agendas which has a lot to do with 1) religion, and 2) who is facing sanctions. All of this is weighing on energy, so there is no consensus. However, the history of OPEC has been one of making a statement and then cheating amongst themselves. Thinks oil will remain under pressure, so for oil investors, that is bad news.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: _N/A
2014-11-25 TOP PICK Apple
AAPL-Q
John Stephenson

Looking at technology, it has become a bifurcated market. Some of them are just getting smoked and some are struggling, and yet you see this one trading at a relatively low multiple. It really has the best ecosystem in technology. There are well over 50% margins on the iPhone. Don’t know what their sales are yet officially, but there are rumours they are in the 60 million+ already. He thinks it is certainly worth north of $150 a share. Yield of 1.58%.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 WATCH Bombardier Inc (B)
BBD.B-T
John Stephenson

Longer term, more than a year, it has a very attractive future. Fundamentals are quite good and the stock is inexpensive on a multiple basis. The issue short term, less than a year, is essentially a weaker future. Spending a lot of money, so are incurring a lot of capital expenditure to develop the C series. The ramp to development of the C series order book is not all that clear. There have been a lot of issues with the C series. It will probably be a year before he is ready to commit money.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 HOLD Bonavista Energy Corp
BNP-T
John Stephenson

Thinks this is okay. Doesn’t see a tremendous amount of catalysts for it. He is struggling to find names that will work for investors in the relatively near term, 5-6 months, given his bearish outlook for oil and gas. Fundamentally it is fine and doesn’t see any major problems.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Baytex Energy Corp
BTE-T
John Stephenson

Likes that this is heavy oil. It has been a great stock looking out over the past 10 years or so, but it has been very disappointing. Sold most of his holdings, because it just wasn’t working. The issue for all oil companies is oil and oil prices. Oil is $76 and he expects we will touch $60 before we touch $80 again. The term structure and the futures are telling you that, and also he doesn’t see strong global growth. (Absent the US and to a lesser extent Canada.) Doesn’t see the dividend being an issue at present.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 PAST TOP PICK CitiGroup
C-N
John Stephenson

(A Top Pick Nov 7/13. Up to 12.43%.) Cheap. Trading at an 8.5X forward earnings multiple, versus the historical 55 year multiple of 15.5 times. Thinks they’re going to get their capital plan finally approved in March, which will allow for quite a bit of that cash flow to come back in the form of a dividend.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 SELL Connacher Oil and Gas
CLL-T
John Stephenson

The principal problem is the debt and they are poorly capitalized. Also price of oil has come under considerable pressure. They are developing long-lived assets, which mean there is really not much probability of bringing forward their cash flows into the here and now.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 BUY Dow Chemical
DOW-N
John Stephenson

This is looking a lot better. There is an activist involved, which is one that tends to get the results. The chemical industry in general is one that is ripe for activism. A very cyclical industry. They tend to do things just at the wrong time. In general there is a renaissance in the chemical industry, because of low gas prices and a resurgence of the US oil/gas industry. This is probably a good time to be in this.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 PAST TOP PICK Encana Corp
ECA-T
John Stephenson

(A Top Pick Nov 7/13. Up 8.42%.) Thinks the company has done a really good job. A much improved company. Have phenomenal assets. This is the name that should be on every investor’s short list of energy names.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 TOP PICK Element Financial
EFN-T
John Stephenson

Equipment leasing. In a growing and underserved area of the market. He expects to see growth in this market. You can see earnings per share growing at roughly 80% per annum for the next year or so. This will benefit from an eventual recovery in spending on machinery and equipment. A “screaming buy” right now.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 WEAK BUY Ensign Resource Service Group
ESI-T
John Stephenson

Overall, this name is fine, but is very sceptical about land drilling in Canada given what has happened. We are still infrastructurally charged. Gas lines certainly seem to be something that is happening but oil pipelines are more problematic. Drilling in Canada has definitely slowed over the last 2-3 years. If you want to “trade” the name, seeing that there is some seasonality in gas, that would be fine, but he wouldn’t make it as a long-term hold.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 COMMENT Fortis Inc.
FTS-T
John Stephenson

Nothing wrong with this one, and has been a really good name for investors, because it has been defensive. However, we are in an era where you are going to see growth in the US, and to a lesser degree Canada, and the economy is coming out of 2008-2009 financial crisis in pretty good shape. As a result, he doesn’t think you want to be in something that is very defensive. Utilities are the most defensive, because they are monopolies, regulated and have limited growth. A 1% move in Canada could reduce the price of the group, between 10 and 15%. He would be looking to take money from this.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Hudbay Minerals Inc.
HBM-T
John Stephenson

Sees this being flat for 1-1.5 years. Doesn’t see any growth. One of your more defensive names because of its cash position, but it is a muddled mixture of zinc, a little bit of copper and gold now. Well run company and a good company, but truthfully the sector that looks the best is copper. He would suggest you buy Lundin (LUN-T) , followed by Teck resources (TCK.B-T) and forget about this one.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Lake Shore Gold
LSG-T
John Stephenson

A disaster waiting to happen. He sees this as a producer that is very challenged going forward. His overall view on gold is very bearish. Most gold companies start to run into trouble, certainly below $1200 an ounce, but around $1100, $1000 and $1050, you have real issues with virtually everyone. It has debt and really no growth, and gold is going the wrong way.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
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