Recent Opinions | StockChase
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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
2017-05-24 COMMENT Choice Properties REIT
CHP.UN-T
Brian Madden

The anchor tenants, in a large majority of their properties is Loblaws. Where he might be a little more hesitant in a real estate investment trust that has mall-based retailers, it is quite unlikely that grocery shopping will have the same problems. This would be one of the safer REITs. He is quite constructive on equity markets, so has been moving away from REITs with a view that the economy is strengthening and interest rates moving higher. If you have to own a real estate investment trust, this is a reasonable choice, but he would recommend you don’t concentrate too much in REITs or bond proxies generally.


Price: $13.720
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Unknown
2017-05-24 DON'T BUY Canadian Imperial Bank of Commerce
CM-T
Zachary Curry

He would recommend something else. There are better banks out there. He wouldn’t own this one. It has the most in residential mortgages. Prefers something like Toronto Dominion (TD-T) or Bank of Montréal (BMO-T) which have avenues into the US. There is also Royal Bank (RY-T) or Bank of Nova Scotia (BNS-T).


Price: $106.300
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 HOLD Crescent Point Energy Corp
CPG-T
Zachary Curry

They hold high quality assets, but questions the structure of the company and how management really raises equity. Too frequently for him. Any time you do anything, management goes out and raises equity, diluting existing shareholders, making the former dividend harder to pay.


Price: $13.030
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 COMMENT Cisco
CSCO-Q
Zachary Curry

A kind of “steady as she goes” company relating to Internet infrastructure. Don’t expect dramatic growth, but it pays a good dividend yield. Going forward, all the wireless, technology, routers and switches that are needed for the backbone will grow, but will be slower than in the past. Well-run company and great balance sheet, but you can find other companies exposed to the Internet that would be faster growing.


Price: $31.490
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 COMMENT Cenovus Energy
CVE-T
Zachary Curry

Feels there is going to be a large overhang on this company for some time. They did a deal with Conoco (COP-N), issued a whole pile of stock and took on a whole pile of debt. That is really the inverse of what he would be looking for. There will continue to be an overhang with Conoco Phillips getting upside. If there is any oil appreciation, they are going to continue to get upside. However, $16 down to $12.80 is a nice downdraft, so you could almost argue that most of that is baked in. If they started to pay down the debt, that would be a really good sign.


Price: $12.860
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 HOLD Walt Disney
DIS-N
Zachary Curry

He likes this and feels it is a good Hold. It is going to have a little volatility based on the overhang with ESPN. Live sports moving to the Internet is going to be an overhang for a while. This company holds a lot of amazing content. They have capabilities to produce great shows and movies, and a lot of ancillaries around that in the form of toys, etc. Perhaps this is one you could Trade. If it gets up to the $113 level, you could Sell, and if it gets down to $90 you good buy it.


Price: $107.710
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 COMMENT Element Fleet Management
EFN-T
Zachary Curry

When the original company split, he was more constructive on this side of the 2. A good business. Incremental revenues on solid, long term contracts. They lost a bit of credibility with the street and need to make it back. If they generate good cash flow, you could see a dividend rise. He is just going to wait and see.


Price: $10.870
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 PAST TOP PICK Facebook
FB-Q
Zachary Curry

(A Top Pick April 5/16. Up 33%.) The biggest dominant player on the Internet with users. They have the audience that is able to tweak the apps that they have. A higher multiple, but they are definitely growing through that multiple at great rates. Good balance sheet.


Price: $150.040
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 TOP PICK CGI Group (A)
GIB.A-T
Brian Madden

Canada’s largest IT service’s provider. They do systems/integration, business process outsourcing and consulting. Has a very wide array of clients, the largest of which would be the US government, but they also cater to big multinationals and telecoms, energy, manufacturing and retailing. They are introducing more and more of their intellectual property into their clients’ solutions. They’ve also been a very good acquirer of businesses. (Analysts’ price target is $74.00.)


Price: $65.970
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 COMMENT Alphabet Inc. (A)
GOOGL-Q
Zachary Curry

He is very keen on this. They are doing great things. On advertising and search, they are taking away from the incumbents and have lots of things in the hopper. Great balance sheet and a really durable franchise. Going forward, the virtual reality and artificial intelligence are going to be really big components for them.


Price: $977.610
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 TOP PICK Goldman Sachs
GS-N
Zachary Curry

In their last quarter, they had some trouble with their fixed income and currency side, and he views that as a “one off”. The stock was down 5%. With the proposed US deregulations and tax reform, that would be even more positive for them. There is lots of M&A going on. This is trading at 12X earnings, compared to the market which is at 17X. Feels they will generate growth of 12% for the next 3 years. Dividend yield of 1.4%. (Analysts’ price target is $251.)


Price: $223.830
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 HOLD GlaxoSmithKline PLC
GSK-N
Zachary Curry

Healthcare is being overshadowed by a whole bunch of things, demographics, government policies, etc. He is fairly constructive on healthcare. One of the few spaces that is not trading at an overvalued market multiple. One of the overhangs is the political cloud, but if you can get past that, it is a positive space to be in, and not expensive.


Price: $42.950
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 COMMENT Home Capital Group
HCG-T
Brian Madden

A company that is rapidly unravelling. They are effectively operating without an executive management team. It’s not normal for a bank or a trust company to press release their deposit book every single day. They are doing that to try and shore up confidence in the business.


Price: $8.990
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Unknown
2017-05-24 COMMENT Intel
INTC-Q
Zachary Curry

The largest chip manufacturer. A good part of their business is declining from traditional PC chips. Their latest acquisition will be positive in the long run. It is a company that makes chips for the autonomous cars. The company uses a good deal of their cash hoard, but they remain in good shape financially and pay a good dividend. He wouldn’t want to bet against this company.


Price: $36.120
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 COMMENT Coca-Cola Company
KO-N
Zachary Curry

A very strong name. The real question is if they can transition from the soft drink business to the healthier side of the business. Recently they announced some layoffs. Good distribution, but you are going to have to see that transition to healthier snacks.


Price: $45.030
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 DON'T BUY Linamar Corp
LNR-T
Zachary Curry

Linamar (LNR-T), Magna (MG-T) or Martinrea (MRE-T)? He doesn’t find the overall environment for auto parts manufacturers very constructive. US auto sales are at their highest levels, running north of 17 million units. This is the 2nd or 3rd year that has been going on. There is the NAFTA free trade agreement in question. Also, auto loans are coming into real focus, which in his view, are not very positive. There is some debate as to how these companies can move from an internal combustion engine to an electric car. This is too dangerous a time to be going in right now.


Price: $62.700
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 COMMENT Mastercard Inc.
MA-N
Zachary Curry

MasterCard (MA-N) or Visa (V-N)? Either of these would be good. They trade at multiples that are generally significantly higher than market multiples. Both companies capture the payments, and the threat of fees going down is low. This one has a little more international exposure, and is a bit more advanced on the technology side, but Visa is the dominant player.


Price: $120.700
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 COMMENT Maple Leaf Foods
MFI-T
Brian Madden

A large meat processor. This has been evolving since about 2011. An activist investor got involved, and agitated for major changes, which they undertook. Went through a very aggressive 5-year build where they modernized their whole plant network. The modern equipment and machinery has lowered operating costs. Also, they’ve renovated their product architectures. Instead of just being a bulk processor, they’ve moved into some upmarket and higher margin segments.


Price: $34.580
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Unknown
2017-05-24 DON'T BUY Magna Int'l. (A)
MG-T
Zachary Curry

Linamar (LNR-T), Magna (MG-T) or Martinrea (MRE-T)? He doesn’t find the overall environment for auto parts manufacturers very constructive. US auto sales are at their highest levels, running north of 17 million units. This is the 2nd or 3rd year that has been going on. There is the NAFTA free trade agreement in question. Also, auto loans are coming into real focus, which in his view, are not very positive. There is some debate as to how these companies can move from an internal combustion engine to an electric car. This is too dangerous a time to be going in right now.


Price: $60.110
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 PAST TOP PICK Magna Int'l. (A)
MG-T
Brian Madden

(A Top Pick Aug 29/16. Up 16%.) The stock faded a little on fears of the auto cycle plateauing. Investors may have forgotten that this is not just a North American auto parts Company, they have a great platform in Europe, as well as growing in Asia. They recently just reported a great quarter. He continues to like this.


Price: $60.110
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 DON'T BUY Martinrea
MRE-T
Zachary Curry

Linamar (LNR-T), Magna (MG-T) or Martinrea (MRE-T)? He doesn’t find the overall environment for auto parts manufacturers very constructive. US auto sales are at their highest levels, running north of 17 million units. This is the 2nd or 3rd year that has been going on. There is the NAFTA free trade agreement in question. Also, auto loans are coming into real focus, which in his view, are not very positive. There is some debate as to how these companies can move from an internal combustion engine to an electric car. This is too dangerous a time to be going in right now.


Price: $11.420
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 TOP PICK New Flyer Industries Inc.
NFI-T
Brian Madden

Just announced a $51 million contract from the Transportation Authority of Santa Clara. They manufacture public transit buses and luxury motor coaches, and are the dominant player in what is effectively an oligopoly. This is a backdoor play on the US as most of their revenue comes from state and local transit authorities. Dividend yield of 1.7%. (Analysts’ price target is $63.00.)


Price: $55.840
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 DON'T BUY Potash Corp of Saskatchewan
POT-T
Zachary Curry

Potash is a really hard commodity to look at. It has a cartel type of mentality. Very dependent on foreign buying. There have been a lot of letdowns with this name. He would steer away from this right now.


Price: $22.260
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 COMMENT Saputo Inc.
SAP-T
Brian Madden

A very predictable, stable and mature business. Historically, management has been pretty good at finding acquisitions to shore up any gaps in growth rates. A name that always looks expensive, but people are very reluctant to part with their shares. He is pretty comfortable with the business model. Sees better growth prospects in the consumer staples sector. You could be reasonably comfortable with this stock.


Price: $43.640
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 BUY Shopify Inc.
SHOP-T
Brian Madden

On conventional valuation metrics, this looks expensive. There are no earnings, the EBITDA is negligible. Even on next year’s forecast, there is only $.14 or so of earnings and about $14 million of EBITDA. However, this is not a conventional company, it’s a company that is growing its top line at 90% to 100% a year. They have a dominant position in their sector.


Price: $122.300
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 COMMENT Sun Life Financial Inc
SLF-T
Zachary Curry

Had a tough Go in their last quarter with a lot of redemptions in the US on the mutual fund side. He would prefer Manulife (MFC-T) which has a stronger exposure to Asia. Also, their core business of selling insurance is going very well. He doesn’t own either. Dividend yield of 3.9%.


Price: $44.210
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-24 BUY on WEAKNESS Stantec Inc
STN-T
Brian Madden

There had been a huge, huge spike in all of the engineering/construction companies when Trump came out with all his plans on infrastructure spending. When it became questionable as to how much of this pro-growth agenda was going to be enacted, these stocks started to fall off. This company is a good acquirer and has pretty good management. Any pullback would probably be a reasonable entry.


Price: $31.240
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 COMMENT Sierra Wireless
SW-T
Brian Madden

This company reinvented itself a number of times over the years. They are a technology hardware manufacturer. This is best summed up by calling them an “Internet of things”, for all kinds of devices. From a long-term perspective, it is subject to the vagaries of the product cycle and technological obsolescence. He doesn’t care for the volatility and prefers others.


Price: $36.290
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 TOP PICK Stanley Works, The
SWK-N
Zachary Curry

He likes this because it gets him exposure to consumer spending, home renovations and the housing market without having to take on 3 distinct companies. They just sold a component of their locks division, which he views as positive. They have a new component for their tool side, coming out with a battery that works with everything and should generate good numbers for them. A positive balance sheet and some good strength sales in Europe. Dividend yield of 1.7%. (Analysts’ price target is $150.)


Price: $136.180
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 COMMENT Teck Resources Ltd. (B)
TECK.B-T
Brian Madden

A large producer of bulk commodities and base metals. He is not bullish on the base metals, etc. China has been the incremental buyer in a lot of these commodities over the last 10-15 years. Feels Chinese growth is slowing. He is not particularly optimistic on the stock.


Price: $24.850
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 PAST TOP PICK Tourmaline Oil Corp
TOU-T
Zachary Curry

(A Top Pick April 5/16. Up 14%.) The 2nd largest natural gas producer in Canada. Exceptional management team.


Price: $28.410
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 COMMENT Visa Inc.
V-N
Zachary Curry

MasterCard (MA-N) or Visa (V-N)? Either of these would be good. They trade at multiples that are generally significantly higher than market multiples. Both companies capture the payments, and the threat of fees going down is low. MasterCard has a little more international exposure, and is a bit more advanced on the technology side, but this one is the dominant player.


Price: $94.810
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-24 DON'T BUY Westjet Airlines
WJA-T
Zachary Curry

Low interest rates and low fuel prices are great for airlines and are definitely working for Air Canada (AC-T), and to a lesser degree Westjet. He doesn’t own airlines because it tends to be a high fixed cost model. This airline is getting into a low-cost carrier model, following Air Canada. Pilots are coming into a union, and thinks there are a lot of headwinds on this company.


Price: $22.450
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-05-23 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Energy. It has been a challenging year for people investing in energy. He had a good year last year, and was prepared for a better oil market than what we’ve had so far. Had felt that the drawdowns would have occurred faster. While the compliance by OPEC countries was very high, a few took advantage to send oil from their own inventories and ship them to the US. We are at the point where the cut in production should be mirrored by a cut in exports. You combine that with refineries now coming back on line, as well as the US increasing their own exports to other countries. There is still more work to do. There is a despondency among investors. He is basically all in on services, with a few US EMPs. About 80% exposed to the services. We are now at a tipping point of $50 oil in the US, where demand for services exceeds supply. You are seeing huge pricing gains with regards to sand, pressure pumping and drilling. The one area that is benefiting him the most are the US service stocks.


Price: $0.020
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: _N/A
2017-05-23 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Energy. Recently oil rallied from $44 to $51. While that happened, there has been very little reaction on the underlying energy equities. The OPEC meeting is coming up, there are comments from Trump, but the most interesting thing is that energy production has become sort of mass manufacturing. There is a certainty today when you drill a hole. When oil prices started to rise a year ago, energy production came on strong. There is short-term noise, such as Trump saying he was going to sell off part of his strategic reserves. That was not huge in relation to the world’s supply of oil. Investors are starting to catch on that even if we do get prices rising $5, $6 a barrel, you are going to get a supply response that means it is unlikely oil goes $10-$15-$20 higher. History of periods of very low volatility happen during extremely positive markets. In the 1980s and 1990s when there were very strong equity markets, you got extended periods of very low volatility. They happened in bull markets. When you do get volatility, it tends to end very quickly, the market resets, and works its way higher again.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-05-23 COMMENT Advantage Oil & Gas Ltd
AAV-T
Eric Nuttall

He doesn’t own a single Canadian oil/gas producer. As a country, we send 99% of our oil and gas volumes to the US. At the same time, Canada is growing production in excess of pipeline capacity, so because of that, both oil and gas are selling at a discount. Capital has left our market and is not coming back anytime soon. There are better names than this in the US.


Price: $9.030
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-05-23 COMMENT Align Technology Inc
ALGN-Q
David Burrows

His investment team has been debating this for a year. He really likes the company. This has technology for braces for teeth, that is non-invasive, easy to apply, and you don’t have to be an orthodontist to apply the technology. They are growing very rapidly globally. It has a very large addressable market. It appeals to mature individuals as it doesn’t show up in your mouth. He likes this one and wishes he was a shareholder.


Price: $138.220
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 COMMENT Alexion Pharmaceuticals
ALXN-Q
David Burrows

Biotech can be a big win or a big loss. A lot of companies have binary outcomes, their product either works or it doesn’t. This company recently had a significant disappointment. US investors are not very sympathetic to these types of situations. They shoot first and ask questions later. If you want to own biotech, he would suggest you own a tech with lots of different products, or buy an ETF that gives you a basket. This one is a broken stock.


Price: $104.640
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 COMMENT Bank of America
BAC-N
David Burrows

When you’ve gone through 15-18 years of up-and-down markets, people through their experience, start to look for the next major problem. The toughest thing in a bull market is to stay invested. This was at $12 in June/16. It rallied to $25. It is okay for it to sit and rest for 2 or 3 months. In the last two quarters they have had great earnings increases. Their BV is growing at 15%. There is no sign that this is coming to an end. An attractive place to be.


Price: $23.390
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 COMMENT Research In Motion Ltd. (US)
BBRY-Q
David Burrows

This has had a great run recently. They have an incredible amount of intellectual property. There is some question that somebody else might like to own this company.


Price: $11.300
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 COMMENT Brookfield Infrastucture Partners
BIP.UN-T
David Burrows

Brookfield Infrastructure (BIP.UN-T) or Bank of Nova Scotia (BNS-T) for better growth? Financials is a group that he has been in favour of for some time, but prefers US to Canadian. If he had to buy one of these 2, he would probably buy this one. It is an interesting collection of assets, but might underperform global markets because of being a more defensive play. As a yield play, it is kind of attractive.


Price: $54.140
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 PAST TOP PICK Blackrock Inc.
BLK-N
David Burrows

(A Top Pick May 25/16. Up 11%.) Asset managers are very attractive. There is an undeniable move for investors to buy Index products, and this is the leader in that space.


Price: $395.970
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 COMMENT Bank of Nova Scotia
BNS-T
David Burrows

Brookfield Infrastructure (BIP.UN-T) or Bank of Nova Scotia (BNS-T) for better growth? Financials is a group that he has been in favour of for some time, but prefers US to Canadian. All banks will benefit if we wind up in a rate rise cycle, but Canadian banks probably less likely. If he had to buy one of these 2, he would probably buy Brookfield Infrastructure.


Price: $76.170
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 COMMENT Blackstone Group LP
BX-N
David Burrows

Within the financial sector, asset management is a sector that he really likes. Once you are managing the assets, you get recurring revenue for a long period of time. This company has about 25% of the money they manage in the hedge funds, with the balance largely been in private equity and alternative assets. A great business. This is something you can own.


Price: $32.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 TOP PICK CitiGroup
C-N
David Burrows

In the last 3 months, we have seen one by one, markets around the world lift off and start making new highs. This bank gets over 50% of its revenue from outside the US. They have $1.4 trillion in loans outstanding. Have a great credit card business. There is likely to be significant dividend and share buybacks announced in June of this year, because they now have enough capital to return 100% of their earnings back to shareholders. Dividend yield of 1.05%. (Analysts price target is $65.)


Price: $61.710
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-23 BUY CCL Industries (B)
CCL.B-T
David Burrows

A wonderful company and really well run, but has been a very hard company for somebody like him to own as it is not terribly liquid. If they do the 5 for 1 stock split this Friday, it is going to become a lot more liquid and will be more interesting for institutional investors. They’ve made great acquisitions over time and have done a good job of integrating them.


Price: $307.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 COMMENT Cenrtennial Resource Dev Inc
CDEV-Q
Eric Nuttall

A very high quality company, where their chairman is a highly-respected gentleman. Because of that, the stock trades at a premium. Just did a financing and asset acquisition. If he had more money to buy E&P, as opposed to the services, this would definitely be on his list, especially at $16. They have pretty strong visible running room. Strong balance sheet and an unbelievably strong management.


Price: $16.170
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-05-23 PAST TOP PICK Cardinal Energy Ltd
CJ-T
Eric Nuttall

(A Top Pick May 27/16. Down 30%.) If someone were looking for income, he would describe this as a lower income oriented vehicle, which will get pretty decent production growth.


Price: $6.590
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-05-23 DON'T BUY Crescent Point Energy Corp
CPG-T
Eric Nuttall

They are trying to reinvent their story. While they may have decent assets, their Canadian business is partially showing signs of aging. He doesn’t see them attracting the interests of US investors. In Canada, investors have had a bad decade with this name.


Price: $13.180
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-05-23 COMMENT SalesForce.com Inc.
CRM-N
David Burrows

In the market we are in, there are several key multiyear themes at play. In a bull market, you tend to have a number of industries that have some structural shift taking place that benefit certain industries for a long period of time. This company is right in the middle of one of them. It is Cloud-based software. A really unique area, because when you are getting subscribers and new customers, recurring revenue just keeps on going. Expensive at about 80X this year’s earnings. However, it is growing at 30% a year and estimates are constantly being revised higher. He likes the software as a service and the Cloud-based software sector. The best companies always trade at high valuations.


Price: $88.490
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 PAST TOP PICK DHX Media
DHX.B-T
Eric Nuttall

(A Top Pick May 27/16. Down 7%.) Just did a big stock issuance to buy Strawberry Shortcake and Peanuts. They are taking an oldish brand and re-digitalizing it. Sold this quite some time ago and is looking to possibly get back in again.


Price: $6.120
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-05-23 HOLD Walt Disney
DIS-N
David Burrows

In the last 2-3 weeks, the stock has pulled back about 10%. Some people are concerned about ESPN, but on the other hand, the company has great product coming out over the next year. It is virtually sitting on the 150-day moving average which is sloping higher, and he would rate this as do or die. If it were to break that level, he would probably go to the sidelines because there may be other things to do in the near term that might be more interesting. Many people use that as a long-term trend indicator. He likes media and leisure within consumer discretionary.


Price: $107.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 COMMENT Fairmount Santrol Holdings Inc.
FMSA-N
Eric Nuttall

The volatility has been unbelievable. For frac sand, most of the capacity for the industry is in 4 states, far from where the major increase in drilling is. In the past 6 months, there has been a slow development of finding a regional supply, which happens to be premier quality sand than in the North. It is also a lower price. His best estimation is that you have a market for frac sand that is about 75 million tons a year, growing to about 100 million tons next year, and 130 million tons in 2019. His best guess is that this market will remain very tight. However, there have been a lot of US hedge funds that have been selling this base. You have to be a little patient on this company. (See Top Picks.)


Price: $5.430
Subject: ENERGY
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-05-23 COMMENT General Electric
GE-N
David Burrows

He likes industrial companies, especially advanced manufacturing and robotics. The problem is, this company is one of the worst performing industrial companies in the sector. It has significantly underperformed the group. This is one for a bottom fisher, not for him.


Price: $28.280
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 COMMENT CGI Group (A)
GIB.A-T
David Burrows

He really likes the tech space, and tech services which this company is in. The stock has been acting well and he would like to see it trade through $67 and $68. At this price, it looks quite attractive.


Price: $65.780
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 DON'T BUY Home Capital Group
HCG-T
David Burrows

He tries to buy things that are good and are getting better. When you have things like a CEO being fired, and an OSC investigation, these are open ended issues. You get credit downgraded and potential for further downgrades. Unless you are a died in the wool value investor, this company would be a tough thing to be a purchaser of.


Price: $9.240
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 PAST TOP PICK Honeywell International
HON-N
David Burrows

(A Top Pick May 25/16. Up 18%.) In April and May and June 2016, a number of sectors turned up relative to the market. He went from sectors that were driven by monetary policy and low interest rate that were doing well, to sectors that were driven by earnings and economic growth. Industrials have been a key theme for him over the last year. Capital spending is picking up in the US. This company is part of the Internet of things.


Price: $131.850
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-23 TOP PICK Kinaxis Inc
KXS-T
David Burrows

This fits into software as a service or Cloud-based software. They have software they sell to large corporations to help them manage supplying to their customers. 80% of revenue is recurring. 65% of the revenue is subscription based. This company will probably be bought by a large enterprise software company. (Analysts price target is $100.)


Price: $88.290
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-23 COMMENT Lockheed Martin
LMT-N
David Burrows

The defence sector is the epitome of the sector he tries to find where there is something changing for the better. You can get an acceleration in cash flows, which means not only can you get growth in earnings and cash flow, but a multiple expansion over time. Defence sector is starting to grow after about 10 years of declining. Not only does it give you long-life contracts with lots of visibility, but you also have stuff inside these companies that you never hear about. (See Top Picks.)


Price: $278.360
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-05-23 PAST TOP PICK Medtronic Inc
MDT-N
David Burrows

(A Top Pick May 25/16. Up 7%.) He really likes the medical device space. If he were to buy something today, he would probably buy a Stryker (SYK-N). The nice thing about devices is that it is not completely dependent on insurance pays. If you would like the whole sector, you can buy the ETF IHI-N.


Price: $84.610
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
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