Viewing Expert Zachary Curry | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Zachary Curry , Chief Operating Officer & Portfolio Manager

Davis-Rea Ltd.

Contact Info

Website: http://www.davisrea.com/contact/


Date Signal Chart Symbol Company Opinion Price
2017-09-20 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

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 TOP PICK Must be logged in to use chart AAPL-Q Apple

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 Must be logged in to use chart ACN-N Accenture Ltd.

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 Must be logged in to use chart ALA-T Altagas Ltd

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 COMMENT Must be logged in to use chart AXP-N American Express

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 Must be logged in to use chart BCE-T BCE Inc.

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 Must be logged in to use chart C-N CitiGroup

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 COMMENT Must be logged in to use chart CNR-T Canadian National R.R.

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 PAST TOP PICK Must be logged in to use chart CXR-T Concordia International Corp

(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 Must be logged in to use chart DIS-N Walt Disney

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 HOLD Must be logged in to use chart FTS-T Fortis Inc.

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 Must be logged in to use chart GE-N General Electric

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 Must be logged in to use chart H-T Hydro One

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 Must be logged in to use chart HR.UN-T H&R Real Estate Inv Trust

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 Must be logged in to use chart IPL-T Inter Pipeline

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 Must be logged in to use chart KEY-T Keyera Corp

(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 Must be logged in to use chart MA-N Mastercard Inc.

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 Must be logged in to use chart MCD-N McDonalds

(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 Must be logged in to use chart MFC-T Manulife Financial

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 BUY Must be logged in to use chart PPG-N PPG Industries

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 COMMENT Must be logged in to use chart SNC-T SNC-Lavalin Group Inc.

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 COMMENT Must be logged in to use chart TSLA-Q Tesla Motors Inc

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 SELL Must be logged in to use chart UAA-N Under Armour Inc.

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 Must be logged in to use chart V-N Visa Inc.

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 Must be logged in to use chart WJA-T Westjet Airlines

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
2017-05-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Economy. Global growth is still there, but is starting to plateau. Positive global growth is good for commodities. There has been a good deal of growth in 2016, plateauing a bit in 2017. A “steady as she goes” market, and a “steady as she goes” economy. He is not expecting any wild swings up or down. Oil is trading in a range, anywhere from $45-$55 is a good range.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
_N/A
2017-05-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

US Treasury Bonds? These are viewed as one of the safest things in the world. Any time there is market uncertainty, there is usually a flock to US Treasury Bonds. The demand is there, which is why you see yields come down from the 2.5%-2.6% level to where they are now. He views that as being a bit overdone.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
_N/A
2017-05-24 TOP PICK Must be logged in to use chart ALA-T Altagas Ltd

(ALA.R-T Subscription Receipts. 9/4/18.) This is part of a financing that was done in February in a deal to acquired WGL for $8.5 billion. This is scheduled to close in 2018, and subscription receipts are a way to play that. Should the deal fall apart, you get your money back. He looks at this as a “no lose” as you get close to 7% to wait.


Price:
$30.590
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 COMMENT Must be logged in to use chart BCE-T BCE Inc.

With rates as low as they are, he is generally positive on the income, however, cautious on the sector because of media content. The real work is around the land lines. Over half their EBITDA is generated from land lines, and he would like to make sure that cord cutting does not accelerate. A large part of the driver on this company is on the income side of things. Sold half his position a long while ago. A good generator of income.


Price:
$60.590
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 PAST TOP PICK Must be logged in to use chart CERN-Q Cerner Corp.

(A Top Pick April 5/16. Up 19%.) Two of his favourite sectors are Information Technology and Healthcare, and this company borders both of those. It is a company in the healthcare space that basically takes records from paper to digital, which is a mandatory event in the US.


Price:
$64.360
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 DON'T BUY Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

He would recommend something else. There are better banks out there. He wouldn’t own this one. It has the most in residential mortgages. Prefers something like Toronto Dominion (TD-T) or Bank of Montréal (BMO-T) which have avenues into the US. There is also Royal Bank (RY-T) or Bank of Nova Scotia (BNS-T).


Price:
$106.300
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 HOLD Must be logged in to use chart CPG-T Crescent Point Energy Corp

They hold high quality assets, but questions the structure of the company and how management really raises equity. Too frequently for him. Any time you do anything, management goes out and raises equity, diluting existing shareholders, making the former dividend harder to pay.


Price:
$13.030
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 COMMENT Must be logged in to use chart CSCO-Q Cisco

A kind of “steady as she goes” company relating to Internet infrastructure. Don’t expect dramatic growth, but it pays a good dividend yield. Going forward, all the wireless, technology, routers and switches that are needed for the backbone will grow, but will be slower than in the past. Well-run company and great balance sheet, but you can find other companies exposed to the Internet that would be faster growing.


Price:
$31.490
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 COMMENT Must be logged in to use chart CVE-T Cenovus Energy

Feels there is going to be a large overhang on this company for some time. They did a deal with Conoco (COP-N), issued a whole pile of stock and took on a whole pile of debt. That is really the inverse of what he would be looking for. There will continue to be an overhang with Conoco Phillips getting upside. If there is any oil appreciation, they are going to continue to get upside. However, $16 down to $12.80 is a nice downdraft, so you could almost argue that most of that is baked in. If they started to pay down the debt, that would be a really good sign.


Price:
$12.860
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 HOLD Must be logged in to use chart DIS-N Walt Disney

He likes this and feels it is a good Hold. It is going to have a little volatility based on the overhang with ESPN. Live sports moving to the Internet is going to be an overhang for a while. This company holds a lot of amazing content. They have capabilities to produce great shows and movies, and a lot of ancillaries around that in the form of toys, etc. Perhaps this is one you could Trade. If it gets up to the $113 level, you could Sell, and if it gets down to $90 you good buy it.


Price:
$107.710
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 COMMENT Must be logged in to use chart EFN-T Element Fleet Management

When the original company split, he was more constructive on this side of the 2. A good business. Incremental revenues on solid, long term contracts. They lost a bit of credibility with the street and need to make it back. If they generate good cash flow, you could see a dividend rise. He is just going to wait and see.


Price:
$10.870
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 PAST TOP PICK Must be logged in to use chart FB-Q Facebook

(A Top Pick April 5/16. Up 33%.) The biggest dominant player on the Internet with users. They have the audience that is able to tweak the apps that they have. A higher multiple, but they are definitely growing through that multiple at great rates. Good balance sheet.


Price:
$150.040
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 COMMENT Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

He is very keen on this. They are doing great things. On advertising and search, they are taking away from the incumbents and have lots of things in the hopper. Great balance sheet and a really durable franchise. Going forward, the virtual reality and artificial intelligence are going to be really big components for them.


Price:
$977.610
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 TOP PICK Must be logged in to use chart GS-N Goldman Sachs

In their last quarter, they had some trouble with their fixed income and currency side, and he views that as a “one off”. The stock was down 5%. With the proposed US deregulations and tax reform, that would be even more positive for them. There is lots of M&A going on. This is trading at 12X earnings, compared to the market which is at 17X. Feels they will generate growth of 12% for the next 3 years. Dividend yield of 1.4%. (Analysts’ price target is $251.)


Price:
$223.830
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 HOLD Must be logged in to use chart GSK-N GlaxoSmithKline PLC

Healthcare is being overshadowed by a whole bunch of things, demographics, government policies, etc. He is fairly constructive on healthcare. One of the few spaces that is not trading at an overvalued market multiple. One of the overhangs is the political cloud, but if you can get past that, it is a positive space to be in, and not expensive.


Price:
$42.950
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 COMMENT Must be logged in to use chart INTC-Q Intel

The largest chip manufacturer. A good part of their business is declining from traditional PC chips. Their latest acquisition will be positive in the long run. It is a company that makes chips for the autonomous cars. The company uses a good deal of their cash hoard, but they remain in good shape financially and pay a good dividend. He wouldn’t want to bet against this company.


Price:
$36.120
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 COMMENT Must be logged in to use chart KO-N Coca-Cola Company

A very strong name. The real question is if they can transition from the soft drink business to the healthier side of the business. Recently they announced some layoffs. Good distribution, but you are going to have to see that transition to healthier snacks.


Price:
$45.030
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 DON'T BUY Must be logged in to use chart LNR-T Linamar Corp

Linamar (LNR-T), Magna (MG-T) or Martinrea (MRE-T)? He doesn’t find the overall environment for auto parts manufacturers very constructive. US auto sales are at their highest levels, running north of 17 million units. This is the 2nd or 3rd year that has been going on. There is the NAFTA free trade agreement in question. Also, auto loans are coming into real focus, which in his view, are not very positive. There is some debate as to how these companies can move from an internal combustion engine to an electric car. This is too dangerous a time to be going in right now.


Price:
$62.700
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 COMMENT Must be logged in to use chart MA-N Mastercard Inc.

MasterCard (MA-N) or Visa (V-N)? Either of these would be good. They trade at multiples that are generally significantly higher than market multiples. Both companies capture the payments, and the threat of fees going down is low. This one has a little more international exposure, and is a bit more advanced on the technology side, but Visa is the dominant player.


Price:
$120.700
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 DON'T BUY Must be logged in to use chart MG-T Magna Int'l. (A)

Linamar (LNR-T), Magna (MG-T) or Martinrea (MRE-T)? He doesn’t find the overall environment for auto parts manufacturers very constructive. US auto sales are at their highest levels, running north of 17 million units. This is the 2nd or 3rd year that has been going on. There is the NAFTA free trade agreement in question. Also, auto loans are coming into real focus, which in his view, are not very positive. There is some debate as to how these companies can move from an internal combustion engine to an electric car. This is too dangerous a time to be going in right now.


Price:
$60.110
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 DON'T BUY Must be logged in to use chart MRE-T Martinrea

Linamar (LNR-T), Magna (MG-T) or Martinrea (MRE-T)? He doesn’t find the overall environment for auto parts manufacturers very constructive. US auto sales are at their highest levels, running north of 17 million units. This is the 2nd or 3rd year that has been going on. There is the NAFTA free trade agreement in question. Also, auto loans are coming into real focus, which in his view, are not very positive. There is some debate as to how these companies can move from an internal combustion engine to an electric car. This is too dangerous a time to be going in right now.


Price:
$11.420
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 DON'T BUY Must be logged in to use chart POT-T Potash Corp of Saskatchewan

Potash is a really hard commodity to look at. It has a cartel type of mentality. Very dependent on foreign buying. There have been a lot of letdowns with this name. He would steer away from this right now.


Price:
$22.260
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 COMMENT Must be logged in to use chart SLF-T Sun Life Financial Inc

Had a tough Go in their last quarter with a lot of redemptions in the US on the mutual fund side. He would prefer Manulife (MFC-T) which has a stronger exposure to Asia. Also, their core business of selling insurance is going very well. He doesn’t own either. Dividend yield of 3.9%.


Price:
$44.210
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-05-24 TOP PICK Must be logged in to use chart SWK-N Stanley Works, The

He likes this because it gets him exposure to consumer spending, home renovations and the housing market without having to take on 3 distinct companies. They just sold a component of their locks division, which he views as positive. They have a new component for their tool side, coming out with a battery that works with everything and should generate good numbers for them. A positive balance sheet and some good strength sales in Europe. Dividend yield of 1.7%. (Analysts’ price target is $150.)


Price:
$136.180
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 PAST TOP PICK Must be logged in to use chart TOU-T Tourmaline Oil Corp

(A Top Pick April 5/16. Up 14%.) The 2nd largest natural gas producer in Canada. Exceptional management team.


Price:
$28.410
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-05-24 COMMENT Must be logged in to use chart V-N Visa Inc.

MasterCard (MA-N) or Visa (V-N)? Either of these would be good. They trade at multiples that are generally significantly higher than market multiples. Both companies capture the payments, and the threat of fees going down is low. MasterCard has a little more international exposure, and is a bit more advanced on the technology side, but this one is the dominant player.


Price:
$94.810
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-24 DON'T BUY Must be logged in to use chart WJA-T Westjet Airlines

Low interest rates and low fuel prices are great for airlines and are definitely working for Air Canada (AC-T), and to a lesser degree Westjet. He doesn’t own airlines because it tends to be a high fixed cost model. This airline is getting into a low-cost carrier model, following Air Canada. Pilots are coming into a union, and thinks there are a lot of headwinds on this company.


Price:
$22.450
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. We are starting to see a global recovery, although the US market is still in the lead. He is waiting for more certainty on policy to be introduced by the new administration to back that up. NAFTA will be a year or 2 out, and certain sectors will benefit and others might not. That uncertainty tends to gyrate up or down, and we haven’t seen that. There have been over 100 sessions of the S&P 500 where it hasn’t dropped more than 1%, very unusual given the uncertainty. You need to be a little reserved when investing, to take into account factors that are not necessarily being factored in now. Globally, certainly in developed countries, equity markets are over valued in certain sectors. There is caution warranted, but not overly extensive. A bit of a “wait and see” game.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
_N/A
2017-03-16 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Lifecos? They have 2 components. One is the investment side, and the other is the business of selling life insurance. With interest rates going up in the past little while, that has been constructive for these companies, because of their investment portfolio getting listed in the income. Conversely, the selling of the actual life insurance is going fairly well, and that is the focus where you should be looking.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-03-16 TOP PICK Must be logged in to use chart ALA.R-T AltaGas Ltd

The company has just issued these Subscription Receipts for stocks, for a US acquisition they plan to do that should close in the 2nd quarter of 2018. There are a few worries where they have a big chunk of debt and some worries on the utility side. In his view, the debt levels will go down. If the deal doesn’t go through, the subscription receipt holders get their money back. This is trading at about $1 less then the common shares. Dividend yield of 7.1%.


Price:
$29.740
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 PAST TOP PICK Must be logged in to use chart APR.UN-T Automotive Properties Real Estate Investment Trust

(A Top Pick Jan 13/16. Up 30%.) This company buys the land under auto dealerships and then leases it back to them. These are triple net leases, meaning that the dealership pays for everything, taxes and maintenance. There is a 1.5% escalator clause for every year. The company has made 2 acquisitions since last year. It is paying just under 7.5%, so a good income generating investment.


Price:
$10.740
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 COMMENT Must be logged in to use chart BAC-N Bank of America

Bank of America (BAC-N) or Toronto Dominion (TD-T)? He prefers J.P. Morgan (JPM-N), which is a bit more tilted to the investment banking side, and would see a bit more participation in the deregulation that he feels is coming. There is room for the Cdn$ to come down further.


Price:
$25.220
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 COMMENT Must be logged in to use chart BCE-T BCE Inc.

He is constructive on this. Gives good income from the dividend. There will be some negative overhang with regards to the debt, continually borrowing money. A lot of negative overhang with the media side, a smaller component. They have a big wireless division which is growing. The landline division seems to have stopped its bleeding which is positive. He is looking at this cautiously, based on the fact that they are paying out a good deal of their income towards the dividend, as well as borrowing money.


Price:
$57.570
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 DON'T BUY Must be logged in to use chart CCO-T Cameco Corporation

They are selling to nuclear reactors, which take a long time to build and a long time to get going. The news out of Japan is certainly not constructive. He is not very positive on this. Feels natural gas is more cost effective, and is available in abundance.


Price:
$14.890
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 PAST TOP PICK Must be logged in to use chart CERN-Q Cerner Corp.

(A Top Pick Jan 13/16. Down 4%.) This converts medical records from paper to an electronic form. There is a law in the US that at a certain point, X number of paper documents have to be converted to digital. Regardless with what happens with the healthcare act going forward, this is in place and digitalization will continue. This company went from fully recognizing sales all at once, to more of a subscription type revenue recognition model, which has caused some lumpiness. He has a half position, and is looking to buy more, but wants to see some of that lumpiness disappear.


Price:
$56.350
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 COMMENT Must be logged in to use chart CPG-T Crescent Point Energy Corp

Average down? His biggest issue is that they seem to be serial issuers of stock. They continue to dilute the existing shareholder base, not a friendly thing to do. The US assets are great and they have increased production, but it is important to focus on production growth per share, and this one gets diluted down. They’ve already cut their dividend.


Price:
$14.610
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 COMMENT Must be logged in to use chart ENB-T Enbridge

He is constructive on energy. Holds this as well as 2 others that are similar, Keyera (KEY-T) and Inter Pipeline (IPL-T), and is more constructive on them than on Enbridge. Enbridge is doing a lot of borrowing and have a fairly high payout ratio. Keyera would be his #1 pick in the space.


Price:
$55.700
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 PAST TOP PICK Must be logged in to use chart FB-Q Facebook

(A Top Pick Jan 13/16. Up 47%.) Quality management, good metrics and good things to come.


Price:
$139.990
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 TOP PICK Must be logged in to use chart FB-Q Facebook

This is firing on all cylinders. There are a billion users on Facebook and are growing on Instagram and WhatsApp. The average revenue per user grew 30% last year. From a valuation point of view, the growth is far and away north of 30%, and the stock is trading at less than 25X, so you are getting more growth than what you are paying for. (Analysts’ price target is $158.)


Price:
$139.990
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 COMMENT Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

He likes this, and doesn’t find it terribly expensive in terms of the multiple it is trading at, versus their growth. However, his preference would be Facebook (FB-Q). (See Top Picks.)


Price:
$870.000
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 WAIT Must be logged in to use chart GOOS-T Canada Goose Holdings

The coyote fur controversy hasn’t had much effect on the IPO given that the stock price is up materially today. He doesn’t think it is going to have a very big impact going forward. This has had a great run, so he would be cautious and sit on the sidelines for a while.


Price:
$21.530
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-03-16 HOLD Must be logged in to use chart JNJ-N Johnson & Johnson

Hold or sell? With the sectors it is in, consumers, pharmaceuticals and products, it is a bit of a healthcare conglomerate. Given that the demographics are trending in the right direction and drug prices being a little less political than it was, he is constructive on healthcare. If you had to pick one stock as a barometer to all various sectors in healthcare, this would be a good one.


Price:
$128.460
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 COMMENT Must be logged in to use chart KEL-T Kelt Exploration

He likes this company. Good balance sheet and good management. They’ve improved their balance sheet over the past little while with a couple of asset sales as their areas of focus. The price of gas has come down recently. Solid, long term management team.


Price:
$6.150
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 COMMENT Must be logged in to use chart MRT.UN-T Morguard Real Estate Inv Trust

A very capable management team, which is a huge positive. The action in the REIT space is driven more by interest rates. Expects rates will stay lower in Canada, but yields have been dragged up in the US in the past little while. Every time the REITs go up, the income becomes less valuable, but a good portion of REITs have financed themselves out fairly far. He is positive on this company.


Price:
$15.400
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-03-16 BUY Must be logged in to use chart SPE-T Spartan Energy Corp

He’s constructive on energy. Since the start of the year, the overall energy space in Canada is down about 10%. Smaller/intermediate companies like this are down anywhere from 20% to 25%, so there is a disconnect between the 2. A well-run company and the balance sheet is in great shape. Management has a great deal of experience.


Price:
$2.570
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 TOP PICK Must be logged in to use chart SYK-N Stryker Corp.

This is known for knees and hips, and they have sold millions of knee replacement implants. They’ve recently started using a robot to replace the body parts, giving greater accuracy and lower costs. With the robot, you can only use their parts, making it a closed system. He doesn’t foresee any changes in the US health care act having an effect on this company and their equipment. Dividend yield of 1.3%. (Analysts’ price target is $132.)


Price:
$131.500
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 COMMENT Must be logged in to use chart TD-T Toronto Dominion

Bank of America (BAC-N) or Toronto Dominion (TD-T)? He thinks the dip in the stock is a bit overdone, but could persist for a while, so there is time. This bank has US exposure, but there is going to be a bit of negative headline news regarding their sales practices. Canadian banks are not cheap, trading at 2X BV, compared to US banks at about 1.5X. Prefers J.P. Morgan (JPM-N), which is a bit more tilted to the investment banking side, and would see a bit more participation in the deregulation that he feels is coming. There is room for the Cdn$ to come down further.


Price:
$66.320
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-16 COMMENT Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

A violently cyclical company. The biggest positive is the zinc market, which is undersupplied. Exposure to coal is their main driver. There has been volatility in coal prices. The underlying economic growth should benefit the commodity cycle as a whole. Their Fort Hills exposure will be able to be funded from cash flow, which is positive. Be prepared for cyclicality. There has been a huge drive in the stock, mostly last year, so a lot of the value is in the name.


Price:
$28.840
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 DON'T BUY Must be logged in to use chart VRX-T Valeant Pharmaceuticals

He would be negative on this. It is a company with a business model of increasing drug prices, by materially high amounts. This has bitten off a lot of debt in order to go on their acquisition binges. If interest rates rise and they need to get financing, it is going to be extremely difficult.


Price:
$15.030
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-03-16 COMMENT Must be logged in to use chart WJA-T Westjet Airlines

There is a fair bit of positive news on airlines, including low fuel prices and low interest rates. There is also a positive pick up in economic growth. Times are working in their favour in terms of economic growth, energy prices and interest rates. You have to be really careful for when and if those change.


Price:
$22.380
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2016-11-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  He stepped back from markets long before elections and has a good cash position.  He is taking a cautious approach after the election.  From a sector point of view, you can say that a sector might do better, such as energy (materials) but lumber might not under the new administration.  He is increasing his US exposure.   He is 40-45% geared to the US.  He feels the US dollar will do better going forward.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
_N/A
2016-11-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Lumber companies with 50% production in the US.  Livestock and lumber trade with the US will be re-evaluated by the Trump administration.  Companies with US assets should do better.  He feels other sectors are more favourable for investment. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
_N/A
2016-11-17 BUY Must be logged in to use chart ALA-T Altagas Ltd

He likes the name.  The dividend is high, but he feels it is safe.  A lot of their contracts are inflation protected.  6.5% is a good return.


Price:
$32.290
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 TOP PICK Must be logged in to use chart AMZN-Q Amazon.com

No Dividend.  Cloud computing is a strong grower.  The Alexa device will allow you to yell at it that you need something and it will be delivered in one day.  The web services are a huge growth engine.  (Analysts’ target:  $940.37)


Price:
$756.400
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 BUY Must be logged in to use chart BAC-N Bank of America

He is positive on the US banking sector.  He owns JPM-N.  He likes how management is getting BAC-N geared toward retail banking.  Banking regulation in the US should get more favourable.  The bump up in rates could help the banks. 1.5% dividend.


Price:
$20.080
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-17 BUY Must be logged in to use chart BCE-T BCE Inc.

All these income stocks have trailed off a little bit since the election.  It was a time for a bit of a breather which presents an opportunity to buy.  Cord cutting will increase bandwidth demand.  He feels average revenue per wireless user should increase with content delivery.


Price:
$58.430
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 HOLD Must be logged in to use chart BIP.UN-T Brookfield Infrastucture Partners

It has come down due to bond yields.  He thinks it is a knee jerk reaction. It has exposure to Brazil who have been in the dog house for a couple of years.  There is some risk there, but seems to be under a new political regime.  He thinks the company is safe.  4.8% dividend yield.


Price:
$43.360
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 HOLD Must be logged in to use chart CXR-T Concordia International Corp

He feels there is value at these levels.  They are generating cash flow from operations. 


Price:
$4.360
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-17 BUY Must be logged in to use chart DIS-N Walt Disney

He is pretty positive on it from a franchise point of view.  They control their own destiny.  The big question is ESPN.  They think DIS-N is acting proactive in investment to stream things online.


Price:
$99.370
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 PAST TOP PICK Must be logged in to use chart EFN-T Element Fleet Management

(Top Pick Nov 2/15, down 11.54%) It was recommended before the split.  He felt he was investing more on the fleet side and then they split up the company.  He liked the fleet assets more.  He sold after the split.  He would get back into fleet except recent results were not great.


Price:
$11.880
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2016-11-17 PAST TOP PICK Must be logged in to use chart FB-Q Facebook

(Top Pick Nov 2/15, Up 12.79%) A great company.  With the numbers and the users, it comes down to a monetization of the site.


Price:
$117.790
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 TOP PICK Must be logged in to use chart FB-Q Facebook

It comes down to the number of users and monetizing that.  Whatsapp and Messenger are the drivers.  No dividend.  (Analysts Target $155.14)  He is happy with the move to video. 


Price:
$117.790
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 BUY Must be logged in to use chart FTS-T Fortis Inc.

Interest sensitive names have come off here.  FTS-T has made a pretty significant transformation in going from Canada to the US.  It will play out in his view.  It is for income generation.  To get to $45 he feels there would have to be a growth driver.  Patience is a virtue.  Management has done a good job.  He does not think there is an issue servicing the debt.  If rates went up dramatically, he would look more closely at exiting it.


Price:
$40.420
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 TOP PICK Must be logged in to use chart KEY-T Keyera Corp

Management is exceptional.  It is a natural gas and processing company.  Take or pay contracts, with storage.  Dividend yield is 4.13%, low payout ratio.  (Analysts’ Target: $44.43)


Price:
$38.700
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 DON'T BUY Must be logged in to use chart L-T Loblaw Companies Ltd

It is one of the slower ones when it comes to being disrupted by Amazon and the like.  See his Top Picks today.


Price:
$68.240
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-17 DON'T BUY Must be logged in to use chart SJR.B-T Shaw Communication (B)

He prefers BCE-T.  He prefers wireless and Internet to the content space.  He thinks they pay themselves too much.


Price:
$26.220
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2016-11-17 BUY Must be logged in to use chart SNC-T SNC-Lavalin Group Inc.

It will do very well with all the infrastructure spending that will go on, but in the US if you have a drive to some protectionism, you would have to see how this shakes out and can Canadian firms bid in the US.  Even the Canadian infrastructure spend will cause it to do well.  It will be 3 to 5 years for the money to trickle down to this company.


Price:
$55.170
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2016-11-17 PAST TOP PICK Must be logged in to use chart SPE-T Spartan Energy Corp

(Top Pick Nov 2/15, Up 33.40%) One of the best managed companies in the energy space in Canada.  They have expertise and the balance sheet is in good shape.  You will be well rewarded holding this name.


Price:
$3.140
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 HOLD Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

It has had a really big run-up.  Metals have started showing their head above water.  TCK.B-T is one of those companies where the prices were really under pressure and they had a really big debt load.  It comes down now to how things play out with their commodities. 


Price:
$31.450
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-17 BUY Must be logged in to use chart TOU-T Tourmaline Oil Corp

Strong management are doing great things.  They are the lowest cost operators in their plays.  He does not think you could go wrong long term in owning this.  He feels the price of oil may take a bit of a breather.


Price:
$34.880
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-11-17 DON'T BUY Must be logged in to use chart TSLA-Q Tesla Motors Inc

He looks at it as a battery company.  There is a lot of uncertainty around this company.  With a low oil price it is not as important to go on the electric side.


Price:
$188.660
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-08-23 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. The S&P 500 and Dow are now trying to make another all-time high. From a monetary point of view and bond point of view this is warranted, but he is cautious from an earnings perspective. US earnings have gone down over past quarters, so the market going up is a bit of a countertrend, but the offer of what else is available is warranted, just because of interest rates being so low. December for an interest rate increase might be a more realistic option. The Fed seems quite concerned about global issues so they keep rescinding back their talk of interest rate hikes. Even if they raise rates, they are still going to be at very low levels, which is why we are seeing markets going to new highs. He is fairly constructive on the economy. The US and emerging markets are really driving the growth that we are seeing now. Japan and China seem to be bottoming. That is offset by the euro area and the UK which could see growth coming down.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
_N/A
2016-08-23 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Canadian banks? Over the past 15+ years they have grown at a rate of double the GDP, which is hard to do consistently. We have had a housing market that has run, and debt levels that have increased. His view is that banks’ growth is slowing. Dividends are very important. A lot of the banks beat was done on the cost side. If you are looking for income, they are great investments, but as a capital appreciation, he doesn’t think they are going to rise at the pace they have.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 COMMENT Must be logged in to use chart AAPL-Q Apple

He is constructive on this company. There have been questions on the refresh cycle going forward, but he is comfortable with that. The new phone coming out will be good. If there is not a rush to it, there will be a gradual type of refresh cycle. He is positive on their move to their eco system.


Price:
$108.850
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 COMMENT Must be logged in to use chart BCE-T BCE Inc.

He likes this company. There are going to be some headwinds, but doesn’t think the pick and pay bundles are going to be that disruptive. The 4.4% dividend is the reason the stock is doing well. You are going to have to be careful, but as long as they are prudent going forward, you should see this name continue to plod along.


Price:
$61.970
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 COMMENT Must be logged in to use chart BMO-T Bank of Montreal

Moving more towards a TD type model, more geared towards retail banking. With that, you are going to see more consistent results. Less volatility, less capital market ups and downs. With their Harris Bank in the Midwest, they are branching out in the US slow and steady. Not a bad dividend. He thinks you will see a steadier approach upwards, and constructive.


Price:
$86.270
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 WAIT Must be logged in to use chart C-N CitiGroup

This is more exposed to the emerging-markets. Based on his view on potential growth going forward, this one would be in the good camp if you had to pick a bank. They’ve been under pressure with the emerging-market pullbacks, but the bigger risk for them is in the political side. Both US candidates seem to be pretty stuck on pushing the banks further.


Price:
$46.590
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 TOP PICK Must be logged in to use chart CELG-Q Celgene Corp

A biotechnology company that is primarily focused on cancer research. They take positions in companies, watch them do the R&D, and then they capitalize further. They’ve made 2 acquisitions, one in the MS space. They have a based strip cancer drug and then little bolt on drugs that combine with the based for changes in chemotherapy treatments.


Price:
$114.010
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 TOP PICK Must be logged in to use chart CERN-Q Cerner Corp.

Their premise is basically digitizing health records. Demographically that is a good place to be. There are lots of doctors’ records that are either handwritten or digital in a format that is not compatible with others. There is a US law that says that by this year you have to have this and next year you have to have that, etc. It is a forced conversion to electronic data management and records. They’ve generated about 15% revenue growth and 20% earnings growth consistently. Over the past year they’ve moved from a one-time revenue recognition model to a subscription type model, and the stock really came off. It is now started to come back.


Price:
$64.600
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 COMMENT Must be logged in to use chart CJ-T Cardinal Energy Ltd

Spartan Energy (SPE-T) or Cardinal Energy (CJ)?  Not a bad company, but he prefers Spartan.


Price:
$9.300
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 PAST TOP PICK Must be logged in to use chart CSCO-Q Cisco

(A Top Pick July 30/15. Up 12.99%.) This is like the pipeline of the Internet. It doesn’t matter whether it is wired or wireless, it is going to be good for business. They are moving from a hardware side to a services side, which gives them more recurring revenue.


Price:
$30.980
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 COMMENT Must be logged in to use chart CTC.A-T Canadian Tire Corporation Ltd. (A)

Their exposure to the economy has been better than the GDP numbers. There are concerns about their recent shift in management. Also have been pretty good on the digital side of things. They own some good brands, so there is diversification. Its really a question of exposure to the Canadian consumer, and he prefers the US consumer.


Price:
$137.410
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2016-08-23 COMMENT Must be logged in to use chart CXR-T Concordia International Corp

He is holding his position and evaluating the name. Was surprised that on the last results on the generic drug competition. There are concerns about debt levels and the company has some headwinds. This is in a better place than a Valeant (VRX-N) where there is potential fraud. Should their earnings progress, it will have the ability to pay down debt.


Price:
$11.550
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 PAST TOP PICK Must be logged in to use chart DIS-N Walt Disney

(A Top Pick July 30/15. Down 18.72%.) The problem really comes down to ESPN and its uncertainty on the cable side. He is more constructive on this in that ESPN could do their own streaming, and Disney take a piece of the NLB franchise. Doesn’t think people will be cutting the cord to the extent that some people think. Everything else is working.


Price:
$95.970
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 PAST TOP PICK Must be logged in to use chart EFN-T Element Fleet Management

(A Top Pick July 30/15. Down 29.55%.) Sold his holdings recently on the news that they were going to be splitting the company, and how they were going to be allocating costs, etc.


Price:
$13.390
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2016-08-23 SELL Must be logged in to use chart EMP.A-T Empire Company (A)

This is going to have the issues of taking over Safeway, which hasn’t been going smoothly. The exit of the CEO is indicative of that. These things just don’t happen in 6 months or a year, and all of a sudden get turned around. It could take a long time to settle out.


Price:
$21.910
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 PARTIAL BUY Must be logged in to use chart ESI-T Ensign Resource Service Group

Energy service companies have come off more so than the oil companies. Their budgets are driven by the oil companies, and also their cost structures seem to be fixed, so when the wind comes out of their sails, they still have the same cost structures. This is now at a pretty good level. You might look to pick away at these companies in the next month or so. This one is a good name and is one of the bigger ones.


Price:
$7.610
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2016-08-23 COMMENT Must be logged in to use chart FM-T First Quantum Minerals

First Quantum (FM-T) or Teck Resources (TCK.B-T)? His view is definitely more constructive on Teck.


Price:
$12.050
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2016-08-23 HOLD Must be logged in to use chart GE-N General Electric

Got rid of the divisions which had really caused them trouble. This is an industrial company, certainly on the energy and infrastructure side. High debt levels by governments and infrastructure spending will benefit them.


Price:
$31.230
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 TOP PICK Must be logged in to use chart KEY-T Keyera Corp

Great management team. Their business is conservative and their payout ratio is around 50%. They’ve consistently grown the dividend, 15 times since they started as a public company. They grow by taking smaller positions in plants and facilities, adding to those and eventually owning them outright. This allows them to get the experience in owning and running them. Their cost of financing is really low. Dividend yield of 3.9%.


Price:
$41.140
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-08-23 HOLD Must be logged in to use chart LULU-Q LuLulemon Athletica (US)

Had a really tough go with their stretch pants, management infighting, etc. Have done really well adapting to those changes, but this is a very competitive environment. Also fads are involved, and if you don’t get one right, that could be a pretty bad event. He is more on the staples side of consumer spending. Trading at 37X forward earnings, so it is expensive.


Price:
$80.240
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2016-08-23 COMMENT Must be logged in to use chart POT-T Potash Corp of Saskatchewan

This is a commodity, and this company is the purest in terms of what is available in Canada. There has been a lot of pressure on the commodity. The buying has been done once or twice a year. Big buys and the prices tend to get set and stay there. At this level, it might be interesting to look at. The commodity price has come down, they have cut the guidance, and they have cut the dividend. Anywhere at these levels, you could look potentially to add to it, but he would do it with little bites at a time.


Price:
$21.630
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 COMMENT Must be logged in to use chart SPE-T Spartan Energy Corp

Spartan Energy (SPE-T) or Cardinal Energy (CJ)? He is very constructive on this. He likes management’s strategy and their location in Saskatchewan. Feels management has very good discipline in terms of what they want to do and how they are going to do it. Very proactive in keeping the balance sheet sacrosanct, and not paying more than cash flow. At $30 a barrel they are fine. It is expensive, but will always be expensive.


Price:
$3.440
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-08-23 COMMENT Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

First Quantum (FM-T) or Teck Resources (TCK.B-T)? His view is definitely more constructive on this one. It has zinc, coal, nickel. This type of company is always going to have ups and downs, but he feels the financial crisis from 2008-2009 with their debt levels, the management team came out looking much stronger. A good, well-run company.


Price:
$20.940
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2016-08-23 WAIT Must be logged in to use chart V-N Visa Inc.

His concern right now is where do merchant fees go? In Europe, they have been a bit more aggressive in pushing them down. There could be more to go. With all the technology changing and how you pay, that is a risk for them. If we had a good market crack and the price went down, he would look at this.


Price:
$80.800
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
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