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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
2016-11-30 COMMENT Aecon Group Inc
ARE-T
Lyle Stein

This is an infrastructure play, and the Trudeau government has made it very plain that he is going to use fiscal policy to spend on infrastructure to keep the Canadian economy growing. This company participates in the pipelines. All of this is positive.


Price: $15.630
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 COMMENT Boeing
BA-N
Gordon Reid

(Market Call Minute.) They are in full production of the 787 Dreamliner and the 737 Max. It’s all about having better technology, more fuel efficiency which just go straight to the bottom line of airlines. This is a cash flow story.


Price: $150.560
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT Bank of America
BAC-N
Lyle Stein

Bank of America (BAC-N) or Wells Fargo (WFC-N)? US banks have gone on a tear because there is a belief that net interest margins are going to go up. Bank of America is a little steadier while Wells Fargo is more of a higher risk/high reward. (See Top Picks.)


Price: $21.120
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-11-30 TOP PICK Bank of America
BAC-N
Gordon Reid

Probably the most levered money centred bank to the change in interest rates. The CEO was quoted that a 1% move in interest rates would lead to about a $5 billion net income for the company. That represents about $.50 a share. If you put a 10, 11 or 12 multiple on that, you have some serious movements of the stock. Dividend yield of 1.42%. (Analysts’ price target is $19.90.)


Price: $21.120
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT Baker-Hughes
BHI-N
Gordon Reid

The oil service business has had its ups and downs, and was really reliant on drilling activity. Most of his exposure is in the Canadian market. He prefers Halliburton (HAL-N).


Price: $64.330
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2016-11-30 COMMENT Cameco Corporation
CCO-T
Lyle Stein

This has had a rally in the last few weeks, and like all commodity stocks it participated in the post Trump euphoria. The price of uranium has been a significant disappointment. We really haven’t seen a cleaning out of excess supply. He would like to see significant announcements with respect to sustaining the life of these nuclear reactors in the US, and a reaffirment of the Japanese strategy to restart reactors.


Price: $12.360
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 TOP PICK Celgene Corp
CELG-Q
Gordon Reid

We are in a much more favourable regulatory environment, and feels this company is a wonderful entry. This is a bio pharma, as opposed to a chemical pharma. Unlike past years where they traded at a 2X and 3X multiple, they are now trading at or below the multiples of the traditional pharmas. Also, growth metrics are much, much better and much more exciting. Feels this has a long way to go. (Analysts’ price target is $139.08.)


Price: $118.510
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT Canadian Imperial Bank of Commerce
CM-T
Lyle Stein

This has a nice dividend yield, and they have the ability to raise that. He likes it because they haven’t gone out and made huge bets in Latin America, US markets, etc. They have a very good discipline of returning capital.


Price: $105.980
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 HOLD Canadian Natural Rsrcs
CNQ-T
Lyle Stein

An excellent Canadian company. Its track record is impeccable. He is looking at this as a potential additional oil name as he adds more to his oils. If oil stays north of $50, this stock is going to go well north of $50. When the world wakes up to Canada and Canadian oil, this will be one of those “go to” names.


Price: $45.330
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 COMMENT Concordia Healthcare
CXR-T
Lyle Stein

Not a company that is investable at the current price. They have a massive debt load. The UK is changing the rules with respect to generic drugs. They’ve had management changes. Incredibly speculative.


Price: $3.550
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 DON'T BUY DuPont
DD-N
Gordon Reid

This is in a tentative deal with Dow Chemical. DuPont was a bit of an MBA class analysis that was not run particularly well. Always a little bit of an underachiever. Nelson Peltz came, got some board seats and encouraged change. If they get together with Dow, we’ll see what comes out of it. He wouldn’t buy it at this point, simply because of the change that is going on, but he likes this scenario.


Price: $73.610
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2016-11-30 COMMENT Walt Disney
DIS-N
Gordon Reid

A wonderful franchise and wonderfully managed. It is made up of 3 basic parts. 1) Media, which is ESPN and ABC. 2) Theme parks which have been run seamlessly and have expanded globally and are very profitable. 3) Film production and the related businesses, which has done very well. The one area of concern he has is their ESPN and ABC franchises, which represents about 45% of their total revenue. It still trades at a reasonably good multiple.


Price: $99.120
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2016-11-30 PAST TOP PICK Dycom Industries
DY-N
Gordon Reid

(A Top Pick Nov 27/15. Down 15.18%.) He is confounded by this. It is a definite Buy here. They are in infrastructure, and are basically rewiring the US for 1 Gb per 2nd broadband capability. This is on behalf of AT&T, Verizon, Comcast, etc. A fast growing company, in the 20% per year range, and trading at about 14X next year’s earnings. This is a wonderful Buy.


Price: $75.660
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 HOLD Enbridge
ENB-T
Lyle Stein

Dividend play? This is one of those great companies, and the question is, is it in as good an industry as it has been historically. They’ve had a wonderful track record of paying dividends. Made significant acquisitions in the US, which he likes. He is not adding to his holdings as he thinks he can do better elsewhere when looking for yield.


Price: $56.500
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 BUY Facebook
FB-Q
Gordon Reid

(Market Call Minute.) 1.7 billion active users. Many untapped opportunities, such as artificial intelligence, video, virtual reality, in front of them.


Price: $118.420
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT First Quantum Minerals
FM-T
Lyle Stein

Base metals, primarily in countries that he wouldn’t necessarily take vacations in. Higher risk environments, but from that you get higher returns. He prefers more stable jurisdictions. The company has decent assets that are generating cash flow. Also, they got $1 billion in cash on a recent deal which gives them some flexibility.


Price: $15.340
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 TOP PICK Goldcorp Inc
G-T
Lyle Stein

This was always considered a growth name, the well capitalized financial name. They brought in a new CEO who cleaned house. Nobody believes they are going to actually meet the targets they have set, and he believes that they will. Had a good 3rd quarter and the 4th quarter is shaping up well. Dividend yield of 0.62%. (Analysts’ price target is $26.15.)


Price: $17.730
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 COMMENT General Electric
GE-N
Gordon Reid

(Market Call Minute.) A very disappointing company. Not sure why the CEO gets the credit he does. Revenues in total over 15 years has grown only 17%. Cash flow per share in earnings per share is flat.


Price: $30.760
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2016-11-30 COMMENT Gilead Sciences Inc.
GILD-Q
Gordon Reid

(Market Call Minute.) This just keeps falling. People keep wanting to buy it because it’s got the earnings off the hep C drug, but what he is seeing is that there is big competition and big price erosion.


Price: $73.700
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2016-11-30 DON'T BUY General Motors Corporation
GM-N
Gordon Reid

We are very late in the auto cycle, which is not to say that there won’t be an elongation of production at a high level. This is a major player, and there are some areas that are very mature, like North America, and other areas that present an opportunity, like Europe. All in all, he would give a Pass on this company. It is not likely to be a very big grower.


Price: $34.530
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2016-11-30 COMMENT Hydro One
H-T
Lyle Stein

In the near term, this is going to be driven by interest rates. It had a great rally because interest rates were going to be lower for longer, and it has a very stable revenue stream which dividend investors like. All utility stocks have fallen, and the question is, have they fallen too far. He finds this doesn’t have as high yield as he can find elsewhere. It is hard to see a lot of growth on a go forward basis.


Price: $22.800
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 PAST TOP PICK Hudbay Minerals Inc.
HBM-T
Lyle Stein

(A Top Pick Nov 4/15. Up 37.62%.) When the stock was hitting $3, he felt it was a good play. You want to buy mining stocks when nobody wants them. If you get it right, the returns are spectacular.


Price: $9.060
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 COMMENT Horizons Preferred Share ETF
HPR-T
Lyle Stein

He is finding his clients have a real need for income, and you can’t get that in the bond market. The only way you could is to buy Long Bonds. However, these behave inversely to interest rates, and the 70-basis point rise in US interest rates has really hurt the Long Bond market. Yet it hasn’t impacted the preferred share market. This is a great source of income for yield oriented investors.


Price: $8.435
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-11-30 PAST TOP PICK Husky Energy
HSE-T
Lyle Stein

(A Top Pick Nov 4/15. Down 15.38%.) They had a spill in Saskatchewan, and even worse there was a row with a Chinese company. He sold his holdings.


Price: $15.770
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 COMMENT Intel
INTC-Q
Gordon Reid

Some parts of technology are cyclical, and others have become ubiquitous, just part of our lives. This is a major chipmaker and looking at the explosion of opportunities for chips, whether in smart cars, computers, etc., many areas of our lives are driven by chips. The difficulty of the producers is commoditization. Basically, they are fighting a trend of lower and lower price trends that have to be offset with new initiatives of bigger and better that no one else has, or on volume. This company spends $12-$15 billion in capital expenditures each year. There are many areas in the Tech space that he would probably gravitate to, before this one.


Price: $34.700
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2016-11-30 DON'T BUY McDonalds
MCD-N
Gordon Reid

They’ve decided breakfast works, so they are going to make all day breakfasts. He is wondering why the market is rewarding them so fully for that. It is not a cheap valuation, so he would pass on this, until they come up with something that brings in more people.


Price: $119.270
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2016-11-30 COMMENT Manulife Financial
MFC-T
Lyle Stein

Sun Life (SLF-T) or Manulife (MFC-T)? He decided to get into insurance, because rising rates are beneficial to the insurance business. It is very difficult for them to make money when rates fall, but will be a lot easier as rates go up. Feels there is a better multiple expansion on this one.


Price: $23.390
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 WAIT Microsoft
MSFT-Q
Gordon Reid

Thinks the new CEO has done a very, very good job of taking a bit of a broken story and resurrecting it. The stock is showing confidence building. The premium has built into the stock, so the valuation has increased and people are paying more and more for every $1 of earnings. However, looking at the fundamentals, this is a very, very large ship that is tough to turn. While they are making great headway in the Cloud and getting a lot of accolades about their Cloud offering, in terms of revenue and earnings growth, it is just not that impactful. He would wait to see how this impacts the company, and pay perhaps a slightly greater price for much greater certainty.


Price: $60.260
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2016-11-30 PAST TOP PICK National Bank of Canada
NA-T
Lyle Stein

(A Top Pick Nov 4/15. Up 21.92%.) Had expected that there would be a recovery, and when you can get a 5% dividend, he felt it was a good one to own. 4.4% dividend yield is better than the average Canadian bank.


Price: $50.320
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 TOP PICK Northland Power Inc
NPI-T
Lyle Stein

Wind player in the North Sea. They’ve spent a lot of money building capacity up, and now they are going to start benefiting from the cash flow in the income stream. Dividend yield of 4.99%. He expects significant dividend increases as the cash flow goes up 60%-65% over the next 2-3 years. (Analysts’ price target is $25.60.)


Price: $21.720
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 PAST TOP PICK Priceline.com Inc.
PCLN-Q
Gordon Reid

(A Top Pick Nov 27/15. Up 20.77%.) An online travel company. Their biggest property is Booking.com. They have thousands of properties, many of them in Europe which, isn’t as populated by hotel chains as North America is. They are going to earn high $60 EPS this year, and are going to skip the $70 next year, as the consensus is $80 EPS for 2017.


Price: $1503.680
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT Qualcomm
QCOM-Q
Gordon Reid

Sold his holdings about 1.5 years ago on a couple of concerns. In LTD, they controlled 95% of the market. Although that seems to be great, you have to wonder what is next. The other concern is their operations in China, and how royalties and licensing contracts were not being honoured.


Price: $68.130
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2016-11-30 COMMENT Sherritt International Corp.
S-T
Lyle Stein

Management has done a great job in doing the things that are necessary. However, a tough problem to overcome is that they have a market cap of over $3 million, which needs to get to $1 billion before institutions get on board. They’ve fixed their debt, but they have to fix the mine in Madagascar. The only pure play in the nickel market, but unfortunately, too small of a market cap for many companies.


Price: $1.220
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 COMMENT Sun Life Financial Inc
SLF-T
Lyle Stein

Sun Life (SLF-T) or Manulife (MFC-T)? He decided to get into insurance, because rising rates are beneficial to the insurance business. It is very difficult for them to make money when rates fall, but will be a lot easier as rates go up. Feels there is a better multiple expansion on Manulife.


Price: $51.580
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-11-30 COMMENT Transalta Corp
TA-T
Lyle Stein

Preferreds. The settlement of the energy issue last week has been very favourable. This company is in good shape, because a lot of their existing coal capacity can also convert into natural gas, so as they meet the capacity markets in Alberta that have been created, that is a plus for them. As to preferreds, people own them for 1) income and 2) for the higher position on the balance sheet. It has a 7% yield, but in 2017, that will reset to 3.1% above whatever the 5-year yield is at the time. The rate-reset game that has been going on in the Canadian preferred market since 2008, has been very painful.


Price: $7.350
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 PAST TOP PICK Tutor Perini
TPC-N
Gordon Reid

(A Top Pick Nov 27/15. Up 41.23%.) A good infrastructure play. This is a commercial and civil builder. They do bridges, roads, airports.


Price: $26.100
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 TOP PICK Tutor Perini
TPC-N
Gordon Reid

This has a $6.7 billion backlog, which represents about 1.5 years of revenue, and it is only going to increase because all of these infrastructure programs are going to be out for tender and they have already geared up. They are one of the main players in this arena. (Analysts’ price target is $29.)


Price: $26.100
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 BUY Time Warner Inc
TWX-N
Gordon Reid

Believes today’s price makes this a Buy. It had a bit of a failed deal with 21st-Century Fox a couple of years ago, where they offered in the mid-$80. AT&T has now come in and offered $107.50, half in stock and half in cash. The stock is trading at a fairly good discount to that because of the deal risk. There is concern that the deal might not be approved, but many are thinking that under a Republican administration there is a good chance it might be approved. He thinks it will make $6.25-$6.50 a share in earnings. It has significant free cash flow. This is probably the least affected of all the media companies to cord cutting. They have HBO over the top, so they can now stream it to about 15 million US households without a cable connection.


Price: $91.820
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT United Therapeutics Corp.
UTHR-Q
Gordon Reid

United Therapeutic (UTHR-Q) or Allergan (AGN-N)? This is a tough one because they are 2 very different companies. Allergan is a much larger company and more broadly-based, however, this one is a very fine company. Its primary drug therapy is dealing with pulmonary disease. The risk of owning this is that one drug represents a high percentage of their total revenue.


Price: $125.610
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT Visa Inc.
V-N
Gordon Reid

He prefers this over MasterCard (MC-N). They just purchased a major stake in Visa Europe, which gives them a big opportunity. Europeans spend $0.37 of every dollar in cash. In North America, it is $0.25. They are growing very, very well at about 20% annually, 1.9 billion transactions per year.


Price: $77.320
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 COMMENT Verizon Communications
VZ-N
Gordon Reid

Sold his holdings about 2 or 3 weeks ago, because of interest rates being on the rise and the yield curve steepening. That is generally not good for telcos, as it lessens the impact of the dividend. They also tend to carry a large amount of debt on their balance sheet, which is not a great thing in a rising interest rate environment.


Price: $49.900
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2016-11-30 HOLD Walgreen Boots Alliance
WBA-Q
Gordon Reid

They are in the midst of a proposed purchase of Rite Aid, which will give them a lot of benefits, both from a cost standpoint but also from a geographic standpoint. Rite Aid is quite strong in the Northeast and Midwest, and that scenario that could use some bolstering in their portfolio. If they take it on, and move some of the stores up to the quality of Walgreen, their revenue per square foot will improve and give a boost to the opportunities.


Price: $84.730
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2016-11-30 TOP PICK Wells Fargo
WFC-N
Lyle Stein

This had been a traditional blue-chip name in banking. It has the largest mortgage book in the US. Rising interest rates are good for banks. The problem was when they got hit with opening false accounts. Trading at about 11-12 times earnings, and historically has traded at 16 times. This is a multiple expansion play just to get back to normal. Also, Trump wants to reduce banking regulations. Dividend yield of 2.88%. (Analysts’ price target is $52.81.)


Price: $52.920
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-11-30 COMMENT Zimmer Biomet Holdings Inc.
ZBH-N
Gordon Reid

Thinks it is time to look at certain parts of healthcare. The situation is a little muddied, because we are faced with changes to the Affordable Care Act, and are not sure what form they are going to take and who it is going to affect. This company is a maker of joints, artificial hips, etc. There is some risk of competition and commoditization of these devices. He would probably look for another area in the healthcare arena. Some of the larger insurers are very interesting.


Price: $101.860
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2016-11-29 N/A A Comment -- General Comments From an Expert
A Commentary
John Petrides

US Market. Post the election, risk assets have rallied hard, and stocks are up 3%. Small-cap stocks are up 11%. The safe assets, US treasuries and gold, have sold off hard. Thinks that both asset classes have moved too hard and too fast in the short term. However, clients should still continue to be overweight equities relative to bonds, and to be fully invested as you are not earning anything in cash these days.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: _N/A
2016-11-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Petrides

US cannabis market? The state of Colorado is the best example of the economic benefit that marijuana can give to a state. Colorado continues to revise upward its state income, by allowing for legal marijuana. However, he has not found a safe way to invest in this space.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-11-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Petrides

US pipelines? In 2014, investors sentiment for the US pipelines (The Master Limited Partnerships) was at an all-time high. Valuations were really high. 2 things happened. The price of oil started to collapse which put a lot of pressure on revenue, and 2) the perception that the Fed would raise interest rates put pressure on the stocks, that historically return all cash to shareholders in the form of dividends. Also, they are very capital intensive and thrive under an interest rate environment. Those were 2 major headwinds. Feels the interest rate risk is still in your face. It all depends on the pace that the Fed will raise rates. The worst is probably over. The bigger issue is their tax ramifications so be careful if they are in your taxable account, as you have to file a K-1. Also, if it is in your IRA, you have to generate a certain amount of income. The worst is probably behind you now.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-11-29 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Market. Expectations were very low on Donald Trump, and when people came to realize that there were a lot of different things he could do, that really helped the stock market. Some of the issues he talked about was bringing taxes down, allowing US companies to bring home money sitting overseas, individual taxes, corporate taxes, reducing bank regulations, and changing Obama care is much as he could. What happens in the US really resonates around the rest of the world. There is a lot of push to increase fiscal stimulus.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: _N/A
2016-11-29 COMMENT Apple
AAPL-Q
John Petrides

Likes this at the current valuation. He had been a bear on it ever since the watch came out. Apple has been given 2 gifts. Samsung Galaxy 7 was a really strong product, and would have been tough competition for iPhone 7, an evolutionary, not revolutionary product for Apple. When Samsung’s phones started catching fire, that was it for them. The 2nd gift was president elect Trump. If he is able to open up a tax holiday, where companies can repatriate their offshore cash, that is going to be a home run for this company. They have $236 billion in cash, with about 90% of it held offshore. 2017 will be the 10th anniversary that the initial iPhone was produced, so expect a huge product from this company at that time.


Price: $111.460
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-11-29 COMMENT Apple
AAPL-Q
Paul Harris, CFA

A cheap stock. It is a great company, because it has lots of cash, a great installed base, and continues to come out with new forms. Their Cloud and services business will continue to grow. You are not paying a lot for this.  Expects they will continue to increase the dividend. A little bit of an issue is with Trump wanting manufacturing to be done in the US, so phones will cost a lot more. Trading at 12X forward earnings with a dividend of 2%.


Price: $111.460
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Yes
2016-11-29 TOP PICK AutoCanada Inc.
ACQ-T
Paul Harris, CFA

A stock that ran up from literally nothing to almost $90. They bought a lot of auto dealerships. Dealerships make lots of money, because they sell a lot of other products as well. The company did 14 acquisitions in one year, but never integrated them properly, so the stock collapsed. New management has come in and are integrating them properly, and only doing 2-3 acquisitions a year. Trading at 12X earnings. Dividend yield of 1.97%. (Analysts’ price target is $24.25.)


Price: $20.300
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Yes
2016-11-29 TOP PICK Allergan PLC.
AGN-N
John Petrides

The healthcare sector has been the worst sector of the S&P 500 year-to-date, and yet the long-term fundamentals are still very strong. You have a growing global population and an aging population. That means the healthcare system, from a utilization standpoint, is going to continue to be under a lot of pressure regardless of Obama care. The valuation on the healthcare sector in general has not been this low since 2009 and back in 1994 for the past 25 years. They recently sold their generic business to Teva (TEVA-N) and got $40 billion. They are using the cash to buy back debt and to buy back stock. This owns Botox, one of the largest consumer drugs in the world. They are using the cash they got, to make small acquisitions to bolster their drug pipeline. Dividend yield of 1.44%. (Analysts’ price target is $266.11.)


Price: $192.640
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-11-29 BUY Amgen Inc.
AMGN-Q
Paul Harris, CFA

Great company. A cheap stock, trading at 11X earnings. Good dividend yield of about 2.75 %. Thinks they are going to do very well going into 2017. Have some great products coming out. They have a pristine balance sheet.


Price: $146.000
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Yes
2016-11-29 COMMENT Amazon.com
AMZN-Q
Paul Harris, CFA

Trading at almost 80-90 times earnings. You have to take a lot of volatility with the stock, because the earnings multiple is so high. From a broader perspective, they have $138 billion of sales, so they dominate the online business. AWS, their cloud business is 1st or 2nd relative to Microsoft (MSFT-Q). They have some really great businesses. You need to own this, because they will become a very big competitor to a lot of retail companies, and will dominate retail over the next 10-15 years.


Price: $762.520
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Unknown
2016-11-29 PAST TOP PICK Bank of America
BAC-N
Paul Harris, CFA

(A Top Pick Nov 9/15. Up 16.44%.) If rates just stay where they are, this bank makes $1.3 billion in revenue. Not an expensive stock, trading at less than BV. Also, it is not trading on a huge PE basis. They have a great retail franchise, a great investment banking business and a great asset management business. They’ve really spent time to get their cost structure down.


Price: $20.290
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Yes
2016-11-29 HOLD BCE Inc.
BCE-T
Paul Harris, CFA

A great story. Trading at 16X earnings and has a great dividend yield. They’ve spent a lot of money on the capital expenditures side moving fibre to the home. Thinks there is good upside. Data is doubling every 12 to 18 months, and he sees that as a great opportunity. Owning media and telecom seemed to work well together.


Price: $58.510
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Yes
2016-11-29 TOP PICK Baker-Hughes
BHI-N
John Petrides

Fairly recently acquired by General Electric (GE-N) to form an oil/gas partnership using the GE oil and gas service business. If you are a Baker Hughes shareholder, you get a one-time $17.50 dividend. This company has a really strong balance sheet. Presuming the deal is approved mid-2017, the new partnership will be the 2nd largest oil/gas service company in the world on a revenue basis. Thinks energy is starting to form a bottom. As long as oil prices don’t collapse, the combined entity will be very strong. If the deal doesn’t go through, this company will receive a break up fee, of about $1.3 billion. Dividend yield of 1.12%. (Analysts’ price target is $62.17.)


Price: $60.480
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-11-29 BUY CitiGroup
C-N
John Petrides

Has liked this for a long time. It has had an enormous run over the last 6 months, along with the entire US banking Centre. Only trading at about tangible BV, but still at a discount to the other larger cap US banks. Management has done a very, very good job of keeping the company focused, by shedding underperforming international and domestic assets. Their balance sheet is rock solid. They passed the US Fed stress test the last 2 years, and are returning cash to shareholders. In a rising interest rate environment with a healthy balance sheet and the potential for Trump to deregulate the banking system somewhat, this is a great play.


Price: $55.520
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-11-29 COMMENT Cisco
CSCO-Q
John Petrides

They have a massive balance sheet, $27 billion in cash, right now, but it is all held overseas. 3.3% dividend yield. The major player in the Internet of Things. They dominate the router and switches space. If Trump is able to get a tax holiday, where companies can repatriate cash, that is going to be a massive windfall for this company. Their balance sheet is AA rated. They have enough buying power to do acquisitions and navigate through the storm. The wave of the Internet of Things is real, and this is a key player.


Price: $29.830
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-11-29 BUY Cisco
CSCO-Q
Paul Harris, CFA

Not when you think of tech stocks anymore. Trading at 12X earnings. Great dividend yield of 3.4%. The router business has been a much more difficult time for them, and he thinks they are going to grow slowly. They have some good growth coming over the next couple of years. Made a few small acquisitions which is really going to help them out in the future.


Price: $29.830
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: No
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