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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-07-23 COMMENT First Republic Bank
FRC-N
Fabrice Taylor

Doesn’t know this bank well, but obviously the US banking sector is in rebound mode. To the extent that this bank is participating in that, you are probably going to be okay. Very attractive looking chart. The recent drop is probably a temporary thing.


Price: $46.040
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 DON'T BUY Goldcorp Inc
G-T
Stan Wong

He doesn’t own any gold. This is probably one of the better run companies in Canada. With some of the curbs on imports in India, that might be a bearish case on gold. China is the largest consumer of gold, and data recently showed that Chinese demand was down 18%. Also, as the Fed continues to taper, interest rates should be rising higher.


Price: $29.430
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: No
2014-07-23 BUY General Electric
GE-N
Stan Wong

Likes the industrial space in general for the economic pick up. Companies that are in the turbine and power generation space would do quite well. Trading at 14X earnings with probably a 10% earnings growth rate.


Price: $25.910
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 WATCH Grenville Strategic Royalty
GRC-X
Fabrice Taylor

This has come onto his radar very recently. These companies buy royalties, not oil and gas or gold. You can do quite well with this if you pay the right price and get the right return. Management seems to be very experienced, which is important. They don’t have a lot of track record.


Price: $0.690
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 BUY on WEAKNESS Halliburton Co
HAL-N
Stan Wong

Likes this and the energy services space a lot. In this part of the cycle, especially when the energy sector is moving up, these service companies are the ones that are most leveraged and tend to do well. This is a great one to own. Pretty cheap relative to the rest of the market. Looking for a 5%-10% pullback.


Price: $74.020
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: No
2014-07-23 DON'T BUY Hi-Crush Partners LP
HCLP-N
Fabrice Taylor

Produce and sell frac sand and cash flows are amazing. Had recommended this in 2012 at around $21 and the stock started immediately to drift down. They announced a loss of a contract, which hurt their credibility, so he sold his holdings. At this point, he thinks you have missed it.


Price: $68.000
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 BUY High Arctic Energy Services Inc
HWO-T
Fabrice Taylor

Used to own it, and regrets selling it. Thinks it has legs and is a turnaround story. Have some international operations that could kick in, in a big way. Well run. Strong management team. Valuation is reasonable. Decent dividend.


Price: $5.180
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 TOP PICK Intertape Polymer Group
ITP-T
Fabrice Taylor

Rode the turnaround from $1.30 to $16 and sold his holdings. Stock got weak and went down to $13 or lower. They took their cash flow and increased the dividend by 50%. A conservative board and they wouldn’t have done that unless they were super confident about the future. Also, announced a share buyback of 2 million shares. This goes from being a turnaround story to a dividend story. Thinks that the last legs of the turnaround will produce enough cash to increase the dividend another 50% or more over the next couple of years. Stable, safe and well run.


Price: $14.010
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Yes
2014-07-23 WATCH Just Energy Group
JE-T
Fabrice Taylor

Noticed there is some insider buying going on, and savvy investors have been picking up shares. Wondering if there isn’t something here. Very hard to understand their balance sheet because they use a lot of derivatives. He is going to watch the stock price. If you see it moving up, you are probably going to be okay. Cautiously optimistic.


Price: $5.910
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 PAST TOP PICK JP Morgan Chase & Co
JPM-N
Stan Wong

(A Top Pick July 10/13. Up 10.55%.) A very well run business. Trading at around 1X Book Value, so there is still a valuation discount here.


Price: $59.000
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 TOP PICK Michael Kors Holdings
KORS-N
Stan Wong

Weakness is due to the assumption that inventories have been growing a bit more, and there has been a little bit more sale product going on than normal. He feels these are just normal ways of business. The recent drop presents a pretty good buying opportunity. Trading at 20X PE with a 20%+ growth rate. Assuming the growth rate continues, this has a PEG ratio below 1. They’ll continue to gain market share. They have products that are more value oriented and more for high-end. 72% of their revenues come from the US, so there is lots of opportunity going into the international markets like Europe and Japan. Also, e-commerce is an opportunity for them going forward.


Price: $81.710
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 HOLD Loyalist Group Limited
LOY-X
Fabrice Taylor

Made a lot of acquisitions lately, and he wants to see the earnings power of the company. Revenues are there, but he wants to know where profitability comes in. Have talked about lodging students, but this doesn’t seem to be a priority in the short term.


Price: $0.465
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Yes
2014-07-23 HOLD Manitoba Telecom Services
MBT-T
Stan Wong

Sell and move into another telco? Because the yield is quite a bit higher than the other names, you should hang on to this. Some sort of consolidation in the space, could be there.


Price: $31.740
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-07-23 TOP PICK National Bank of Greece SA
NBG-N
Fabrice Taylor

Like all European banks, they have gone through a very rough time. Thinks that the balance sheet repair job is done. Didn’t have to, but was forced to raise a lot of equity which hurt the stock price. Feels the balance sheet is in good shape. Have lots of excess capital. Owns a lot of government bonds, which are going up in value. Now it is just a question of a turnaround in the economy in Greece.


Price: $3.340
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Yes
2014-07-23 COMMENT Nordex Explosives
NXX-X
Fabrice Taylor

Hadn’t worked out as he had hoped. The business has gotten better. Big increase in sales, and profitability is coming back. However, the stock just does nothing. $8 million market cap and $20 million in sales, so it doesn’t look expensive. Have an ambitious growth plan and they need to raise money. When you need to raise money, people don’t buy stock which is probably keeping a thumb on the stock price. Management has said they will not do a cheap financing, but sometimes they don’t have a choice.


Price: $0.415
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Unknown
2014-07-23 COMMENT Olympia Financial Group
OLY-T
Fabrice Taylor

Very well run, kind of niche financial company. Very sharp management that knows how to make money. They paid a dividend, which may explain the drop in the share price. Not a huge growth business, but pays a regular dividend of around 7%. If you are looking for income, you are well served.


Price: $37.250
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 DON'T BUY Orbite Aluminae
ORT-T
Fabrice Taylor

Never really liked this. Has been a winner for some people if they get in and out at the right time. Not sure that their technology works.


Price: $0.530
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 HOLD Premium Brands Holdings Corp
PBH-T
Fabrice Taylor

Recently went to a Hold on it because of all the talk on food inflation, and it is tough for them to pass costs on to their customers. They may have passed this point, so he is going to have to revisit it. Great business and really well run.


Price: $21.300
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Yes
2014-07-23 HOLD Pulte Homes Inc
PHM-N
Stan Wong

Largest homebuilder in the US. If you own, continue to hold because he feels the US housing recovery has just taken a bit of a pause. He has seen some numbers recently that are a little bit better. He can foresee even better numbers going forward as the economy picks up.


Price: $19.840
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 COMMENT Patient Home Monitoring
PHM-X
Fabrice Taylor

This has been a good stock for him, and is starting to move now. Very well run. On the M&A side, they are rolling up a bunch of annuity type businesses in the healthcare space. Have lots cash, and are doing some financing. He could see this north of $0.45 by year end, and possibly higher. You have higher earnings, but you also get higher multiples as they get bigger, and more institutions are able to buy stock.


Price: $0.320
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Yes
2014-07-23 COMMENT Questor technology
QST-X
Fabrice Taylor

Have technology that works with gas flares. Doesn’t know where they are at in their evolution. If they are there, they are probably going to do well. Stock price has increased pretty heavily, and you have to ask yourself if the business has increased in value that much.


Price: $3.480
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: No
2014-07-23 COMMENT ReynoldsAmerican Inc.
RAI-N
Fabrice Taylor

Acquired Lorrilard tobacco, which was big in vapour sticks. Thinks there is money to be made here.


Price: $57.160
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Unknown
2014-07-23 STRONG BUY The Score Inc.
SCR-X
Fabrice Taylor

Loves this stock. Was a Top Pick recently. Super impressed by what they are doing. Apps is where the money is right now. People are using them more and more, and advertisers understand this. This is #2 globally after ESPN, so they have very good market share. They don’t have profits, they have revenue. Cheap stock.


Price: $0.350
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Yes
2014-07-23 PARTIAL SELL SNC-Lavalin Group Inc.
SNC-T
Fabrice Taylor

Hit a rough patch awhile ago with a bribery scandal. Not a super risky company. They own a part of Highway 407, and they had really strong numbers from this. If you own, consider taking some profits.


Price: $56.420
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Unknown
2014-07-23 PAST TOP PICK Telus Corp
T-T
Stan Wong

(A Top Pick July 10/13. Up 25.86%.) 4% yield, and the expected dividend growth is quite high. Still likes and it would be a Buy at this time.


Price: $38.050
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 PAST TOP PICK ProSh Short 20+Yr Treas ETF
TBF-N
Stan Wong

(A Top Pick July 10/13. Down 12.85%.) Interest rates will normalize. The Fed is tapering their program right now, so there will be less buying of bonds, which means that interest rates should eventually move higher.


Price: $28.280
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 DON'T BUY Teck Resources Ltd. (B)
TCK.B-T
Stan Wong

When he looks at the resource space, he is looking at energy before looking at base metals. Some of these names have moved forward a bit, but this one has kind of meandered along and hasn’t done so well. Also, China is not gobbling up resources like it was 10-12 years ago.


Price: $25.620
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-07-23 COMMENT Twitter, Inc
TWTR-N
Stan Wong

Twitter (TWTR-N) or Facebook (FB-N)? Feels the social media names, including this one, have stretched valuations. It’s such a new phenomenon; it is hard to tell where the earnings are going to come and how they are going to monetize things. Facebook is in the 3rd inning where this one is only in the 1st inning. Neither of these fit the profile of his portfolios.


Price: $37.750
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: No
2014-07-23 BUY United Technologies
UTX-N
Stan Wong

When things are happening in the economy, things like this will do well. Trading at 15X forward earnings with a 10% long-term growth rate. You are not paying a lot, but the earnings will pick up. Pretty decent value here.


Price: $109.730
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: No
2014-07-23 COMMENT Vecima Networks Inc.
VCM-T
Fabrice Taylor

Their core business is Network Equipment for cable companies. The family that controls it are very entrepreneurial, and do a lot of interesting things at the margin. They are now building their cash up again. Outside of their core business, they have a couple of other sidelines, including a fleet management business and rural Internet service provider. Expects that both of these will be sold, adding even more to their cash. Expects they could pay out a special cash dividend of $3-$4 in the next couple of years.


Price: $7.710
Subject: NORTH AMERICAN
Bias: SELECTIVE
Owned: Unknown
2014-07-23 TOP PICK SPDR Financial E.T.F.
XLF-N
Stan Wong

Banks have really under-performed versus the S&P 500. This is due to regulation issues out there and interest rates remaining lower than expected. On valuation you are looking at 1.35X Book Value compared to the TSX financial sector at 1.85X. With the strengthening US economy, a recovering housing market, lower loan loss provisions and better credit issues, this should do quite well.


Price: $22.970
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-23 COMMENT SPDR Technology ETF
XLK-N
Stan Wong

He really likes the tech space, especially if you look at some of the old guard tech names such as Microsoft and Intel which are hitting multi-year highs. This includes some Apple (AAPL-Q), Google (GOOG-Q) as well as some telecom, so it is not a pure technology play. Tech is actually cheaper than where it should be. These guys are the most cash-rich companies out there.


Price: $39.800
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: No
2014-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Colin Stewart

Markets. Volatility has been benign for so long, that expectation would be that at some point we have to have volatility move up. With the geopolitical events last week, there was a one-day spike. When you have a very low volatility period for a long time, chances are at some point it is going to go up, and markets are going to get choppier. He is still positive on equity markets, and feels pretty good about the US economy recovering. Valuations are a little more stretched than they were a year or 2 ago. You have to be a little more selective on your stock picking, and hold a bit of extra cash. In his funds, he does a bit more hedging, and looking at short positions, and ways of hedging out some of the risks in his portfolios. Key themes are the US economy, which he thinks is going to surprise to the upside, and increased M&A activity.


Price: $0.020
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: _N/A
2014-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Colin Stewart

Stop Loss. These are very difficult to use. You really have to be on top of them and adjust them along the way. You can’t just use them by keeping them static. If there is an unusual event in the market, stocks can move down quickly and back up, and you can get stopped out of your position at an unfavourable price. He generally doesn’t use them, and just tracks things carefully.


Price: $0.020
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: _N/A
2014-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Terry Shaunessy

Economy. We were hit with the bad news of the weather in the 1st quarter, which took the steam out of the US economy, and slowed things down. Just naturally you would see a 2nd better half. Feels the things that will get things going in the US will be housing starts. Existing home sales were pretty strong. The last housing start number was a bit weak, which was a surprise, but it seemed to be weather related. Feels the US domestic economy is going to have a very good 6 months, and that will get things going. The US needs at least 1 million housing starts every year.


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: _N/A
2014-07-22 BUY A Comment -- General Comments From an Expert
A Commentary
Terry Shaunessy

Markets. He has never seen a Bull market that is so disliked by so many people, primarily professionals. More in the US than in Canada. However, the market just keeps marching up. As long as short-term interest rates are zero, if you are not in the market it is like being Short. The S&P 500 was grossly overvalued in February 2000, in the tech boom. It took 10 years to reconcile that, which was then followed by a financial crisis.


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: _N/A
2014-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Terry Shaunessy

ETF’s for beginner investors? He would wholeheartedly recommend ETF’s for investors that are starting off. The tricky part of investing is deciding which stock or sector you start with. There is no end of information. If you are starting a portfolio, just keep it simple. You just want to focus on asset allocation.


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: _N/A
2014-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Terry Shaunessy

US ETF in an RRSP. Is it better to hold a basket of individual US dividend payers so I don’t get taxed? That is a very good idea. You do not get US withholding tax on a registered account.


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: _N/A
2014-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Terry Shaunessy

Base metals ETF’s. Would you choose equal weight or a cap weight? He does like base metals. They have taken such a beating and have had a horrible 2 years. He would tend to be more in big cap weighted stocks rather than equal weight. (See Top Picks.)


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: _N/A
2014-07-22 DON'T BUY Barrick Gold
ABX-T
Colin Stewart

He doesn’t have exposure to the precious metal space. The issue with the whole sector is that if you wanted to participate in the upside in gold prices, historically you would’ve been much better just to buy the gold itself. These companies had huge cost overruns and poor success with acquisitions. CapX has also been a challenge for them.


Price: $20.210
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 DON'T BUY Bank of America
BAC-N
Colin Stewart

Likes the overall US banking sector. The improvement in the US economy will help lift all of the US banks. Also, feels interest rates are going to rise over time, which will help the banks considerably. Prefers Citigroup (C-N) over this.


Price: $15.520
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 COMMENT Baidu.com
BIDU-Q
Colin Stewart

Doesn’t know the company well, but a great way if you want to participate broadly in China, e-commerce and growth in the Internet. Generally, it is probably not a bad name to add if you want exposure here.


Price: $198.430
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 DON'T BUY Ballard Power Systems
BLD-T
Colin Stewart

A very speculative stock in the fuel-cell business. Earlier in the year, a lot of companies in this space had a huge run up in share prices. He tries to avoid these speculative stocks. For the average investor, it is extremely difficult unless you have a strong belief in theme or have done a lot of work in the area. It is difficult to value these companies.


Price: $4.460
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 TOP PICK Corby Spirit and Wine (A)
CSW.A-T
Colin Stewart

The really interesting element is that whiskey is the big hot trend in the spirits business, and Pernod, their parent, does not have a US whiskey brand. Corby partnered with J P Wisers, their Canadian Rye brand, in order to make a big push into the US. They are just in the early stages. If successful and gets traction, this company’s earnings could go up substantially. If this expansion is successful, you are either going to get a big dividend increase, or Pernod is going to come along and try to buy the remaining piece of this company. Yield of 3.51%.


Price: $20.970
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: Yes
2014-07-22 BUY Caldwell Partners Int'l (A)
CWL-T
Colin Stewart

Has some good attributes and still likes it. Feels there is still some good upside left. In the executive search business, and have a significant presence in the US. As the US economy is recovering, they are getting a lot more traction and mandates there. About half of the market cap is sitting in cash, so from a valuation standpoint it really adds a nice margin of safety. A pretty attractive dividend, which he feels is sustainable and safe. He could see upside to $2 a share.


Price: $1.290
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: Yes
2014-07-22 DON'T BUY PowerShare DB Agriculture E.T.F.
DBA-N
Terry Shaunessy

Are futures ETF’s suitable for RRSP holding? This one is not like an agricultural ETF that has a seed companies, etc. but this is straight futures. Anything this speculative doesn’t really belong in an RRSP. You are truly speculating with this one. Because of the resets on these futures based ETF’s, they don’t quite carry out what you think is going to happen. Very expensive from the point of MER, and the tracking error is extremely high. If you want to be in a futures market, do it directly, not through an ETF.


Price: $26.330
Subject: ETF's
Bias: BULLISH
Owned: No
2014-07-22 PAST TOP PICK iShares MSCI Europe Financial
EUFN-Q
Terry Shaunessy

(A Top Pick July 24/13. Up 15.16%.) It was the US banks that led the market into the drink, and it was US banks that brought the market out in 2011-2012. So he expected that the European banks would be the leaders as well.


Price: $24.290
Subject: ETF's
Bias: BULLISH
Owned: No
2014-07-22 TOP PICK Hudson Bay Co.
HBC-T
Colin Stewart

Doesn’t love department stores, but this is a unique opportunity. There are 3 really prominent retail brands under this company, The Bay, Lord & Taylor and Saks. This is run by the real estate Baker family, and the real opportunity here is the monetization and the hidden value of the real estate. $5.5-$6 billion enterprise value company. Thinks the real estate alone could be worth $4 billion, which means you are buying the retail operation for about 3X enterprise value to EBIDA, a very depressed multiple yield of 1.2%.


Price: $15.250
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: Yes
2014-07-22 TOP PICK Horizons S&P/TSX 60 Equal Weight ETF
HEW-T
Terry Shaunessy

(A Top Pick July 24/13. Up 18.77%.) Likes this because it de-emphasizes financials a little bit. As the property market flattens out, some of the profitability of Canadian banks flattens out as well. The leadership is more with energy and materials.


Price: $12.990
Subject: ETF's
Bias: BULLISH
Owned: Yes
2014-07-22 DON'T BUY HBP NYMEX Nat'l Gas Bull+
HNU-T
Terry Shaunessy

Thinks the outlook for natural gas as a commodity is good. Two things have really impacted the demand for natural gas. One is weather and the other is industrial production. Industrial production in the US is starting to pick up, so demand for natural gas will be there. You could either play the commodities or play the companies. In this particular case he would recommend that you buy futures direct. ETF’s in this case are not particularly effective.


Price: $10.830
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2014-07-22 PAST TOP PICK Hardwoods Distribution
HWD-T
Colin Stewart

(A Top Pick June 17/13. Up 53.58%.) Still likes this. Distributes wood products such as paneling for cupboards, flooring, etc. 70%-80% of their revenue is US based, so they are really positioned to benefit from an improving US housing and renovation market. Not an expensive stock.


Price: $11.110
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: Yes
2014-07-22 PARTIAL SELL Intel
INTC-Q
Colin Stewart

This is a stock that has broken out from a long-term trend. Had fallen into the category of old tech. This one is up over 30% year to date. Not overly cheap. Trading at a forward PE multiple of over 16X. Had a big run, so wouldn’t run after it here. If you own, consider taking some profits.


Price: $34.790
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 COMMENT J.C. Penney
JCP-N
Colin Stewart

Has put this into the category of “too tough to figure out”. Are they going up a lot, or are they going to zero? Had well published issues over the last several years. Still in a turnaround mode, but has $4.5 billion in debt, a lot more debt than equity. Lost money last year and analysts are forecasting they will make a little bit of money this year. Department store business is under a lot of pressure. Wouldn’t Short this because it has a very large Short interest, and if they do surprise and turn things around, the stock could go up a lot in a very short period of time.


Price: $8.650
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 PAST TOP PICK JP Morgan Chase & Co
JPM-N
Colin Stewart

(A Top Pick June 17/13. Up 12.71%.) Some issues regarding the health of the CEO, but feels this and Wells Fargo (WFC-N) are still the best in class.


Price: $58.670
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: Yes
2014-07-22 COMMENT KB Home
KBH-N
Colin Stewart

One of the smaller homebuilders in the US. Likes the space. Prefers Brookfield Residential (BRP-T) over this. You really want to look at the companies with the strongest land position, particularly in an environment where land prices are rising. Brookfield has 20 years plus of land inventory, so they don’t have to pay ever-increasing prices. If anything, they will be selling land to others.


Price: $18.080
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 COMMENT Logistec Corp
LGT.B-T
Colin Stewart

Owns and operates port assets. Has gotten a little more expensive. Not followed by many people and is a pretty darn good business.


Price: $36.000
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 COMMENT Martinrea
MRE-T
Colin Stewart

Do a lot of business with Ford (F-N). Have a number of manufacturing facilities in the US. Made an acquisition a few years ago in Europe that, on the surface was risky, but we are starting to see a turnaround in the European auto markets. Had some issues earlier this year when the former CEO came back, accusing management of wrongdoing. It seems those issues are largely behind them. Thinks they look pretty good. If you can stomach the increased volatility and some of the uncertainty, it is probably a good bet.


Price: $12.510
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 BUY Morgan Stanley
MS-N
Colin Stewart

Very well run company and very well-positioned to take advantage of the M&A theme and increasing IPO activity. Being an investment bank, as opposed to a more full service bank, it is really well-positioned. Not expensive at 12.5X earnings. He can see more upside. A good one to hold.


Price: $32.910
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
2014-07-22 TOP PICK Madison Square Garden (D)
MSG-Q
Colin Stewart

Entertainment, sports, media company that has a mix of 3 different core businesses. They own the New York Knicks and New York Rangers. People are putting very large values on sports franchises. They also own Madison Square Gardens, and have the development rights/air rights above the building, to build an office building or condo eventually. Thirdly have the regional sports network, which is somewhere in the neighbourhood of $350 million a year. The combination of these things could make it worth as much as $100 a share. Feels the Dolan family could make a bid to make it private at some time.


Price: $60.220
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: Yes
2014-07-22 DON'T BUY Netflix Inc.
NFLX-Q
Colin Stewart

Stock is lower, and he thinks it was the concern over future spending to grow internationally. Over 50 million users, which is incredible, so the concept is definitely taking off. Probably under some margin pressure. The guidance on future earnings was a bit disappointing. Such high expectations are built into a share price like this that has gone up so much that it trades at a very high valuation. He would just avoid stocks like this altogether.


Price: $431.090
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: SELECTIVE
Owned: No
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