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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
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

BREXIT. The biggest thing from their perspective is, what does Scotland do. Scotland wants to hold a referendum in late 2018 or early 2019. Once they go through the two-year period of the negotiations to either stay or not stay, it is a mess. We haven’t felt one iota of economic impact in terms of trade, etc., and we probably won’t know for a year, or maybe 2, on how this plays out. It does speak to the fact that the UK and the EU doesn’t work, and eventually it is going to start coming apart. This is just the beginning.


Price: $0.020
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Sectors with the best value right now? A couple of weeks ago, low volatility areas had been underperforming significantly. Markets have been strong since the Trump election, up 10%, 15%, 20% depending on where you look and what sectors. Low volatility sectors like utilities, consumer staples have underperformed. Those sectors, right now, screen as cheap because they are much more defensive. What typically happens with fund managers, is when they are positive on the outlook for the market, they are investing in more cyclicals; whether consumer, industrial or technology, companies that are going to get much more of a beta lift when the markets are doing well. When the markets are expected to correct, they can’t go to cash, most managers have to stay fully invested. They sell their consumer cyclical and they buy a consumer staple; they sell their industrial and buy a health care; sell their financial and buy a utility. This takes down their beta or their sensitivity to the downside. The low volume sectors are somewhat attractive right now compared to some of the more cyclical sectors.


Price: $0.020
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Sectors you like and dislike? Real estate is interest rate sensitive, so not his favourite right now. He is underweight. What is really cheap? A couple of days ago, gold was cheap and he was nibbling in this sector. However, if you are talking about a strategy for the long-term, the next 2, 3, 5 years, financials in the US are still pretty cheap. When he is tactical, and moving money around pretty actively, he is looking out 3 months, maybe 6. He has no idea what is going to happen 4 or 5 years from now.


Price: $0.020
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment: Long-Term Investing. This is on geopolitical and global macro, because a lot of global hedge funds macro views and look for themes in markets. This week, Canada has their budget. Global investors look at things like this and look for what is diverging and what is different, and is it good or bad compared to others. The US is cutting taxes, both corporate and personal, while Canada is raising taxes. Global money follows the flow of funds. Canada has net outflows on capital account, net outflows on current account, so we run trade deficits. There is less money coming into Canada so the global investors see that Canada is vulnerable and if they Short Canada as well as the currency, will the Bank of Canada raise rates? Investing in Canada has a lot to do with oil, and as oil goes, so goes the TSX.

If the budget is as bad as he thinks it is going to be, in terms of taxing capital and savings, you use inverse ETF’s. HBP 60 Inverse ETF (HIX-T) is an inverse play on the TSX 60. While Canada is somewhat cheap this year, it is only going to grow at 1.5% a year over the next 5 years, and only because they are borrowing money.


Price: $0.020
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Lyle Stein

Markets. YOMO (Year of Missing Out) is a great description of the Toronto housing market, but we are also starting to get this in equity markets. Stocks are moving, but simply because everyone is afraid to Sell as you don’t want to miss out, and valuations are starting to get stretched, and no one wants to get out of equities because Donald Trump is going to solve all the world’s problems. We have seen this great interest rate increase, which is usually a sign of good times, but investors are already paying for the tax that is going to get cut, and we are already paying for the regulations that are going to get cut. If people’s expectations are not filled, they tend to get disappointed, and the next response is to Sell.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Lyle Stein

When will Canadian banks have stock splits? The time is close. Once they get over the $100-$120 level, it is probably time for a split. Splits don’t matter. They are just basically creating more shares at less price.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2017-03-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lyle Stein

Zinc. Inventories are down and supply is limited. Chinese are shutting some capacity in, in terms of the refining of the raw metal. Zinc is on a roll. It has been tight, and will probably stay tight as mines have shut down. There is no reason the price cannot spike up to the $2 levels. The best 3 plays in Canada are Teck Resources (TECK.B-T), the world’s largest net zinc producer; Hudbay Minerals (HBM-T) an intermediate play; Trevali Mining (TV-T) a more junior company.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2017-03-20 BUY A Comment -- General Comments From an Expert
A Commentary
Jim Huang

Canadian Banks? These are in a very enviable regulatory environment, having very few competitors. They have stable businesses, make a lot of money, pay good dividends with reasonable growth. Also, there is the issue of the housing market. If there was a significant correction in Vancouver and Toronto housing, that would hurt all the banks. These should be a core part of your portfolio.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 N/A A Comment -- General Comments From an Expert
A Commentary
Jim Huang

Canadian Federal Budget. We’ve heard that there might be some tax increases coming, potentially in the capital market, which would not be encouraging. The government needs to raise money for some of the initiatives they have, especially with infrastructure building which is behind schedule. To the extent that they use the money to accelerate infrastructure building to encourage innovation, that would be a good thing.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2017-03-20 PAST TOP PICK Agnico-Eagle Mines
AEM-T
Lyle Stein

(A Top Pick March 31/16. Up 21%.) He kind of liked the gold market at that point. Today, he is quite intrigued because they have a combination of growth and low cost mines. A Canadian high quality production. To him, this is a core holding in the gold sector


Price: $57.460
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 COMMENT AltaGas Ltd
ALA.R-T
Jim Huang

If you like Altagas, then clearly you want to own the subscription receipts. It trades at a discount, but you get the same dividend. The receipts are issued for the purpose of finalizing the acquisition of WGL Holdings, a utility company in the US. If it does not get regulatory approval, the money gets returned to you. He doesn’t see anything to lose. It’s a good acquisition for them. If you have a medium to long term time horizon, this should perform well for you.


Price: $29.950
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Algonquin Power & Utilities Corp
AQN-T
Jim Huang

2017 is probably going to be a pretty decent year for this company. It is a combination of an unregulated power developer as well as owner of a lot of regulated utilities, especially in the US. They’ve done very well with a strategy of acquiring smaller orphaned utilities, managing them better, and passing on some of the tax synergies, being a Canadian holding company. At some point, when it gets big enough, there will be less accretion continuing, but for 2017-2018 they have more than enough runway for growth. Have been growing dividends very rapidly.


Price: $12.570
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Lyle Stein

This had a bit of an earnings miss when their margins weren’t quite what people thought they were going to be. This has been a great growth story. All great growth stories need to have time to congeal and build themselves up for the next level. As a buyer, be disciplined. Set a price target at where you would want to own. If you get it, you got it on sale.


Price: $58.690
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2017-03-20 COMMENT Brookfield Asset Management (A)
BAM.A-T
Jim Huang

This has been a great performer long-term, so it’s perfect for long-term accounts like RESP’s. Run by a very smart management team with a very long track record. They’ve gone from direct holding of real estate assets to more of a fee generating management company. This gives higher margins and they are able to leverage outside investors as well. Not a cheap stock.


Price: $48.270
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Blackbird Energy Inc
BBI-X
Jim Huang

A gas exploration company focused in the Montney, Canada’s premier gas play. A really good land package and have been working on it for a few years. They finally translated some of the exploration results and have the prospect of getting into production. One issue is access to market. They’ve made some arrangements, so that is coming. This is for people who can take a bit higher risk.


Price: $0.520
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 TOP PICK BCE Inc.
BCE-T
Lyle Stein

This has come down because there of concerns about slowing demand for services and potentially rising interest rates. You are getting almost a 5% dividend yield, and it is going to grow. It has great cash flow generating ability. He likes their Manitoba telecom acquisition as it gives them more synergy potential. (Analysts’ price target is $60.)


Price: $57.560
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 COMMENT Baytex Energy Corp
BTE-T
Lyle Stein

This was hurting big time a year ago; really suffering under the much, much deteriorating balance sheet, caused by debt, caused by making acquisitions. They got through it and had a nice recovery into the summer of 2016, but as oil prices weakened they are now struggling.


Price: $4.540
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2017-03-20 BUY on WEAKNESS CitiGroup
C-N
Jim Huang

All the banks have had a great run since the Trump election, partly premised on deregulation. Dodd-Franks has been a burden, so deregulation will be good for them. If the regulatory burden gets less, they would then have a lot of excess capital, which could potentially be returned to shareholder by dividends and buybacks. Compared to Canadian banks, this is still very cheap, especially on Book Value. This one is very exposed to international markets, and Mexico comes to mind. On balance, it is probably a good one to get into, preferably after a pullback after its very strong run.


Price: $59.590
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 HOLD Cineplex Inc
CGX-T
Lyle Stein

He continues to like this. It had a disappointing 2016, not the best year for movies. In spite of the weak Q4, they are getting increasing revenues from non-theatre tickets. They are expanding their revenue streams from gaming and media sell. You get the upside when you get a good movie cycle, but this is a business that is well-run with stable cash flows. Pays a 3% yield.


Price: $50.770
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 HOLD Canadian Imperial Bank of Commerce
CM-T
Lyle Stein

He owns all the Canadian banks and likes that they are able to grow their dividends. Their capital ratios are improving. Being more of a domestic bank that some of the others, this has done very, very well. Dividend yield of 4.3%.


Price: $117.120
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 WAIT Canadian Imperial Bank of Commerce
CM-T
Jim Huang

It is always a good time to get into Canadian banks, because it is such a good business model. The last quarter was very good all the banks, and this one did particularly well with the domestic mortgage growth, etc. A lot of their growth comes from the mortgage side, which is benefiting from the strong housing market. This pays a good dividend and has a reasonable growth. After the strong run they’ve had, it might be a time to wait before getting in.


Price: $117.120
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Canadian Natural Rsrcs
CNQ-T
Jim Huang

Just acquired working interest in the Athabascan Oil Sands. Once again we are seeing foreign companies exiting the Canadian oil patch, which seems to happen every couple of decades or so. Every time they do so, it tends to be a good time to get in. On a running cash flow basis, it is basically a cash flow machine, using the money to buy more properties, grow more or return it to shareholders in the form of dividends and share buybacks.


Price: $43.040
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Canadian Pacific Rail
CP-T
Lyle Stein

There is talk of a merger with CSX (CSX-Q) that is going to take time. Hunter Harrison has his hands full in trying to squeeze costs out of CSX as fast as he did with CP, which has now consolidated. There is now talk that “oil by rail” is going to come back in. There are upticks in industrial activity, which is good for all rail stocks. He is looking hard at this but would like to see some better pricing. He likes other sectors at this time.


Price: $195.510
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2017-03-20 COMMENT Crescent Point Energy Corp
CPG-T
Jim Huang

He likes this. It has high leverage to oil prices, and he believes oil prices are going to go higher from here. This has one of the best land positions in Saskatchewan, Manitoba, and the US. In the past, they’ve had some issues with excess of issuing shares that diluted the company on a short-term basis. He feels they are putting a stop to that and will do much better going forward.


Price: $14.280
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2017-03-20 COMMENT Dollarama Inc.
DOL-T
Jim Huang

This has done very well in expanding their business. The thesis is that the Canadian market is under penetrated and under stored compared to the US. They have obviously come a long way in catching up. There is still a couple more years for them, in terms of catching up. They have some feelers in South America. In the meantime, they are going to continue to introduce some higher-priced items. It is a higher risk stock now compared to what it used to be.


Price: $99.710
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: No
2017-03-20 PAST TOP PICK DIRTT Environmental Solutions
DRT-T
Jim Huang

(A Top Pick March 1/16. Up 25%.) They had some big orders from the oil patch, but with the oil price downturn, that went away. However, in 2 years they made up all of their lost revenue, and got more sectors involved. There is a lot more room to grow. They are just getting started.


Price: $6.700
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2017-03-20 TOP PICK DIRTT Environmental Solutions
DRT-T
Jim Huang

You could think of this as a modular furniture company, but it is not just furniture. They do walls, they do the whole design. Give them an empty space, they can get it done. It gets measured and put it into proprietary 3-D design software so you can visualize what it looks like. What is more impressive, is that they basically have it all priced out instantaneously. (Analysts’ price target is $8.63.)


Price: $6.700
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2017-03-20 BUY on WEAKNESS Enbridge
ENB-T
Lyle Stein

One of those great Canadian businesses that amounts to a monopoly, or a very limited market. This is a wonderful business. They’ve had an incredible track record over the past number of years. They consistently raise their dividend. If it got a little weaker, he would be looking to add to his holdings.


Price: $54.490
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 COMMENT Facebook
FB-Q
Jim Huang

This always trades at a pretty expensive multiple based on short-term earnings, and becomes even more when it becomes clear that this is a default place people go when they want to do online advertising. They’ve been pretty smart in deploying capital and making acquisitions. As long as they continue to do that, this will continue to do well.


Price: $139.940
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT iShares Canadian Financial Monthly Income E.T.F.
FIE.A-T
Larry Berman CFA, CMT, CTA

The distribution on this is somewhat fixed. They are paying out north of a 6%-7% yield. If you look at what is in it, there is nothing that yields that much. Looking at all the banks and the other income generating securities this owns, the average is about 4%. This is paying out about 3% extra, which is capital gain you would’ve otherwise been getting from the share price. This is why you are not seeing a lot of upside in the price movement of this ETF.


Price: $6.910
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT First National Financial
FN-T
Lyle Stein

One of the alternative lenders. A great earnings story and a stable company. The fears regarding real estate is what caused the draft down in the stock price, in the latter half of 2016. However, as a dividend generator, it is a pretty stable business. A very tightly controlled company which he likes. Their software is 2nd to none. This is the kind of name you can own and feel comfortable doing so.


Price: $26.950
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 COMMENT Fortis Inc.
FTS-T
Jim Huang

Basically an electric utility company. Pretty much all the businesses are regulated. This started as Nova Scotia Power. Lately they have been diversifying into the US. The stock has been flat in the last while because they had to issue a lot of stock to finance acquisitions, but in the medium to long term, those will pay off. If interest rates go up there will be some negative impact, but there should be more than sufficient growth to offset that.


Price: $42.530
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Hudbay Minerals Inc.
HBM-T
Lyle Stein

Zinc and copper. He’s been happy owning this over the years. A well-managed company. They’ve made good investments to expand their production out of Manitoba and into south America. Have some really good mines in both countries. Zinc gives you the near term kind of kick, while copper is the metal that everybody is questioning as to what is going to happen to it in 2020-2022. A nice way to participate in the metals rally.


Price: $9.880
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 PAST TOP PICK High Liner Foods
HLF-T
Lyle Stein

(A Top Pick March 31/16. Up 23%.) They’ve had a couple of disappointing quarters as their growth projections didn’t quite come to fruition. Dividend yield of 3.1%.


Price: $17.780
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 TOP PICK Intertape Polymer Group
ITP-T
Jim Huang

This basically makes tapes. Designs things like Scotch tape, as well as making a lot of tape for industrial use, and for e-commerce. They control costs partially by phasing out older plants and building bigger and more efficient ones. Stock has been a little flat in the last couple of months because of flooding in one of their new plants, but that is fading away now. Dividend yield of 3.3%. (Analysts’ price target is $27.75.)


Price: $21.940
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2017-03-20 HOLD Manulife Financial
MFC-T
Jim Huang

One of the bigger lifecos in North America, but also has some bigger strengths in Asia, one of the fastest growing areas globally. With interest rates going up in the US, all the lifecos should benefit, this one in particular. There was a lot of noise in the last quarter. Things come together causing short-term pain, but these should pass. Expects they will do quite well in the long-term.


Price: $24.010
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 PAST TOP PICK Magna Int'l. (A)
MG-T
Jim Huang

(A Top Pick March 1/16. Up 14%.) This has gone through some tough times. Auto sales had a huge recovery from the bottom of 2008. Sales are pretty much at an all-time high, both in the US and globally. They’ve also had some issues from foreign currency translation, mostly because the US$ went up. He still likes the company and management. No longer in the stock, but there will be a time to buy this again.


Price: $58.680
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: No
2017-03-20 COMMENT New Flyer Industries Inc.
NFI-T
Lyle Stein

This has been in a great position to benefit from infrastructure spend, and will continue to do so as North American transportation fleets need to be improved. They have done an amazing job of tucking in acquisitions, and are now a real dominant provider of coaches. He is looking for things where a little disappointment has set in, as opposed to paying for all the good news.


Price: $45.260
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2017-03-20 PAST TOP PICK Northland Power Inc
NPI-T
Lyle Stein

(A Top Pick March 31/16. Up 19%.) He was looking for stability and for its yield. He expects to see further dividend growth because of the wind projects in the North Sea, that are now coming into fruition. They’ve just announced another project for later on, plus you get the possibility of something happening because the company is looking at strategic alternatives. Dividend yield of 4.4%.


Price: $24.410
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 DON'T BUY Potash Corp of Saskatchewan
POT-T
Lyle Stein

Potash is an industrial material. You do not want to be invested in industrial material stocks when there is excess capacity. This has plagued the potash market for years. You have time before investing in this one. The dividend has been cut. Dividend yield of 2.3%.


Price: $22.990
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2017-03-20 COMMENT Painted Pony Petroleum
PPY-T
Jim Huang

A small company in the Montney gas play. They have big resources and big upside if they were to be acquired. The issue is that gas prices have been pretty weak. They continue to issue stock to finance their activity, which is negative for the stock in the short term.


Price: $5.540
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 TOP PICK PrairieSky Royalty
PSK-T
Lyle Stein

One of the oil patch casualties that has actually done okay. He likes royalty structures because you don’t have capital investment risks, and this one has no debt on the balance sheet. Oil price recovery gives them torque to the upside. During the horrific oil environment of 2015-2016, they proved their ability to generate good cash flow. Dividend yield of 2.7%. (Analysts’ price target is $34.75.)


Price: $28.250
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 TOP PICK Parex Resources Inc.
PXT-T
Jim Huang

An oil company in Colombia. Colombia has been one of the hidden gems in South America. The last couple of Colombian presidents have really brought stability to the country. Very friendly to oil exploration. This company has a great track record with previous companies. Good exploration and growing their reserves and production, and it is cheap. With higher oil prices, this will do very well. (Analysts’ price target is $22.)


Price: $15.830
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2017-03-20 COMMENT Power Share QQQQ ETF
QQQ-Q
Jim Huang

If you like the Tech sector, this is one stop shopping. An ETF that represents the NASDAQ 100. A good way to diversify without having to buy individual stocks. Tech stocks have generally done very well over the last few years, although some of are getting to be fully valued.


Price: $131.810
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Shopify Inc.
SHOP-T
Larry Berman CFA, CMT, CTA

Play this through options? The longest option he can see is October. Looking at the current Strike Price, it is around $90Cdn. He prefers Writing options as opposed to buying them. Looking at a $74 option, almost 20% below the market, you could Write a Put today and take in about $2 to $3, meaning you could make a couple percent, waiting to buy this cheaper. He loves these kinds of strategies.


Price: $92.000
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Shopify Inc.
SHOP-T
Jim Huang

This company makes a lot of sense in what they do, helping small companies go online for 1-stop shopping. It is clearly not making any money right now, and have just started turning cash positive. You have to look down the road and assume they will have continued growth. They are also getting into things like shipping and payments. Has been pondering this one, but hasn’t come to any conclusion.


Price: $92.000
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: No
2017-03-20 BUY on WEAKNESS Spartan Energy Corp
SPE-T
Jim Huang

Operationally, they’ve been performing very well. They continue to explore their asset base and with applying new technology, getting more production out of their reserves. Highly levered to the oil price, which hasn’t exactly been on fire in the last several months. If the US border adjustment tax comes into effect, this might have some impact on Canadian exports.


Price: $2.440
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 TOP PICK Toronto Dominion
TD-T
Lyle Stein

This bank bore the brunt of the negative publicity on the CBC announcement. The reality is, this is a buying opportunity. It is now trading at a multiple that is less than the banking industry in general. Dividend yield of 3.6%. (Analysts’ price target is $71.50.)


Price: $65.600
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 BUY Toronto Dominion
TD-T
Jim Huang

If you liked this bank before the news broke, he doesn’t think anything has changed. What was revealed in the news was not positive, but he wouldn’t be surprised to see any “for-profit” organization that didn’t have a conflict of maximizing sales versus taking care customers. The question is, what kind of policy does the company have to prevent that conflict and to resolve it. According to TD’s official statement, they do have a strong policy, they do investigate it and they do take care of it. He would look at this as a buying opportunity.


Price: $65.600
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT Teck Resources Ltd. (B)
TECK.B-T
Lyle Stein

This was the star of 2016, but has softened as met coal prices retreat from $300 to $150 a ton. What is not being factored in is that zinc prices continue to hit close to 5 year highs. Copper prices have fallen in the last little while, but are much higher than they were a year ago. It is generating incredible amounts of cash flow. Debt went down by $1 billion in Q4, and will probably do the same in Q1 of this year. At this price, you get upside optionality. You’ve got a much cleaner, better, safer company in which to invest. He bought more at under $28.


Price: $28.580
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2017-03-20 COMMENT Valeant Pharmaceuticals
VRX-T
Lyle Stein

Struggling with massive amounts of debt, which was acquired when everything was looking great. The problem was, the assets they bought they probably overpaid for by using cheap paper. $30 billion is a lot of debt and he doesn’t know how they overcome it. He doesn’t like bottom fishing.


Price: $14.200
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2017-03-20 COMMENT BMO US Put Write Hedged to CAD
ZPH-T
Larry Berman CFA, CMT, CTA

ZPH-T or ZPW-T? He likes them both. When he thinks the CDN$ is going to get weaker, $.02, $.03, $.04, he wants ZPW. When he thinks the Cdn$ may get stronger, then he wants this one and wants to hedge the currency risk.


Price: $19.980
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-20 COMMENT BMO US Put Write ETF.
ZPW-T
Larry Berman CFA, CMT, CTA

ZPH-T or ZPW-T? He likes them both. When he thinks the CDN$ is going to get weaker, $.02, $.03, $.04, he wants this one. When he thinks the Cdn$ may get stronger, then he wants ZPH and wants to hedge the currency risk.


Price: $19.210
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-20 BUY BMO Canadian High Dividend Covered Call ETF
ZWC-T
Larry Berman CFA, CMT, CTA

BMO high dividend or BMO Europe high dividend? He loves these and uses them in his fund. When you want to play defence, a high dividend concentration in stocks, tend to have lower downside risk. If you do this with a Covered Call, you get an enhancement on your yield. This one has close to a 6% yield, not a bad way to play Canada.


Price: $20.020
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Yes
2017-03-20 BUY BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
Larry Berman CFA, CMT, CTA

BMO high dividend or BMO Europe high dividend? He loves these and uses them in his fund. When you want to play defence, a high dividend concentration in stocks, tend to have lower downside risk. If you do this with a Covered Call, you get an enhancement on your yield.


Price: $21.590
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Yes
2017-03-20 COMMENT BMO Covered Call Utilities ETF
ZWU-T
Larry Berman CFA, CMT, CTA

What is the downside risk? This has 80% pipelines, telcos, utilities in Canada and 20% in the US. Generally utilities, telcos and pipelines are big dividend players. This is yielding about 7%, a very nice yield, but extremely interest rate sensitive. In 2013, when the US Federal Reserve was first talking about raising rates, we had the taper tantrum. This ETF went down pretty hard, but then came back up when the Fed backed off. In 2015, there was a big drop because of pipelines, when oil prices were coming down. You have to understand what you are holding.


Price: $13.930
Subject: STOCKS & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-20 PAST TOP PICK Sleep Country Canada Holdings
ZZZ-T
Jim Huang

(A Top Pick March 1/16. Up 70%.) Not a cheap stock, but continues to be justified because some of the former competition is no longer in effect, which has left a lot of market share up for grabs.


Price: $31.890
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Yes
2017-03-17 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Market. To some extent, weak consumer sentiment is holding back Canadian stocks. The consumer in Canada is largely overspent. Debt levels have been rising to very, very high levels, which would put a lot of pressure on a lot of people if interest rates were to go up very much. Also, our economy has been a little more tepid than what has been in the US. There is a lot of expectation built into the US market that could prove to be somewhat disappointing down the road. This is a time to be cautious, paying really hard attention to valuations, what you are paying for stocks, why you are buying them, what is your holding period and how does it fit into your portfolio. This is a good time to have a reserve on the side.


Price: $0.020
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: _N/A
2017-03-17 PAST TOP PICK Arc Resources Ltd
ARX-T
Michael Sprung

(A Top Pick Feb 4/16. Up 7%.) A really well-managed company. Oil and gas exposure. A yield of about 3%. Good balance sheet and well diversified in terms of operations.


Price: $18.880
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2017-03-17 COMMENT BCE Inc.
BCE-T
Michael Sprung

The challenge is, how do they increase the subscriber base when the business model is changing so rapidly. The Internet is changing things hugely. Last year, more people cut the cable and their subscriptions to paid TV, than ever before. They are all going to easy internet protocol type things. At the end of the day, what becomes of our major telecom companies? Are they becoming Internet providers, and offering services like Netflix? The wireless is the one thing they’ve been able to hold on to, and this is where BCE really has the advantage. They’ve managed to keep the dividends growing as they’ve been able to keep earnings growing.


Price: $58.300
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
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