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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
2016-07-26 COMMENT SPDR Gold ETF
GLD-N
William Chin

Gold? A one-year chart shows gold doing very well. Looking at Europe, Switzerland and Japan, which all have negative interest rates, large denomination banknotes are all out of circulation. Depositors are questioning why they should keep money in a bank. The alternative is to be buying gold. The 5-year chart shows a long downtrend from 2012 to the end of 2015 when it had a big break out, which is a bullish sign. He can see this going to around $145, and gold going to around $1440-$1500. To finish any big commodity cycle, you need to take out the high cost producers to shrink the supply. There are a large number of high cost producers in gold with costs around $1100. That sets the base for higher prices going forward.


Price: $126.000
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Hudson Bay Co.
HBC-T
William Chin

This stock has an overhead supply of stock ownership, that seems to be in the high teens, so the upside for the stock is limited. Retail is a tough spot, especially with online sales. It is a very nebulous environment, and is a tough going for the old world, old fashion business.


Price: $16.740
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 TOP PICK Hardwoods Distribution
HWD-T
William Chin

One of the largest distributors of lumber in North America, mainly higher grade lumber. Hardwood is in cabinets, high-end flooring, etc., so it is really benefiting from the strong US housing industry. Looking at the retail sales of consumer reports, home furnishings and renovations are the strongest subsectors in consumer behaviour. Thinks they sell 75% of their product to the US, so as the Cdn$ depreciates, this company will do well. Dividend yield of 1.22%.


Price: $18.060
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2016-07-26 HOLD Integra Gold Corp.
ICG-X
Jon Case

(Market Call Minute.)


Price: $0.800
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 SELL Iamgold Corp
IMG-T
Jon Case

(Market Call Minute.)


Price: $6.110
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Kinross Gold
K-T
Jon Case

A large gold producer with production at about 2.5 million ounces and all-in costs at about $1100 an ounce. They are in Russia, so there are political risks. About a 3rd of production is coming up in Brazil. There is also a mix of Nevada, Alaska and West Africa. Recently bought some assets from Barrick (ABX-T) which looks like it will be a really good acquisition. The problem, even though they have these new assets, is that production is rolling off from 2.5 million ounces to 1.7 million ounces over the next 3-4 years. He expects cash flow to decline by about 15%. To offset that, he expects they will make more acquisitions, and in this market it is going to be hard to deploy capital and make it accretive. There is better value in other places.


Price: $6.400
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: No
2016-07-26 TOP PICK Kirkland Lake Gold
KGI-T
Jon Case

A producer in Northern Ontario with 320,000 ounces a year. They just bought St. Andrews Goldfields, a company that was perpetually starved for capital. They are just digesting those assets now, and thinks they are going to come out with greater financial resources and balance sheet. He also likes the main assets in the Macassa mine, which has grade that goes up as they dig deeper. Over the next 2 years you are going to see the head grades go from 15 g a ton to 18 g a ton. As grades go up, all things being equal, the cash flows going to go up. He sees cash flow expanding by about 15%. Have just had a sudden CEO departure. Rumours are that there was a rift between the CEO and the Board as far as M&A and strategic direction. That has worried a lot of investors which has really weighed on the shares.


Price: $10.400
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Yes
2016-07-26 COMMENT Kinder Morgan Inc.
KMI-N
William Chin

The 5-year chart shows an overhead supply from 2012 to 2015. It is just recovering back to the neck line of around $28, and when it reaches that, there are a ton of people that would like to Sell.


Price: $20.730
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Lockheed Martin
LMT-N
William Chin

The chart looks really good.


Price: $254.760
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 PAST TOP PICK Lake Shore Gold
LSG-T (Acquired
Jon Case

(A Top Pick June 17/15. Up 57.14%.) Acquired by Tahoe (THO-T), which he continues to hold. There is potential for this to re-rate as investors look to this as an alternative to the senior gold producers that trade at 1.5-2X NAV, with little to no growth.


Price: $2.080
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: No
2016-07-26 COMMENT Lundin Gold Inc.
LUG-T
Jon Case

A gold developer in Ecuador. Their project is 7 million ounces, 8-9 g per ton, so a very high grade underground development. It appears that they have the backing of the government to go ahead now, and there is nothing you can find bad with the assets. Where he struggles to find value is that they are developing an asset in a country that doesn’t have much modern mining in an area that is relatively infrastructure poor. There is going to be a period where they are spending capital for 2-3 years, which tends to be a time when gold stocks don’t do much. It is 17% IRR. There are other gold developers he would be looking at, giving a better rate of return.


Price: $5.440
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 BUY Microchip Technology
MCHP-Q
William Chin

The 1 and 5 year charts show it making new highs and it looks good. It was trading in a range from 2014 to 2016 with a support level at around $38. It broke out of the range this year which is always a bullish sign, so it has some ways to go. If you own, he would add to it.


Price: $57.340
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Magna Int'l. (A)
MG-T
William Chin

The chart shows a head and shoulder formation in 2014-2015. It is very common for prices to recover back to a neckline, and then it should continue to go lower again. The US auto industry has had its good run, and is now kind of a leveling off.


Price: $51.790
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Marathon Petroleum
MPC-N
William Chin

You can expect resistance on this at around $42. It is now at $38, so it is reaching a Sell target zone. If there is any further rally, he would Sell.


Price: $38.610
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Mountain Province Diamonds Inc.
MPV-T
Jon Case

A diamond developer in the Northwest Territories. Partnering with DeBeers in developing the Gahcho Kue mine. It has just started to come into production, which is usually when he likes to look at these. An extremely high grade mine. The valuation is attractive.


Price: $6.340
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Yes
2016-07-26 WATCH New Gold Inc.
NGD-T
Jon Case

A gold producer with production of about 400,000 ounces. The main catalyst is the building of a new mine, a Rainy River project in Northwestern Ontario. The problem is the funding of the project. The balance sheet has been stressed. Ran into some problems in Rainy River with some issues on the concrete that was poured, and have had to redesign it, costing $40 million-$50 million more than expected. That has investors worried about the balance sheet and how they are going to fund that extra capital. Because of that, he is not looking at this at the moment. If you see this gold bull market continue to move higher, and the US generalist’s get pulled more into the space, this name could really re-rate and perform.


Price: $5.830
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 PAST TOP PICK Primero Mining Corp
P-T
Jon Case

(A Top Pick June 17/15. Down 45.95%.) A gold/silver producer in Mexico. A difficult story. Great cash costs and you have a fantastic mine, but they made an acquisition in the Black Fox mine in Ontario, which has not worked out as expected. Also. there has been a CEO transition that was unexpected. More importantly there has been a tax agreement in Mexico and the Government said they had to pay a tax on silver on the spot market, not on what they actually received. Feels the risk/reward is favourable.


Price: $2.870
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Yes
2016-07-26 COMMENT Premier Gold Mines
PG-T
Jon Case

A bit difficult to value when looking at their assets. Started off as a developer in Red Lake, and everybody speculated that Goldcorp (G-T) would acquire them. That hasn’t happened. The geology just didn’t work out the way the company had expected. The company has now gone and done a bunch of other stuff, and now he is not sure what the company really is.


Price: $4.280
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 COMMENT Pretium Resources
PVG-T
Jon Case

A really interesting gold deposit in BC. Extremely high grade and an extremely large resource. They are building the mine at the moment, which is typically at the point where he does not want to be an investor. When they start up the mine late next year, you are going to have the event where you get to see whether or not the geology matches up with the block model. This has a phenomenon where you have a very, very high grade in very, very small areas, so how do you estimate what is there with the limited amount of information you get when drilling with long core holes.


Price: $14.160
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: No
2016-07-26 SELL Qualcomm
QCOM-Q
William Chin

From 2013, the chart shows a massive head and shoulder formation, and it is quite normal for prices to recover back to the neck line, and then the next move is probably lower. All the people that got caught in the overhead supply are waiting to Sell. He would not recommend holding this.


Price: $61.350
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 DON'T BUY Sabina Gold & Silver Corp.
SBB-T
Jon Case

A gold developer with a development asset in Nunavut, a resource of about 5 million good grade ounces. This size of mine is an interesting deposit to a potential acquirer. He typically stays away from developers because they burn cash flow for a number of years as they build a mine. When they start generating cash flow is when he usually becomes more interested. They have recently come into some permitting hiccups, which probably puts a cap on the stock until they address those concerns, which can take 1-2 years.


Price: $1.140
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: No
2016-07-26 COMMENT Semafo Inc
SMF-T
Jon Case

One of the lower cost producers in gold, with all-in costs at about $900 an ounce and cash costs about $600-$700. It screens well when you look at the margins and the cost of production. Trading at about 1.3X NAV, which is roughly in line with where African producers are trading. Average value and above average assets. The real selling point would be free cash flow. Looking at all the metrics it looks like it is one of the standouts in the West African producers space.


Price: $6.240
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Yes
2016-07-26 SELL Teck Resources Ltd. (B)
TCK.B-T
Jon Case

(Market Call Minute.)


Price: $18.570
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 BUY Tahoe Resources
THO-T
Jon Case

Started off as a silver producer in Guatemala, probably one of the best silver assets globally. It changed and remade itself through a number of acquisitions, and now has as much gold as silver. Trading at 1.5X NAV, which is in line with where seniors are trading, but generates a lot more free cash flow, about 4%-6%, where he gets 3%-4% with the seniors. Now that they have acquired Lakeshore, they can now start to talk about how they can surface value from some of the assets that no one gave them credit for.


Price: $19.400
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Yes
2016-07-26 DON'T BUY Twitter, Inc
TWTR-N
William Chin

Social media technology is always tricky. You just don’t know what the next thing is around the corner. They IPO’d with a lot of hoopla. It is quite volatile, and he would not recommend this.


Price: $18.450
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 TOP PICK Torex Gold Resources
TXG-T
Jon Case

A new emerging gold producer in Mexico. Trading at 7X cash flow and 1.1X NAV. Those are bottom end of the range multiples, and he expects that to re-rate as they develop their mine, which is ramping up right now.


Price: $24.960
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Yes
2016-07-26 PAST TOP PICK Uni-Select Inc
UNS-T
William Chin

(A Top Pick May 9/16. Up 4.81%.) This continues to do very well. Made some very good acquisitions, and are doing a pretty good job in cost savings. The price is “hanging around the highs”, so buyers are more enthusiastic, and the sellers are getting taken out. Demand continues to be strong, so this will go higher.


Price: $33.930
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2016-07-26 WAIT Victoria Resource Corp
VIT-X
Jon Case

This is a developer. If you are going to own a developer this has a deposit in the Yukon with 2.2 million ounces’ reserves, quite low grade at .8 g per ton. According to the engineering study they put out, it still looks like it will be a decent project with a good rate of return. What is interesting with this, is that when you have a low grade project and can make a go of it, and you find a little bit of high-grade, it goes quite a long way towards increasing the rate of return. This has happened in this case making it a potential acquisition. The stock price has been pushed up to what he considers unjustifiable levels. Wait for the euphoria to die off before stepping in.


Price: $0.710
Subject: PRECIOUS METALS
Bias: UNKNOWN
Owned: Unknown
2016-07-26 TOP PICK ZCL Composites Inc.
ZCL-T
William Chin

Manufactures fiberglass reinforced plastics used in storage tanks underneath gas stations. Most of the existing ones are concrete or steel, which requires a lot of maintenance, whereas fiberglass lasts a lot longer. There is not much competition as well as a high barrier to entry. This has a good long runway. Dividend yield of 3.56%.


Price: $8.900
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2016-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Trump is ahead of Hillary according to weekend polls.  We will see after this week if Hillary is still gaining momentum.  The majority of earnings on the S&P will be in by the end of this week and they are better than expected.  There is a lot of potential for growth over the next couple of quarters, but there is also room for disappointment.  He is worried about a correction up to 20% over the next 6 months.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-07-25 PARTIAL SELL A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

US Stocks and Bonds.  Caller is 75% US.  The world is a little over 50% US.  He likes being overweight in the US, but he would like to hedge against the currency risk.  You can also be overweight Canada to get the dividend tax credit.  He would be looking to trim the US exposure.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2016-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Canadian Banks. He would start liking them 10% lower.  We are at the upper end of the trading range.  He would hold through ZWB-T, but when it got 10% lower.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

ETFs vs. individual stocks.  The biggest difference is diversification. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Concerns about the weekend’s G20 meeting.  They are agreeing to continue spending and not worrying about who is going to pay for it.  We need the growth pickup in the world, but the problem is the debt getting bigger.  150% of the world’s GDP has come from debt since the Lehman moment.  You can’t stimulate by weakening your currency, but that is what they are doing.  Infrastructure ETFs are very expensive right now.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Markets. Valuations in the US are rather high and that is caused by ‘free money’ and bonds that pay no money.  He finds potential in the perpetual preferred market.  You get premium yields and if rates don’t go up any time soon you don’t get hurt by them. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2016-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Ryan Bushell

Markets. This has been a very unprecedented spring and summer, so far, with all the macro events. Now people have been bitten by the equity market, especially in Canada with 3 pretty significant down markets in the last 10 years. He is trying to generate a sustainable total return for his clients, by focusing on the return he gets in cash every year, which is a dividend. Whatever else the market gives for the rest over time, he is selecting good quality companies with sustainable businesses. He continues to average clients into those stalwart dividend paying names, banks, telecommunications, energy infrastructure and utilities. Utilities and telecommunications are the ones that are in the spotlight right now because of some pretty abnormal valuations, but when you compare their dividend yields to Canada 10 year, the spread remains abnormally high. He has been on the thesis for a long time that both demographics and interest rates are going to drive money into dividend paying stocks.


Price: $0.020
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: _N/A
2016-07-25 COMMENT A Comment -- General Comments From an Expert
A Commentary
Ryan Bushell

Car part makers? Car part manufacturers went on a pretty fantastic run over the past 3-4 years prior to last year, and then they checked back. This is the nature of this industry. He continues to watch these companies, but is waiting for a little bit worse economic time.


Price: $0.020
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: No
2016-07-25 DON'T BUY Apple
AAPL-Q
Norman Levine

Everyone is in love with it because of what it did in the past.  There have been only moderate innovations since Steve Jobs passed away.  He does not see where future growth is going to come from.


Price: $97.340
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-25 HOLD Barrick Gold
ABX-T
Ryan Bushell

All gold stocks have run hard this year. This is partly because 1) gold was super depressed for 5 years and was due to change, 2) all the macro events, specifically the UK referendum. Now things have calmed down and people have sold off that trade. The problem is that there is no income to tide you over until things get better, so it really becomes a call on the share price. Traditionally this has been a poorly managed company, although it is getting better. He is not a big fan, and if you own he would suggest that you Hold in the hopes that you break even.


Price: $26.210
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: No
2016-07-25 DON'T BUY Air Canada (B)
AC-T
Norman Levine

He does not invest in airlines because airline stocks are trades.  They are getting hurt by what is happening in Europe.  People won’t travel there. 


Price: $9.450
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-25 PAST TOP PICK AutoCanada Inc.
ACQ-T
Ryan Bushell

(A Top Pick August 17/15. Down 13.18%.) Has been a bit of a disappointing year, but he is still quite excited about it. It has a great runway for growth in that they can purchase auto dealerships that are relatively decentralized, and that people are more likely to service cars at dealers because of the increased technology in cars.


Price: $22.900
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: Yes
2016-07-25 HOLD American Financial Group Inc.
AFG-N
Norman Levine

(Market Call Minute) Higher bond yields would really help here.


Price: $73.030
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-25 TOP PICK Altagas Ltd
ALA-T
Ryan Bushell

Thinks this was completely, unfairly swept up in the plays that happened last year around Alberta. It has a great management team. Just brought on another plant for Painted Pony (PPY-T), under budget and under time. 60% of their business is related to power generation and distribution utilities, not even related to pipelines, so it is really an energy infrastructure company. He likes the long-term nature of the dividend and the management team. Dividend yield of 6.4%.


Price: $32.830
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: Yes
2016-07-25 WATCH Alimentation Couche-Tard (B)
ATD.B-T
Norman Levine

It probably got ahead of itself and now growth has almost caught up to itself. 


Price: $60.030
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-25 BUY A&W Revenue Royalties Income Fund
AW.UN-T
Norman Levine

Continues to do well.  It is a royalty so you are dependent on sales growth, rather than earnings.  He owns a similar company (CAO-T).


Price: $34.640
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-07-25 HOLD Boeing
BA-N
Norman Levine

Continue to hold it, but you may not make any money in the short term.  The problem is that with the fuel prices being so low, there is less incentive to upgrade airline fleets to get more efficient equipment.


Price: $132.940
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-25 DON'T BUY Bank of America
BAC-N
Norman Levine

He is not a fan of the money center banks.  He prefers regional banks.  He would prefer TD-T [which the caller also asked about] although he does not own it either.


Price: $14.370
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-07-25 PARTIAL BUY BCE Inc.
BCE-T
Ryan Bushell

This company provides infrastructure that Canadians use every day. It’s a quasi-oligopoly with really good budgetable cash flows. The problem is the price you currently pay for the stock. 1.5-2 years ago you could have gotten a 5%-5.5% yield, and now you are only getting 4%-4.25%. He could see the stock down 10% if there was any sort of hawkish talk from the Fed. Take an initial position and average into it over the course of 6-12 months, get your full position built and over time the market will take care of that compounding effect.


Price: $63.030
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: Yes
2016-07-25 TOP PICK BankUnited, Inc
BKU-N
Norman Levine

Regional, commercial bank.  It doesn’t loan much to consumers.  Florida and New York Metro area.  One of the best management teams in the banking industry.  Their capital structure is very conservative and they are well capitalized.  They guided down on future growth.  They are going to hold off on growth until times get better and he likes that.


Price: $30.490
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-25 BUY Bank of Nova Scotia
BNS-T
Ryan Bushell

For the banking sector in Canada, the important thing to remember is that it is a very limited competition market. 5 big players and a few smaller ones, and that lends itself to good returns for investors over time. Banks are something you want to own and average into. This bank has been the hardest hit over the last 1-1.5 years because of its exposure to oil and gas loans. Because of this, it may be on sale relative to the other banks, and this is the one he has been adding to in the last year, more aggressively than the others.


Price: $65.800
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: Yes
2016-07-25 BUY CCL Industries (B)
CCL.B-T
Norman Levine

(Market Call Minute) He still loves the stock.


Price: $228.950
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-25 DON'T BUY Calfrac Well Services Ltd
CFW-T
Larry Berman CFA, CMT, CTA

Fracking is still going to continue, but they are leveraged to the price of oil.  There is a massive glut in unleaded gas.  CFW-T should retrace almost to the February lows earlier this year.


Price: $3.140
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-07-25 COMMENT Canadian Imperial Bank of Commerce
CM-T
Ryan Bushell

The only one of the major 5 banks that he doesn’t own. The total return, versus the other 4 for the last 30 years, this one is a few basis points lower. It is now a much different organization than it was 3-4 years ago, and he likes the strategy tact they have taken as it relates to their dividend. Have gone to a higher payout model. However, they have just done a large US acquisition, and plan to do more to get to 10%. Wants to see how that goes, but is interested. Has a more attractive dividend, but the payout ratio is higher.


Price: $99.770
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: No
2016-07-25 DON'T BUY Canadian Natural Rsrcs
CNQ-T
Norman Levine

(And CPG-T).  In the short term, oil is headed down.  It should never got as low as it did and then never as high as it did.  He is not in any hurry to add an oil stock.  He would prefer CPG-T at some point in the future.


Price: $39.740
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-07-25 BUY Canadian National R.R.
CNR-T
Norman Levine

(Market Call Minute) It is in the best position of the rail ways because of less commodity exposure and because it is North/South.


Price: $83.990
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-25 BUY on WEAKNESS Crescent Point Energy Corp
CPG-T
Ryan Bushell

Of the Canadian light oil producers, he thinks this is the best on the senior side. Great management team and good operators. The dividend yield has gone down with the recent dividend cut, but he understands that they had to do it. Management runs the company for the long-term. They buy large oil in-place resources that they can exploit over time. This has a very long cash flow stream. We have had a recent run with oil prices and they have dropped off a bit. Oil companies are starting to soften during the summer, which is what is expected. He wants to see it get through the summer and see how the driving season finishes up for demand and inventory. Would look at this and others over the next few months for good entry points.


Price: $19.010
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: Unknown
2016-07-25 HOLD Canadian Utilities
CU-T
Ryan Bushell

(Market Call Minute.) Hopefully Alberta is getting better, but this is the lowest yield of the group.


Price: $39.910
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: Unknown
2016-07-25 TOP PICK Diageo PLC
DEO-N
Norman Levine

UK based and the largest liquor company in the world.  He recently came back to this one because it is a beneficiary of Brexit.  They have cut costs.  They will benefit from the lower pound, but it will not be reflected in the product prices, increasing margins. 


Price: $113.780
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-25 WAIT DH Corporation
DH-T
Ryan Bushell

Has looked at this and kind of kicked the tires a few times. It’s a company that has undergone a lot of change in the last 3-4 years. He likes businesses that have long term sustainable cash flows, and sometimes it takes a while for him to see how sustainable they are. He wants to see how this financial technology business they are building starts to play out in terms of dividend and the cash flow coming in.


Price: $34.010
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: UNKNOWN
Owned: No
2016-07-25 BUY Emera Inc
EMA-T
Norman Levine

He is a long term holder.  It is a growth utility.  Extremely well run conservative company.  The valuation is higher than it has ever been before.  They do nice, big acquisitions, diversifying them away from the east coast markets they are in.


Price: $49.160
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
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