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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-08-15 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
2014-08-15 PAST TOP PICK Metlife
MET-N
Brian Acker, CA

(A Top Pick Aug 7/13. Up 8.25%.) Yields 2.65%. The large financials have been struggling, certainly through 2014, but these companies need to act well going forward, if we are going to continue on with this bull market. This is certainly a better one within the financial group.


Price: $52.480
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 COMMENT Magna Int'l. (A)
MG-T
Brian Acker, CA

One of his favourite stocks over the last 5 years. Closed yesterday at $122.60. He has a model price of $148.05, a 20% upside. Still think you will make money in the future, but just not as much as you have in the past.


Price: $122.040
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 COMMENT Micron Technology
MU-Q
Brian Acker, CA

This is the cyclical of the tech names. It is a deep cyclical in that when things are going well, things are very, very well, but when they go badly, the earnings just disappear. Closed at $31.04 and his model price is $52.85, a 70% upside. However, the market is sceptical because obviously earnings are great today, but what is going to happen tomorrow. There is a significant discount between the price today and what the model price is. The good news is, it is holding up one of his structural levels and, obviously, the balance sheet has grown quickly as they are aggressively buying back stock. Appropriately priced. If it pulled back to the $24-$25 level, this would be very positive for the name.


Price: $31.490
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 DON'T BUY Norbord Inc.
NBD-T
David Cockfield

This produces oriented strand board. They have plants all over the southern US, Canada and in Europe. Recently started paying a dividend and the yield is extraordinary at around 11%. What the market is telling you is that the dividend is not safe, so you have to make a calculation whether you hold it for the dividend, and if it is cut how much downside there is going to be. With US housing quieting down, the market is sending you a signal that there are some problems here.


Price: $21.480
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 COMMENT Precision Drilling
PD-T
Brian Acker, CA

Closed at $12.99 and he has a model price of $22.10, an upside of 70%. This is a cyclical and in the last 6 weeks, with the energy patch, it has corrected back. However, it is at one of his structural levels of EBV+2, which is $12.99. If it doesn’t Hold, he would sell the name but would look to be Buying it here if it Holds.


Price: $13.120
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 TOP PICK Pfizer Inc
PFE-N
Brian Acker, CA

The CEO obviously confused everybody by going after AstraZeneca. Because of this, there is no more of a premium towards an upside to his model price. Closed at $28.73 and his model price is $35.03, a 22% upside. 3.6% dividend yield. Overall, healthcare stocks have been doing quite well, especially drug stocks. Take advantage of this pullback.


Price: $28.640
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 COMMENT Pacific Rubiales Energy Corp.
PRE-T
Brian Acker, CA

Closed at $21.18 and his model price is $34.34, a 62% upside. However, he doesn’t think the stock will trade above $23. That has been the ceiling of the stock in terms of his valuation. Nice yield of 3.4%.


Price: $20.410
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 COMMENT Rogers Communcations (B)
RCI.B-T
Brian Acker, CA

Had predicted a long time ago this company would fall down to one of his levels, and there it has been for the last 6 weeks. His Model Price is falling because its earnings are falling. At this time it is $43.20 and he has FMV at $35.86, a 17% negative value. It really needs to hold this level here. If it breaks, or is a negative transit, it will go much lower.


Price: $43.240
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 DON'T BUY Sherritt International Corp.
S-T
Brian Acker, CA

This is the worst company out there. Its management is poor. An activist investor tried turning this thing around, but didn’t succeed. It trades under his last support line of EBV-3. The market is saying the state of the assets is not what it is worth.


Price: $4.060
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2014-08-15 WEAK BUY Sherritt International Corp.
S-T
David Cockfield

This is a speculative stock. They have a major project in Madagascar with great partners, but the politics are questionable. There are some environmental aspects to it, but the deposit is excellent. Their technology really fits that particular ore deposit. If this project goes bad, he doesn’t know where the stock will go from there.


Price: $4.060
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 BUY on WEAKNESS SNC-Lavalin Group Inc.
SNC-T
David Cockfield

This is one of his growth stocks. Likes this under $50. Not adding to his holdings at the moment. There are some real good kickers in this. They own a chunk of the 407 and have other assets they can sell. Just sold off a chunk of their Alberta energy holdings. Thinks they are riding the wave of big, international, engineering projects, which he feels are going to go on for decades.


Price: $55.730
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 PAST TOP PICK Suncor Energy Inc
SU-T
Brian Acker, CA

(A Top Pick Aug 7/13. Up 27.99%.) This had a negative transit in one of his EBV lines, so he would be cautious on ih. Hopefully the EBV +2 level holds. It could fall back to EBV +1 at $36.50. Energy, certainly in the last 6 weeks, has been a tough sector to be in. He shows this could have an 87% upside. Yielding 2.67%.


Price: $42.950
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2014-08-15 WEAK BUY Suncor Energy Inc
SU-T
David Cockfield

This is a bit boring at the present time. The oil sands has become a major part of their production. Have a good following in the US. Not much exciting about the stock at the present time. Very solid, and on a long-term basis it is a fine investment. Don’t expect too much performance out of it in the intermediate term. Q2 was slightly below expectations were the others surprised with better growth.


Price: $42.950
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2014-08-15 COMMENT Teck Resources Ltd. (B)
TCK.B-T
Brian Acker, CA

Closed at $25.09 and his model price is $30.58, a 21% upside. This stock has been struggling and has been basing here. It can’t get above his EBV -1 level. Deflation is happening all over the world. He thinks the stock will go to EBV -3, which is in the $20 area.


Price: $25.040
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2014-08-15 COMMENT Whitecap Resources
WCP-T
David Cockfield

The dividend on this looks okay. People worry because the dividend payout has been quite high as a percentage of cash flow, but their cash flow has been rising fast enough, and we might even see a dividend increase in 2015.


Price: $16.460
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 TOP PICK iShares Cdn Univer. Maple ETF
XSH-T
David Cockfield

It doesn’t have a huge range of trading. Yield is okay at about 3%. Short-term pays you less than 1% on an after-tax basis, so this is not a bad place to park your money.


Price: $19.940
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-15 BUY BMO Canadian Dividend ETF
ZDV-T
David Cockfield

Had held this, but then switched to BMO Low Volatility, Cdn Equity (ZLB-T), which has a lower yield, but much more market performance. However, this one is not a bad investment. Throws off a pretty reasonable yield. The mix of stocks in there is quite good. (See Top Picks.)


Price: $18.690
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-08-15 TOP PICK BMO Low Volatility Cdn Eqty ETF
ZLB-T
David Cockfield

(A Top Pick Aug 12/13. Up 20.82%.) This is made up of low volatility stocks and the portfolio is readjusted on a regular basis. It seems that when this starts to sell off, buyers come in, which is why it is low volatility. These are stocks where there is always somebody waiting to buy them if they start to sell off.


Price: $22.860
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-08-14 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

Markets.  This year had lots of drama without the volatility.  Every draw down is met with a wall of buying.  We have a month and a half of a seasonally low period, but indicators tell him the smart money is going back into the market.  He wants to buy smartly and to buy on dips.  US economy is growing quickly enough to justify earnings.  Interest rates are going down because of plateauing global growth but earnings are trending up 8-9% in the US.  Capital flows are coming into the market and should drive it to an overvalued price.  US is the best looking developed country in the basket.


Price: $0.020
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: _N/A
2014-08-14 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Economy. Thinks rates are going to remain low, probably into 2015. The Fed is doing the right thing by moving out of QE, which people were so worried about. That is not really increasing rates. Increasing rates is really when they push up the short end of the yield curve because of inflation and high growth. You are seeing better growth in the US. Unemployment is coming down and job growth is better. Also feels numbers out of Europe are better. It is too risky for the Fed to increase rates too rapidly when they feel the economy is recovering. Rates will go up, but at a much slower pace. He doesn’t think we will see rates go up until at least 2015.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: _N/A
2014-08-14 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Markets. Costs are still being cut, so we are not seeing top line growth as aggressively as we need to. In order to keep margins where they are or improve, we are going to have to see better top line growth. You do need this because, at some point in time, they can’t cut any more costs out of the system.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: _N/A
2014-08-14 COMMENT Apple
AAPL-Q
Paul Harris, CFA

Can’t disagree that they have great products and that they have executed incredibly well. Not an expensive stock. Make almost 40%-50% of their revenue from one product, the smart phone. Have not come out with any game changers for the last little while. Unless they come out with some game changing it is much more financial engineering they are doing, such as buying back stock and increasing their dividend.


Price: $97.500
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: No
2014-08-14 DON'T BUY AutoCanada Inc.
ACQ-T
Patrick Horan

The issue is that they are a consolidator.  The US side of the market is well defined, so in Canada they went from 0 to 50 dealerships in no time.  The question is what they can do now.  You are looking at dealership growth.  There is no more juice in their numbers.  The magic formula is falling away.  Wait until the shoulder forms and then sell into it.


Price: $62.700
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Unknown
2014-08-14 HOLD American International Group
AIG-N
Patrick Horan

Does not follow it, but they were the premier insurance company in the group prior to 2008.  He would hold it.  He does not think these interest rates will say around forever and AIG will benefit well as soon as the rates go up.


Price: $54.080
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: No
2014-08-14 TOP PICK TD Ameritrade Holding
AMTD-N
Patrick Horan

(Top Pick Oct 1/13, Up 25.66%) They are a play on the equity market in general.  He got out and got back in in June.  He still likes it.  There has been a nice consolidation this year and it will benefit from a re-invigorated equity market.


Price: $32.260
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Yes
2014-08-14 STRONG BUY Avigilon Corp
AVO-T
Patrick Horan

Reported numbers last week and they were pretty good.  One of the fastest organic companies he sees in Canada.  Targets have been taken down so momentum guys are getting out.  They are leaders in their space.  This is a very good buy here but there will be lots of volatility.  This is a very fast growing company.


Price: $19.160
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Yes
2014-08-14 COMMENT American Express
AXP-N
Paul Harris, CFA

MasterCard or American Express for a long-term hold? This has this great brand name. Their clientele is much more affluent. The problem with it is that not every place takes it. Trades at a much lower multiple. If he was pushed, he would say that MasterCard is probably the better.


Price: $87.270
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: No
2014-08-14 HOLD Bell Aliant
BA-T
Patrick Horan

Deal should complete in 6-8 months.  There is a big long process that has to happen.  BA-T holders should accept the deal. 


Price: $30.550
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Unknown
2014-08-14 HOLD Bank of America
BAC-N
Patrick Horan

Does not make the cut for him.  The earnings profile is too volatile for him.  But it is a very inexpensive stock.  The sensitivity is the yield curve.  They don’t make as much margin as they should.  He also sees a heck of an M&A cycle.  He would continue to hold this.  3-5 years it should be a pretty nice performer.


Price: $15.305
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: No
2014-08-14 COMMENT Bank of America
BAC-N
Paul Harris, CFA

Paying a $17 billion fine which actually pushes the stock higher. Only $9 billion is in cash. This is not the big issue. The issue is that they are finishing off with all these huge regulatory issues. The fact that they are able to increase their dividend is a sign that the Fed is much more comfortable with their balance sheet. Likes this company because the regional and global economies are recovering. Banks do well in a global recovery. This bank is very leveraged to the retail business in the US. Trading at 0.7X Book. Reasonable dividend yield. Expects their capital ratios are going to explode over the next little while, and they will have to buy back more shares or increase their payout ratio.


Price: $15.320
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: Yes
2014-08-14 BUY Badger Daylighting
BAD-T
Patrick Horan

(Market Call Minute) It’s a trade.


Price: $29.145
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Unknown
2014-08-14 PAST TOP PICK Bombardier Inc (B)
BBD.B-T
Patrick Horan

(Top Pick Oct 1/13, Down 18.56%) He underestimated the drag that the ‘C’ series would put on the stock.  He is looking at the free cash flow and wondering if they will have to raise more money.  This could be a good time to sharpen up your pencil on this one and he is looking at it right now.


Price: $3.860
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: No
2014-08-14 DON'T BUY BCE Inc.
BCE-T
Patrick Horan

BA-T is an okay deal for BCE.  He does not know what they are getting.  It is not very exciting for him in terms of BCE.  He is not sure where the organic growth is coming from.  Not sure what you get from the company going forward.


Price: $48.500
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Unknown
2014-08-14 TOP PICK Barclays Bank PLC
BCS-N
Paul Harris, CFA

Trades at about 0.6X Book and will be trading at about 7 or 8 times next year’s earnings. In their last earnings, their personal and commercial business was up a fair bit. They bought Lehman Brothers and took a lot of the fixed income business and put it into what they call a “bad bank” and are slowly disposing of it. They are really going back to their traditional retail business. They’re going to keep the investment bank, but are going to be a much more smaller bank giving a better return on equity.


Price: $14.680
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: Yes
2014-08-14 COMMENT BHP Billiton Ltd.
BHP-N
Paul Harris, CFA

BHP Billiton (BHP-N) or Teck Resources (TCK.B-T) for a long-term dividend/value investor? These trade on similar multiples. He likes this because it is a much larger conglomerate on the mining side. Although their big resource in iron is tied to China, they have other resources. With mining and China slowing down, they were able to sell off poor assets. Have Capital expenditures. This would be his preference.


Price: $71.150
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: BULLISH
Owned: No
2014-08-14 DON'T BUY Bank of Nova Scotia
BNS-T
Patrick Horan

This is the one back he has never owned.  They are one of the best run banks.  They are shrewd about going out into developing markets.  He is always on the sidelines because of a possible crisis with the Mexican peso. 


Price: $72.750
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: No
2014-08-14 TOP PICK Cineplex Inc
CGX-T
Patrick Horan

SHORT.  It is a short trade.  They have done a fantastic job revamping the company and it is a fantastic company but attendance for movie goers is dropping.  He fails to see their numbers going a lot higher at Christmas time.  People don’t go to see movies in good times, as much as recessions.


Price: $40.620
Subject: NORTH AMERICAN
Bias: BULL on US EQUITIES
Owned: Yes
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