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

Recent Opinions

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Date Signal Company Expert Opinion Price
2017-09-20 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Market. Feels the growth trajectory will slow down towards the end of the year. There are some headwinds facing Canada. However, it is a good place to be, notwithstanding it slowing. Thinks it will be more opportunistic towards the back half of the year, so he is positive on Canadian equities. There was a report out of the EIA lowering the Q2 and Q3 forecasts for shale producers. You could see it about $50 for sustained period of time. Doesn’t feel there will be a further rush to increase interest rates in Canada.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: _N/A
2017-09-20 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Murray

Technology.He doesn’t fear technology, he embraces it. There is a massive shift going on with $200 billion worth of advertising revenue. It is currently being picked up by TV networks, but is going to move to Internet-based businesses. Google and Facebook will probably pick up 95% of the business. There is a long road ahead, and traditional media businesses are going to have to learn a new business model and change. The first mover-advantage has gone. Facebook has probably 60-70 million subscribers now, and Disney is looking to pick up 25-30 million. Canadian companies have bought broadcasts and sports networks, so they are starting to build their own content in a better way. He is fully invested, and sees no reason to be un-invested.


Price: $0.020
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: _N/A
2017-09-20 TOP PICK Apple
AAPL-Q
Zachary Curry

This keeps you in the eco system, which is extremely profitable for them. The apps and the music side is keeping you in there. The iPhone 8 and iPhone X should be positive heading into the holiday season. Also, it is not trading at an outrageous multiple. Dividend yield of 1.6%. (Analysts’ price target is $180.)


Price: $156.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 TOP PICK Accenture Ltd.
ACN-N
Zachary Curry

More and more people are moving to the Cloud and not knowing how to do it. Production for this company is helping companies do it. That will grow, grow and grow in his view. Has a huge cash horde, and are very good at integrating acquisitions. Sees it in the $150-$160 range in a year. Dividend yield of 1.8%. (Analysts’ price target is $138.)


Price: $138.010
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 TOP PICK Altagas Ltd
ALA-T
Zachary Curry

Subscription Receipts. They did a big deal with the WGL in Washington, and there is a bit of pressure there, but positive and the fact that you get your $31 back if the deal doesn’t work, and a 7% monthly income to wait. Dividend yield of 7.3%. (Analysts’ price target is $33.)


Price: $28.210
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 BUY Amazon.com
AMZN-Q
Bruce Murray

A great long-term play. It is expensive, but once it actually slows its growth, profitability will skyrocket. They are not going to slow their growth, they are going to keep reinvesting in their businesses. With guys like Jeff Bezos, you just want to bet with them and stay with them. Has a target price of $1250.


Price: $973.210
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 COMMENT American Express
AXP-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is not a favourable one in his view.


Price: $88.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT BCE Inc.
BCE-T
Zachary Curry

He is holding this for the income, which could be under pressure. Doesn’t think you are going to see dramatic increases in the underlying price, but the fundamentals are there. You potentially have a new wireless refresh cycle going on.


Price: $58.930
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT BCE Inc.
BCE-T
Bruce Murray

The business is under assault, but this company has managed extremely well. They are notorious for controlling costs. They’ve done a good job of acquiring companies where they are generating content to offset the business. The broadcast part of the business may go down, but the content part will be there and there will be distribution. People will want to see it. Thinks you are safe with this, but just doesn’t see a lot of opportunities for capital gains. Dividend yield of 4.9%.


Price: $58.930
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT CitiGroup
C-N
Zachary Curry

He would prefer Wells Fargo (WFC-N) or J.P. Morgan (JPM-N). Wells Fargo is more of a retail focused bank and has been under pressure because of some of the news items on opening of accounts. J.P. Morgan is more of a conglomerate bank of investment and retail. It is less focused on international markets, which he views as a positive.


Price: $71.460
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 PAST TOP PICK CBS Corp
CBS-N
Bruce Murray

(A Top Pick Oct 4/16. Up 8%.) He started looking at Facebook (FB-Q) and realized it had a far better business model so he sold this last December.


Price: $59.050
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Cameco Corporation
CCO-T
Bruce Murray

He owns this, because it is a commodity company at the bottom of the uranium cycle. The uranium cycle was upended by the Fukushima disaster. Japan, being one of the big users of nuclear fuel, backed away and have not come back. Natural gas is cheaper in the short term, but we still need a lot of electricity. China is building 60 or 70 reactors and nuclear fuel, in a normal environment, is a low-cost provider. It has very limited environmental impact but has a very negative NIMBY association. There is still no solution in moving spent uranium from a reactor back to some place to store it. Has a $.40 dividend which is secure. This will end up being a spectacular investment.


Price: $12.390
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 PAST TOP PICK Celgene Corp
CELG-Q
Bruce Murray

(A Top Pick Oct 4/16. Up 38%.) One of the outstanding growth stocks in the US medical field. They have a plethora of new drugs coming out. Sales are growing at about 25% per annum. With the current earnings, the target price could move into the $165-$170 due to the growth rate. The company is more likely to surprise on the upside and another $1 of earnings could give you a $20-$25 a share. This could be a $200 stock. Still a Buy.


Price: $144.240
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 BUY on WEAKNESS Corus Entertainment (B)
CJR.B-T
Bruce Murray

He owns this for the dividend. The company has a lot of debt and a high payout ratio, which is going to limit the upside. It has the right mix of shows that dominates women’s channels, so it has the audience that will probably watch TV the longest, and has an audience that will probably move to other forms of entertainment in the longer-term. He has a target price of $14.50-$15.00, and it is yielding 8.5%. He would average down to the sub-$12 and would trim it at $14-$15. To have a whole bunch of money in this could be dangerous.


Price: $12.990
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 COMMENT Clorox Company
CLX-N
Bruce Murray

This is a part of the whole consumers package goods business that is under incredible pressure from commoditization. The stock has done very, very well. It had high PEs just because of the quality of their cash flow and that their brand names are recognized. Now that we are getting into higher interest rates, that is going to start to get squeezed. Maybe the weakening of the US$ will allow some foreign profits to come through a little better, but generally the group is under a lot of pressure from generics, etc. If you own it, you are not going to lose a lot of money.


Price: $135.370
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Canadian National R.R.
CNR-T
Zachary Curry

This is really predicated on economic growth. There are 2 facets to their model. One is price increases and the other is volume increases. They have been able to pass on price increases fairly consistently. On the volume side, it is economic growth. A very well-run rail with a low operating ratio.


Price: $101.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Cisco
CSCO-Q
Bruce Murray

A solid technology company that is still run by its founder. These great companies, where you have a visionary founder that is still with a company, do very, very well. This company has had some short term disruptions with a couple of newer companies that are taking some of the higher end stuff, but this company dominates the Internet business, in the sense of the switches, etc., and has enough money to out-engineer anybody that wants to compete with them. It is like buying General Motors in 1955. They own the market and are going to own it for a long time yet.


Price: $32.600
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 PAST TOP PICK Concordia Healthcare
CXR-T
Zachary Curry

(A Top Pick June 21/16. Down 95%.) He sold this before the end of last year.


Price: $1.520
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 HOLD Walt Disney
DIS-N
Zachary Curry

There has been a lot of news lately on the cable side of things, which has been an overhang. They recently released some news on their plans to move away from partnering with Netflix in terms of streaming. They have the content and it will be positive. It would take a couple of years to get there. Has an amazing library of content as well as potentially having the cable side of ESPN, which could fold into that. In the meantime, they have great movie franchises.


Price: $99.210
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 PAST TOP PICK Dollar Tree
DLTR-Q
Bruce Murray

(A Top Pick Oct 4/16. Up 9%.) This has been an up-and-down stock. They merged with a company called Dollar General and the stock ran up to about $90 a share last year. The 1st results came out. Mergers cost money and things weren’t happening, and the stock depressed. The last quarter came out and the merger is starting to work now. This company can open several thousand more stores, so he still likes this.


Price: $83.420
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 TOP PICK Medical Facilities Corp.
DR-T
Bruce Murray

They own source surgical centres in the US. They own 55% of the properties and the surgeons own 45%. The surgeons get paid, but they also have an interest in the business. They are mainly in the Midwest. A relatively small company. Management knows what they are doing, and will continue to buy more of these things. He wants to see a 5% dividend yield, which means it will be a $20 stock, and he will reduce his position in it. Dividend yield of 7.5%. (Analysts’ price target is $16.)


Price: $14.900
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 HOLD Fortis Inc.
FTS-T
Zachary Curry

An electrical utility company, generating electricity. You are not going to get a massive up-spike in that kind of company. You will get great and stable income as well as growth over the longer-term. Has been very successful in going into the US and buying assets. Extremely well-managed. They raise their dividend consistently.


Price: $44.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT General Electric
GE-N
Zachary Curry

An interesting company. Selling off the finance side out of the last recession has clearly focused them on healthcare, infrastructure technology and energy. He is not constructive on this company yet, in terms of a conglomerate being in all sectors. You are better off picking and choosing specific companies for those sectors.


Price: $24.320
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Hydro One
H-T
Zachary Curry

He is pretty positive on this. You see a lot of trend of Canadian companies going down to the US to buy assets. It is a very long cycle, which is why the receipts are a good thing in terms of if it doesn’t happen. The conversion will result in dilution, but you are getting paid to wait. Thinks it will work out well.


Price: $22.600
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 WATCH H&R Real Estate Inv Trust
HR.UN-T
Zachary Curry

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.


Price: $21.330
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT Inter Pipeline
IPL-T
Zachary Curry

This has been caught up on the energy component, even though it has great contracts with bigger oil companies. Doesn’t consider it to be a dramatic high-yielder, so is not concerned about the payout ratio. They have some great, long term contracts, specifically with Imperial Oil (IMO-T). A good portion of it is shipping condensate for the oil sands. Notwithstanding the low energy prices, he doesn’t believe the oil sands projects are going to stop. Condensate will be needed and those contracts are long-term in nature.


Price: $23.870
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 PAST TOP PICK Keyera Corp
KEY-T
Zachary Curry

(A Top Pick June 21/16. Up 7%.) He still likes the name. A very well-managed company. Conservative debt metrics. Provides good income.


Price: $38.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT Mastercard Inc.
MA-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is a bit more international, but trades a little higher on a multiple basis. American Express is not a favourable one in his view.


Price: $142.240
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 PAST TOP PICK McDonalds
MCD-N
Zachary Curry

(A Top Pick June 21/16. Up 34%.) This continues to fire on all cylinders. New management has brought in new initiatives, new menus, technologies in the stores. It trades at a pretty hefty multiple now.


Price: $159.880
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 HOLD Manulife Financial
MFC-T
Zachary Curry

The best in class in Canada. There are always 2 components with the insurance companies, insurance and investments. A rising rate environment should be beneficial over the longer-term. Product sales are good. They are branching out into Asia. It has been well-managed.


Price: $24.440
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Magna Int'l. (A)
MG-T
Bruce Murray

In their last quarterly conference call, they talked about their opportunities. They are doing $2000 on Internal Combustion Engine (ICE) cars. On an electric vehicle, they think they have $2500 worth of opportunity. On a hybrid vehicle, which most vehicles will be, they think they’ve got $3000 worth of opportunity. This is an outstanding opportunity.


Price: $64.290
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 BUY National Bank of Canada
NA-T
Bruce Murray

Canadian banks in general have been great long-term investments for Canadians. The regulatory system has kept them out of trouble. This one was trading at a bit of a discount to the others, but has closed a lot of the discount over the last couple of years. The Québec economy is stronger now than it has been in years, which should be a regional positive for them. They have a larger exposure than the other banks to Alberta, but that has now been digested. This is fine to own. They’ll be able to raise their dividend is the other banks do.


Price: $57.810
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 TOP PICK Newell Brands Inc
NWL-N
Bruce Murray

This was a top pick in August. Then we had the hurricanes that hammered Houston. This company owns Rubbermaid and they buy a lot of rubber. They just put out a press release saying their earnings were going to be hurt because of the increased cost of rubber, and in fact might not get it for a period of time. Because of this, the stock has been hit and is now in the low $40s. He does not believe this is a long-term event, and he would buy the heck of it at this price. It is $3 of earnings and an extremely well-managed company. They own a plethora of brands. Earnings are $3 currently, and he thinks that goes to $4 in a couple of years. Has a $60 target price. Dividend yield of 2.2%. (Analysts’ price target is $58.)


Price: $42.400
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 COMMENT Pfizer Inc
PFE-N
Bruce Murray

(Market Call Minute.) This has run up a little bit lately. He likes to buy this at $31 and sell it at $38.


Price: $35.990
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 BUY PPG Industries
PPG-N
Zachary Curry

Produces chemicals and products which are chemically-based, and is in a great sweet spot. There will be continued demand on the infrastructure side and input prices are low. A good company to be in.


Price: $108.810
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 TOP PICK Royal Caribbean Cruises
RCL-N
Bruce Murray

The stock is down because of hurricanes; however it continues to plug away. Has a $135 target price on it. Demographic demand is strong. The Chinese are getting into cruising, which is a huge market opening up. Cruising will continue to grow. Dividend yield of 2%. (Analysts’ price target is $130.)


Price: $115.540
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2017-09-20 DON'T BUY Sprint Nextel
S-N
Bruce Murray

Just announced a merger with T-Mobile (TMUS-Q). Telecom has been an industry under pressure for a long time, and we are starting to see smaller players consolidate to cut costs. These are investments you want to hold, only to milk the cash flows remaining in them. The saturation level of smart phones is pretty high. There is probably some volume growth, but the game is largely over and we are going to be facing competitive pricing. It’s a cost-squeeze game.


Price: $8.030
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Shopify Inc.
SHOP-T
Bruce Murray

If you buy this tomorrow and hold it for 5-10 years, you will do just fine. If you buy it tomorrow and hold it for 1 year, he has no idea what could happen. A very high-priced stock. Growth rates of these companies are impressive. The future is strong, but the price you pay is high. Buy a little bit tomorrow, and buy more 6 months from now. That is the way you have to chew your way into these stocks.


Price: $146.970
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 COMMENT SNC-Lavalin Group Inc.
SNC-T
Zachary Curry

A great name for exposure to infrastructure spending, which seems to be going on in every country globally. The concerns over the bribery, etc. is largely behind them. They could gain meaningfully out of some of the contracts going forward on infrastructure spending. He prefers Brookfield Infrastructure Partners (BIP.UN-T)


Price: $55.200
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 DON'T BUY Suncor Energy Inc
SU-T
Bruce Murray

Oil is very cyclical on very long cycles. The last time oil rallied big time was in the 1970s when Japan industrialized. It rallied again when China industrialized. China appears to be done industrializing. The commodity infrastructure has been built globally, up to a point where we can supply the demand for energy. We have had technology changes that have allowed for the shale plays to come. The US mid-continent is loaded with shale oil and companies are able to produce the stuff for sub-$50 a barrel. There are millions and millions of barrels that can be brought on. The other big play that is happening is in the Marsalis shale in Ohio, which is hammering gas and natural gas liquids. Energy is going to be under assault for a long time. On top of that you have shales in other parts of the world and the technology will be transferable. Also, a lot of oil producing countries need money, so you are going to see a lot of oil coming at you. This company, unfortunately, is the high cost oil, the dirtiest oil, at the end of the pipeline. They will survive, because their cash costs are about $25 a barrel. He wouldn’t put his money here for the next 10 years.


Price: $42.130
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Toronto Dominion
TD-T
Bruce Murray

(Market Call Minute.) Canadian banks are all great Holds, and this is still the best performing stock over the last 20 years in the banking sector, and will probably do just fine going forward


Price: $68.540
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 DON'T BUY Teck Resources Ltd. (B)
TECK.B-T
Bruce Murray

This has had a very volatile history. It has been bounced between $3.50 several times over the last couple of decades. Right now, it is in the middle of that range. Coal price has probably peaked, which is about 50% of their revenue, and there will be negative pressure from that. On the other hand, about 25% of the business comes from zinc, and another 25% comes from copper. Those 2 businesses are looking better. Half the businesses are doing well and half are under pressure. They also have a big investment in an oil sands project, which is high cost oil at the end of the pipeline, and he does not like that part of the business. He wouldn’t buy it here.


Price: $26.890
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 COMMENT Tesla Motors Inc
TSLA-Q
Zachary Curry

This is going to need a lot of cash. They advertise model 3 at $35,000, and when it comes to Canada, it will be in the $70,000 range. Need a lot of money to get production up and running to the levels they want to go to. The cash burn rate is very high. Thinks you will have lots of opportunities to back up the truck going forward. A large part of the company is due to subsidies. Not a company he would be looking to own at this time. A momentum play rather than an investment.


Price: $373.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 DON'T BUY Tesla Motors Inc
TSLA-Q
Bruce Murray

A concept stock. It may or may not win the automobile award. We are now starting to see that BMW is making almost as many electric vehicles as Tesla. Audi and Mercedes will be right behind. We also know Ford and GM will be in the run as well. The stock price does not make any sense given the current market outlook, but if they are able to sell everything they’ve got, the stock price is not going to fall and you’ll probably make money on it. Prefers BMW that sells at 8 or 9 times earnings and pays a nice dividend. It sells 8%-10% more cars every year. Believes their I-series will be every bit as attractive as Tesla, in the longer-term. They also pay a 4.5% dividend yield.


Price: $373.910
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 SELL Under Armour Inc.
UAA-N
Zachary Curry

A good company. CEO had not been super forthcoming in terms of his dealings with the company. It really comes down to their footwear. That is where a lot of their growth was expected to come from, which has not happened. It is extremely difficult competing with Nike (NKE-N). Also, Adidas is coming in, a huge player. He would look at this as a Sell candidate.


Price: $16.540
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Visa Inc.
V-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers this, the largest of the 3. Their recent acquisition of Visa Europe is positive. MasterCard is a bit more international, but trades a little higher on a multiple basis. American Express is not a favourable one in his view.


Price: $104.970
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT Visa Inc.
V-N
Bruce Murray

The world is moving away from cash and cheques to electronic clearing. The only 2 networks that can do this are Visa and MasterCard (MA-N), which are global networks. The next 5 years should be wonderful.


Price: $104.970
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 COMMENT Verizon Communications
VZ-N
Bruce Murray

(Market Call Minute.) These telephone stocks just go sideways. You collect the dividend. If you buy it low and sell it high when ever you pull up the chart, you are good.


Price: $49.480
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-20 COMMENT Walgreen Boots Alliance
WBA-Q
Bruce Murray

The movement into pharmacies is great, as the baby boomers need more pills. He understands that once a pharmacy gets a prescription coming into the store, those customers stay. This is a great global play. It’s the largest pharmacy in the US and has one of the largest in the UK. The stock has not worked, because there are just too many moving parts, but it does make sense in a longer-term basis.


Price: $78.840
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2017-09-20 COMMENT Westjet Airlines
WJA-T
Zachary Curry

Airlines really come down to being a high fixed cost model. On borrowing money, interest rates are low. Also, oil prices are low. They’ve had good growth. Announced they are going to launch an ultra low-cost carrier, which should bode well for them. Be aware that when rates go up and energy prices increase, that will have an effect on airlines.


Price: $26.970
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT WSP Global Inc.
WSP-T
Bruce Murray

(Market Call Minute.) All the Canadian construction companies and engineering companies are probably Buys. North America and the world needs infrastructure to be replaced.


Price: $52.300
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2017-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Nick Majendie

Market. Last year, Canada was the best performing of all the developed nations in terms of our equity market. This year it is very definitely the other way. The big question is, where do we go from here. He is optimistic on the Canadian market over the next 6-12 months, principally because he is convinced we will see an improvement in oil prices that will help the energy sector. If you adjust for the change in our currency, performance has been just about the same to a Cdn$ investor as the S&P, despite the TSX lagging the S&P 500. Thinks we will see definite signs of the oil market tightening in the 4th quarter, and can see it hitting $60 in the next 6 months. Some of the numbers in the US are understated, and are constantly being revised. A very critical point was yesterday when Brent demonstrated backwardation for the 1st time since 2014, which means hedge funds will begin to look at taking long positions if that continues. He likes Canadian bank stocks very much, and is overweight in them. Results have been very good year to date. They are cheap relative to US banks, and represents good value.


Price: $0.020
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: _N/A
2017-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Market.There are reasons to be optimistic going forward, but you have to be realistic about where equities are going. We haven’t had a correction of 5% or more for a very long time. Corrections happen all the time, and we have to expect that they are going to come from time to time. However, the underpinnings of the market are very strong. Corporate earnings are strong. We are seeing a synchronized economic expansion throughout the world. If you look at the developed world, it is hard to find a country that is not in a growth mode. Markets are very long-term vehicles. If we don’t get a correlated move between the economy and the market, we as investors think something is wrong. We have to look at things over cycles and over a long period of time. Sometimes markets get ahead of the fundamentals and sometimes the fundamentals get ahead of markets.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: _N/A
2017-09-19 STRONG BUY Apple
AAPL-Q
Gordon Reid

(Market Call Minute.) It has moved up a little in terms of market multiple, but we have repatriation out there with the iPhone 8 and iPhone 10. It has a 93% loyalty rate and there are a billion installed devices.


Price: $158.730
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-09-19 COMMENT AbbVie Inc.
ABBV-N
Gordon Reid

(Market Call Minute.) A company that was spun off from Abbott Labs (ABT-N) 2 or 3 years ago. A great company, but 66% of their revenue comes from 1 drug, Humira, the best selling drug in the world.


Price: $86.370
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-09-19 HOLD Agnico-Eagle Mines
AEM-T
Nick Majendie

He really likes management. They’ve done an excellent job over the last number of years of increasing production per share and cash flow per share, largely from internal organic growth. Has a good growth profile over the next 5 years. His only problem is that valuation is relatively quite high at the moment, although it deserves it. (See Top Picks.)


Price: $58.250
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-19 DON'T BUY American International Group
AIG-N
Gordon Reid

Had owned this until about a year ago, and then moved aside. Had some difficulties with management. Even against their peer group in the insurance space, this company is not operating that efficiently.


Price: $59.490
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 HOLD Amgen Inc.
AMGN-Q
Gordon Reid

A fairly inexpensive stock from a valuation standpoint. One of the granddaddies of biotech. This is probably a good hold here. The whole biotech area is getting a bit of a bid under it. There has been more positive action within that whole sector.


Price: $186.320
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 COMMENT American Tower
AMT-N
Gordon Reid

A bit of a complicated valuation exercise when you look at it, because it looks expensive on a price/earnings ratio, but really is not. It’s treated more like a real estate investment trust. The street looks at it on an adjusted funds from operations standpoint. When you look at it that way, it compares reasonably well against its major competitors. Growing very well internationally, but stumbling a little domestically. If you take a position, do it as part of a balanced portfolio. He wouldn’t put a lot of risk capital into it.


Price: $140.980
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 BUY Algonquin Power & Utilities Corp
AQN-T
Nick Majendie

Canada has done an extremely good job of acquiring companies in the US in the utility sector. Something like 70% of this company’s earnings comes from the US. Management has done an excellent job. They have a target of increasing their dividend 10% per year over the next 5 years, and possibly longer. Dividend yield of 4.6%.


Price: $12.960
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
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