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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-08-18 BUY on WEAKNESS General Electric
GE-N
Lorne Steinberg

General Electric (GE-N) or United Technologies (UTX-N)? This is an extremely well-run company. Even though the stock has performed poorly over the last many years, the new management has really transformed this company making it a more broadly diversified company and less reliant on financial services. He would love to see this pullback because he feels it is a really well-run, well diversified business, with huge free cash flow growth potential and with a healthy dividend. This would be his preference. Wait for a better entry point.


Price: $26.070
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Unknown
2014-08-18 BUY Gilead Sciences Inc.
GILD-Q
John Stephenson

A great name, don’t wait to buy.  HEP-C franchise.  Had a nice run, but if you look at growth prospects, it is attractive.  It tends to lead the biotech group.  Buy it at the 52 week high and let it run from there.  Peg ratio indicates there is significant growth ahead of it.


Price: $100.720
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 TOP PICK General Motors Corporation
GM-N
John Stephenson

Tremendously attractive, low valuation and opportunity to move toward more global manufacturing.  Headwind is the recalls.  They have to move toward more of a quality mandate.  Great sales in China.  If it drops due to recalls, then it would be an even better buying opportunity.  It just happens to be GM’s turn to have this issue.


Price: $34.400
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Yes
2014-08-18 COMMENT HSBC Holdings P L C
HSBC-N
Lorne Steinberg

These all struggled during the financial crisis. This has struggled probably less than the European and foreign banks. This bank has a great position in Asia. Despite Asia’s issues at the present time for the growth rate is slowing, it is extremely well-positioned for the long haul. His entry point for the stock would be in the low $40’s. He is seeing better value in European financials and European banks.


Price: $53.940
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: No
2014-08-18 HOLD Iamgold Corp
IMG-T
John Stephenson

(Market Call Minute) There is worry about geopolitical risk although things are improving.  There was also worry about cost overruns.


Price: $4.420
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: No
2014-08-18 BUY ING Groep NV
ING-N
Lorne Steinberg

Total debt to total capital is about 80%, but because this is a bank, you can’t look at debt to capital. Debt to them means investors deposits and things like that. This company has not paid a dividend since the financial crisis, and they can’t until they pay back the Dutch government the €1 billion that they borrowed. They will finish this in 2015 and will then return to a healthy dividend paying company. He is anticipating a dividend yield of around 4% and generating earnings at $1.20-$1.40 next year and higher by 10% a year in the next 2 years going forward.


Price: $13.480
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Yes
2014-08-18 PAST TOP PICK ING Groep NV
ING-N
Lorne Steinberg

(A Top Pick July 2/13. Up 46.68%.) (See comments under ING-N.) Still a buy.


Price: $13.480
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Yes
2014-08-18 PARTIAL SELL Inter Pipeline
IPL-T
John Stephenson

Thinks it is a fine company, but the market is going towards more cyclical names.  He suggests selling 60-70%.  It is not going to go down appreciably.  The downside is if interest rates go up.


Price: $36.140
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 TOP PICK J.C. Penney
JCP-N
John Stephenson

SHORT.  Not making money.  Hemorrhaging cash.  Most people going there were for the coupons and the discounts.  Start covering when you get to $7.


Price: $9.870
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Yes
2014-08-18 HOLD J.C. Penney
JCP-N
Lorne Steinberg

The new CEO has done an astounding job of starting to stabilize this business. He has seen some comp revenue growth and same-store sales growth in the last couple of quarters. This is a very leveraged retailer, which is a dangerous place for investors to be. However, he thinks they will pull it off. He is a bond investor in this company.


Price: $9.870
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Yes
2014-08-18 BUY Lundin Mining Corp.
LUN-T
John Stephenson

Preferred way to play base metals.  HBM is not bad either.  It has not moved yet to the same degree as others in the sector.


Price: $6.140
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 DON'T BUY Manulife Financial
MFC-T
Larry Berman CFA, CMT, CTA

The biggest factor is the shape of the yield curve when you compare to banks.  Interest rates will be low for a long, long time.  Deflation is the bigger risk than inflation.  If the yield curve stays steep then banks will continue to profit from it, not insurance companies.


Price: $21.610
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-08-18 COMMENT Magna Int'l. (A)
MG-T
Lorne Steinberg

He is not a big fan of the corporate governance of this company. Also, auto parts business is very cyclical. They have a great market share with a number of auto manufacturers, but traditionally this has been a lower margin, cyclical business. Not one he is interested in.


Price: $122.660
Subject: DEEP VALUE INVESTING
Bias: UNKNOWN
Owned: No
2014-08-18 HOLD Norbord Inc.
NBD-T
John Stephenson

(Market Call Minute) Had pretty good production in North America and Europe, but housing starts are still not at their average.


Price: $22.050
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: No
2014-08-18 HOLD Open Text
OTC-T
Larry Berman CFA, CMT, CTA

When you decide to sell in real time you only find out you sold too early with hindsight.  Can it double from here?  Who knows?  There was a material gap up recently.  If it comes back into the gap, that is a bad thing. 


Price: $60.840
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-08-18 TOP PICK Koninklijke Philips Electronics
PHG-N
Lorne Steinberg

A global leader in LED lighting, which is a huge growth area for this company. Also, a leader in healthcare equipment such as diagnostics, ECG, etc. They are going through the latter stages of a long restructuring. Earnings are poised to grow by about 20% next year and double digit growth for the next few years. Extremely well-positioned in their businesses. Strong dividend yield of 3.59% even after not a great time. He sees earnings going from the $2 a share level, to $3.50-$4 a share over the next 5 years.


Price: $30.290
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Yes
2014-08-18 PARTIAL SELL Pembina Pipeline Corp
PPL-T
John Stephenson

Really likes this name as with many smaller pipeline names.  It is hard to say buy more because valuation is so stretched in this name.  It is a defensive holding and benefited a lot from geopolitical uncertainty.  Take some money off the table.


Price: $48.250
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 PAST TOP PICK Qualcomm
QCOM-Q
John Stephenson

(Top Pick Aug 19/13, Up 15.20%) Huge royalty interest.  Have 90% margins in some of their core businesses.  He would continue to hold it.  It appears that smart phones have matured.  We are seeing a bit of maturation in the market.  But Apple is showing that you still show good demand in the market.  Cars are another growth area for them, although Blackberry is more likely to exploit that.


Price: $75.030
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Yes
2014-08-18 COMMENT Royal Bank
RY-T
Lorne Steinberg

Canadian banks have been a great place to be for a long time. Canadian banks are amongst the highest valuation banks globally on a BV basis. As a deep value investor, he is not in a hurry to get into things after they have been trading at all-time highs. He has to buy on a pullback, even though it looks like there is never going to be a pullback.


Price: $80.410
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: No
2014-08-18 HOLD Surge Energy Inc
SGY-T
John Stephenson

7.4% dividend is primarily all of the total return.  It is okay in terms of safety, but their cost is expensive and decline rates concern him.  It is sustainable, but there is not much growth over the yield.  You are probably better off with something else.


Price: $8.170
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 HOLD Suncor Energy Inc
SU-T
John Stephenson

This is a benchmark name.  Over time he noticed that energy is pretty strong in Canada and appeals to Canadian and international investors.  He thinks it should be a core holding.  Ultimately has good leverage to oil prices.  But if oil is below $90 it will not do well.


Price: $42.680
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 HOLD Molson Coors Brewing Company
TAP-N
John Stephenson

Cheap stock that he likes because of this.  Secular headwind is that people are not drinking as much beer as you would like.  Overall it is a hold, but attractive at a valuation point.  Prefers DEO-N for liquor exposure.  It is a buying opportunity today.


Price: $75.180
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: No
2014-08-18 HOLD Twin Butte Energy
TBE-T
John Stephenson

Steady and stable, a bit of a yield play.  Offers relatively less growth vs. peers.  It is a hold rather than a buy.  Dividend is almost 11%.  Does not see anything fundamentally wrong to lead to a dividend cut, although 11% is worrisome.


Price: $1.800
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 SELL Teck Resources Ltd. (B)
TCK.B-T
Lorne Steinberg

He is not crazy about dual class share companies. However, his view on the metals markets in general is somewhat bearish. He is looking for lower metal prices. If you want to own a company like this, there will be a better entry price.


Price: $25.150
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: No
2014-08-18 SELL Talisman Energy
TLM-T
John Stephenson

Take the money and run.  North Sea oil has had the run and is now in decline.  They are trying to figure out what to do with the North Sea.  Sees it as dead money.


Price: $11.260
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 TOP PICK Total SA
TOT-N
Lorne Steinberg

He sees double-digit return for the stock, annualized over the next 5 years. This company is extremely well-positioned. Already paying a healthy 5.16% dividend and he sees significant dividend growth along with share buybacks. They are coming to the end of a large capital expenditure cycle, at which point we are going to start seeing expenditures drop and free cash flow rising. A cheap stock.


Price: $63.990
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Yes
2014-08-18 BUY United Technologies
UTX-N
John Stephenson

Likes it.  As things pick up in manufacturing it will really benefit this stock.  It looks really attractive.


Price: $108.090
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 COMMENT United Technologies
UTX-N
Lorne Steinberg

General Electric (GE-N) or United Technologies (UTX-N)? This is well run and focuses on 3 major divisions; however he would tend to lean to General Electric as he thinks they are in the latter stages of transforming that company into a real growth vehicle again.


Price: $108.090
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Unknown
2014-08-18 HOLD WesternZagros Resources Ltd.
WZR-X
John Stephenson

They started a strategic review in March.  They rejected a recent bid.  They are clearly looking for an exit, so he would hold until that happens.


Price: $0.740
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: SELECTIVE
Owned: Unknown
2014-08-18 DON'T BUY iShares S&P/TSX Global Gold
XGD-T
Larry Berman CFA, CMT, CTA

There is this big base developing over the last year or so and is threatening the resistance area right now.  Most recent dip in June did not make a lower low.  He thinks it will continue to chop around here until there is inflation; however he thinks there is a bigger threat of deflation than inflation at present.  It is tradable on a short term basis.  Buy at $12.65 sell at $13.50-14 if you want to trade it.  Use a stop loss.


Price: $12.740
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-08-18 PAST TOP PICK Xerox
XRX-N
Lorne Steinberg

(A Top Pick July 2/13. Up 49.25%.) This is a free cash flow story, and they bought back a lot of shares and increased their dividend. Have struggled to generate revenue growth, so they are generating EPS through share buybacks. Feels this is now coming closer to his target valuation of $15 per share. Wouldn’t be a buyer of this today.


Price: $13.490
Subject: DIVIDEND STOCKS
Bias: CAUTIOUS
Owned: Yes
2014-08-15 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Markets. Believes that the US is going to be the last country standing. Thinks yields in Europe are going to depression levels. GDP in most European countries are mostly negative. Japan has its own issues trying to get its economy going again. To him, China is a big ex-factor. Over the long term, money will migrate to the US because there are rates of return. Also large cap stocks in the US are still very cheap and all their yields are 150-200 basis points above 10 year US treasuries today. It’s going to be money looking for return, and he thinks you will get return on the US$ and any sort of US assets will be good for investors. About 30% of his clients accounts were in US$ when he made a call on the Cdn$ back in 2002. We had a secular bull market on the Cdn$ at $0.68 to well over par. He now has a reversal of this view. Client’s assets are now 30%-35% US, which will probably migrate up to 50% in the next year or so. He wants international diversification through large international companies which are trading 20%-30% below what he thinks is FMV.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: _N/A
2014-08-15 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Canadian banks. As a group, Canadian banks are getting very expensive. They are hitting his FMV. National Bank (NA-T) leads the list with a 23% upside. CIBC (CM-T) has a 12% upside. Bank of Montreal (BMO-T) has 10%. Toronto Dominion (TD-T) has 4% and Bank of Nova Scotia (BNS-T) has 1%. Royal Bank (RY-T) is trading over his calculated Fair Market Value. Yields have driven up all the banks to FMV, and it is really hard to see, unless they get really overvalued, where investors are going to make money here.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: _N/A
2014-08-15 N/A A Comment -- General Comments From an Expert
A Commentary
David Cockfield

Markets. The Russian/Ukraine situation is a very touchy situation. Doesn’t think it means much for the markets. He still remains cautious on the markets. Feels it is pretty reasonably priced. When everything is quiet, that is usually the quiet before the storm. When markets run too much on the upside, that is when people get into trouble with too much margin and they get a little too risky. Some are in the market and shouldn’t be there. Thinks a 5%-10% correction would do the market some good.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2014-08-15 N/A A Comment -- General Comments From an Expert
A Commentary
David Cockfield

How do you position your portfolios in the possibility of a 10%-20% market correction? One of the rules is that if you have 7% or more in a particular holding, you keep it that way. If it grows to 10%, then you knock it back by 3%. This assumes that you’ve got a relatively diversified portfolio. If you have a high beta stock and the market sells off 5%, it will sell off 10%, so that is where you probably try to lighten up a little. Also, dividend stocks tend to react better in difficult markets. (See Top Picks.)


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2014-08-15 TOP PICK Apple
AAPL-Q
Brian Acker, CA

The 7 for 1 stock split was surprising, and actually increases his FMV of his model price. Currently at $97.50 and his model price is $112.75, a 15%-16% upside. Sept 9 is the new product rollout of the iPhone 6 and maybe the iwatch. Yield of 1.93%.


Price: $97.980
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 PAST TOP PICK Agrium
AGU-T
David Cockfield

(A Top Pick Aug 12/13. Up 15.7%.) Still likes this, but it is a little dicey at the moment. It looks like we are in for a bumper crop, and he is not sure if that means farmers are going to make more money or less, because the price of the individual products is down. He is watching the situation closely.


Price: $100.260
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 DON'T BUY Amazon.com
AMZN-Q
Brian Acker, CA

Closed at $331.21 and his model price is $92.48. The market is supporting Amazon. As long as they continue to innovate and to find new products, the market is willing to support the company in terms of invention and innovation. The downside is if something happened to Jeff Bazos, or the market demanded that they have earnings. This is an event risk.


Price: $333.630
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 COMMENT Algonquin Power & Utilities Corp
AQN-T
David Cockfield

Just hit a new high in the last couple of days. Has been rather a dull stock lately. Pays a reasonable dividend. Has a mixed bag of assets, including water plants, sewage plants in Arizona, power plants in Ontario and in the US eastern seaboard. He keeps hoping somebody will take the stock out. A relatively safe investment.


Price: $8.520
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 COMMENT Boeing
BA-N
Brian Acker, CA

Closed at $124.11 and his model price is $102.78, a 17% downside. Doesn’t qualify in any of his value definitions. Book Value is only $20. With all these quasi-aviation stocks, the government is such a big buyer of military hardware, that the stocks don’t really need equity. If the US market is going to go higher, this one will do well.


Price: $123.160
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 HOLD Bell Aliant
BA-T
David Cockfield

Why is this selling below the bid price? He did some quick calculations when the bid came out and sold at a price over $31. The reason for this is that they have cut out the dividend. You are going to wait to November, and at that point in time you are going to get $31, so you have to discount that (The no dividend aspect?) Or you are going to get some mix of Bell stocks. In the meantime, the stock is going to trade off the Bell component. The stock is not going to do much. He would probably just sit with this.


Price: $30.450
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 DON'T BUY Badger Daylighting
BAD-T
Brian Acker, CA

His model was showing that this was about to take a fall. A very, very high valuation for this company. His model price is $31.42. He has seen the price fall below his Fundamental Value this week. Has been trading above his Fundamental Value since 2014, but probably since April, the wind has been coming out of this particular company. He thinks this is going to go down to the $19 area. It needs to create value now.


Price: $28.740
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 SELL Badger Daylighting
BAD-T
David Cockfield

The real problem is that what they do is not a patentable process. In other words, anybody can go out and build the same equipment and do the same kind of job. They do a water process to drill under roads and suck up the debris. This is a very efficient and quite amazing process. The multiple got way out of line. They are going to be facing more competition. He would be out of this until you see where it settles down.


Price: $28.740
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 TOP PICK Brookfield Asset Management (A)
BAM.A-T
David Cockfield

This hasn’t been doing much for a while and he has been watching it. He likes the Brookfield group. This is a growth stock. Yield is relatively small. Likes what they are doing and their international exposure. Has many facets to it including agricultural, timber land, etc. This is a way to get international exposure in a company that really knows its way around the world. Start off with a small percent and then add into it cautiously.


Price: $51.730
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 COMMENT Bombardier Inc (B)
BBD.B-T
David Cockfield

The C series has great potential. The rails side is excellent and they win contracts but there are minimal margins in that business. They just look like they are ready to get the C series off the ground, and then something goes wrong. If they start flying that plane and it performs well and orders start coming in, the stock is probably going to go to $10. In the meantime it is a “wait and see” situation.


Price: $3.820
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2014-08-15 COMMENT BCE Inc.
BCE-T
Brian Acker, CA

Traded yesterday at $48.57 and his model price is $36.97, a 24% negative differential. He feels investors are looking more at the 5% yield. This price and $50 is the maximum you are going to get.


Price: $48.290
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 PAST TOP PICK BCE Inc.
BCE-T
David Cockfield

(A Top Pick Aug 12/13. Up 22.23%.) Expect there will be another dividend increase. The main reason he holds it is because of the stability and the dividend.


Price: $48.290
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 BUY on WEAKNESS Bank of Nova Scotia
BNS-T
David Cockfield

Has liked this for a long time. Likes its international exposure. They used to be just the Caribbean, but is now Mexico, Central America and into South America. The Canadian banking business is a tight market. They are all quite competitive. Quite a conservative bank. Have an excellent record of “not losing” money on the loan side. If it came off a little, he would add to his holdings.


Price: $72.400
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 DON'T BUY Canadian Energy Services & Technology
CEU-T
Brian Acker, CA

Is it normal for insiders to be selling when you have a stock split? It is usually not normal. Those who follow insider buying and selling would certainly be alarmed. This is currently at $9.94 and its FMV is $9.82, a negative 4%. Very, very expensive here. These energy services companies have had huge runs over the 6-7 months. They are fully valued. This is too highly valued for him.


Price: $10.150
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 COMMENT Canadian Pacific Rail
CP-T
David Cockfield

Thinks the multiple is around 35X PE. Likes the rails, but this one is really riding on a wave of enthusiasm, relating to an improvement on its various ratios. Should it ever miss a step along the way, the stock will take a good 10%-15% hit. He has basically moved any money he had in this, over to Canadian National (CNR-T), which trades at about 18X and isn’t under quite the same spotlight to meet objectives. Both companies are in good growth areas and both are benefiting from the transportation of oil. They have more business than they can almost really handle at this time. A good place to be in this kind of a growth economy.


Price: $212.870
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 PAST TOP PICK Cisco
CSCO-Q
Brian Acker, CA

(A Top Pick Aug 7/13. Down 3.59%.) Recently cut 6,000 jobs and, unfortunately, this is the way this company is going to grow. His model price is $37.33, a 52% premium. Yielding 3.1%. If this could go in any way, and it hasn’t done so for years, there could be tremendous upside.


Price: $24.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 COMMENT Cenovus Energy
CVE-T
Brian Acker, CA

This is expensive, relative to CNQ and Suncor (SU-T). Yesterday’s close was $33.23 and his model price is $32.37, a negative 2%, so it is basically trading right on where he believes FMV is. A nice yield at 3.2%.


Price: $33.380
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 BUY CVS Corp.
CVS-N
Brian Acker, CA

This closed at $79.30 and his model price  is $85.27, a 7.5% upside. There is going to be more volatility in the market, and it is going to be very interesting in the fall, especially with what is going on with bond yields in the last month or so. If you are looking for non-volatile names, this is a perfect candidate. Yield of 1.4%. It’s a grower, so you will maybe continue to earn high single digits, maybe double digits if you order for a year.


Price: $78.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 TOP PICK Chevron Texaco
CVX-N
Brian Acker, CA

International oils are being way overlooked in terms of value. His model price is $168.71, a 33% upside. Yield of 3.4%.


Price: $126.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 COMMENT Element Financial
EFN-T
Brian Acker, CA

This is a financial and it is clearly on an acquisition trail. Today’s price is $14.75 and he has a model price of $14.15, so it is bang on its model price. If you are looking for value, there is no real value here.


Price: $14.850
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 BUY Gildan Activewear Inc.
GIL-T
Brian Acker, CA

Closed at $62.79 yesterday and his model price is $69.50, an 11% upside. However, he has EBV+5 and this seems to be following along that structural level. A year from now EBV+5 is $76.25.


Price: $62.010
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 DON'T BUY IBM
IBM-N
Brian Acker, CA

Closed at $187.88 yesterday and his model price is $189.37, a .05% upside. This is a story of reducing capital out of their business, so when they report every quarter, the reports are lukewarm to the analysts. Underneath, they are buying huge quantities of their stock. That keeps their model and stock prices up. Doesn’t see tremendous upside, but also doesn’t see any big downside. Yield of 2.34%.


Price: $187.380
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 DON'T BUY Inter Pipeline
IPL-T
Brian Acker, CA

There is a huge bubble brewing in the pipeline stocks. Closed at $35.98. His model price is $30.60, a negative 15%. Trading at a valuation of almost 4X Book. This is the highest valuation these companies have ever been in the last 20 years. Yield of 3.6%.


Price: $36.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 HOLD Inter Pipeline
IPL-T
David Cockfield

It looks like they can do 10% growth annually. Dividend is okay. Likes the pipeline aspect in Alberta. The oil sands and other projects are all creating the need to get stuff from A to B. They dominate the scene in Alberta, and he thinks this is going to continue. 10% growth is a reasonably conservative estimate.


Price: $36.100
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 BUY Manitoba Telecom Services
MBT-T
David Cockfield

This is not very exciting, but the dividend is quite secure.


Price: $30.490
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
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