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

Recent Opinions

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Date Signal Company Expert Opinion Price
2017-09-13 COMMENT Magna Int'l. (A)
MG-T
Michael Sprung

Has been looking at this recently. On a valuation basis, it looks quite reasonable. What is affecting this is not so much political, but the changing dynamics within the car industry. Between autonomous vehicles possibly coming in, car sharing programs, Uber programs, and the dynamics of how people are going to own automobiles is changing. Nonetheless, someone is still going to have to make the parts and build the components, and this company is well positioned to do that. They have significant manufacturing capabilities globally.


Price: $59.860
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-13 COMMENT Microsoft
MSFT-Q
Paul Gardner, CFA

Had a great run. When he bought it, it was on a free cash flow yield basis of about 12%. Now it sits with a 5%-6% free cash flow yield. Their Cloud-based business has exploded upwards. Office Suite 65 has done incredibly well. The only issue is valuation. It used to trade at 10X earnings, but now trades at 25X. If you take out the cash, it is more like 15X. Thinks there is more upside, but he is cautious. He is going to look at this in the next couple of weeks as to what he is going to do with reallocating.


Price: $75.210
Subject: REITs, BONDS AND DIVIDEND STOCKS
Bias: UNKNOWN
Owned: Yes
2017-09-13 PAST TOP PICK North West Company
NWC-T
Michael Sprung

(A Top Pick Nov 4/16. Up 23%.) Still considers this as a Buy. It is nice if you can get it under $30. They will be impacted a little by the hurricane as they had 12 stores in the islands, which would have represented about 10% of pre-tax profit. Giant Tiger has been lagging, but they have been doing some tremendous adjustments in their management of product in the far North, and margins and market share have been going up. Has a new delivery system with the air transport that they purchased. Good company and good dividend.


Price: $30.090
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-13 COMMENT Painted Pony Energy
PONY-T
Michael Sprung

Among the junior intermediates, this is a well-managed company. At these levels, this has caught his attention. They run a very good operation, and tend to have a fairly good discipline on their capital deployment. This is one he would be looking at to add in the near future.


Price: $3.190
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2017-09-13 COMMENT Sun Life Financial Inc
SLF-T
Michael Sprung

Likes the longer-term outlook, not only for the fact that in a rising rate environment insurance companies tend to benefit, but also in the way they have been able to change their business mix over the years, with an emphasis more on wealth management, pension planning and retirements. They are well positioned in the US. This is a company you can be very comfortable in owning going forward.


Price: $46.920
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-13 COMMENT Stuart Olson Inc
SOX-T
Michael Sprung

This has had its share of difficulties over the years, with some fixed price contracts that went overpriced. There was also a slowdown in energy industry, and they were largely exposed to Alberta at the time. They’ve made attempts to diversify. With the proposed spending going forward on infrastructure, their industrial segment should pick up. Believes this still has significant upside.


Price: $5.300
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-13 TOP PICK Toronto Dominion
TD-T
Paul Gardner, CFA

This just blew out the numbers last quarter. Trading at a reasonable 1.7X BV. Great ROE in Canada, but are adding a fair amount of earnings power through their US network. With interest rates going up in Canada, and somewhat in the US, that benefits the bank. Dividend yield of 3.6%. (Analysts’ price target is $74.)


Price: $67.070
Subject: REITs, BONDS AND DIVIDEND STOCKS
Bias: UNKNOWN
Owned: Yes
2017-09-13 COMMENT Teck Resources Ltd. (B)
TECK.B-T
Michael Sprung

In the last day or so, we have seen a few of the mining stocks suffering from fairly rapid setbacks. What was driving this company up to now was a very good met coal market. Right now, he thinks people are stepping back and saying “We have seen some strength in commodities lately, but how sustainable is it, and how likely is it going to last.” The pullbacks might be a bit of a buying opportunity.


Price: $26.730
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2017-09-13 COMMENT Tourmaline Oil Corp
TOU-T
Michael Sprung

An extremely well-managed company. Until recently, it has always looked expensive to him, relative to some of the alternatives in the oil patch. It is nearing areas now where it is beginning to hit his screens, and he is beginning to take a closer look at it. This could be a good opportunity.


Price: $24.830
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2017-09-13 TOP PICK Vermilion Energy Inc
VET-T
Michael Sprung

Has operations in the Netherlands, Germany, Ireland and North America. A very solid free cash flow generator even at today’s prices. Well valued and well-managed. Dividend yield of 6.1%. (Analysts’ price target is $50.)


Price: $43.900
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2017-09-13 COMMENT Sleep Country Canada Holdings
ZZZ-T
Michael Sprung

Hasn’t been spending a lot of time working on this, but what is impeding its progress lately probably has more to do with encroaching competition in that industry. There have been more Internet mattress sellers coming on stream lately. Also, they are facing some cost escalations. Feels they are generally facing some fundamental shifts in retail. He would be very sensitive to the valuation you pay on this.


Price: $32.090
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2017-09-12 N/A A Comment -- General Comments From an Expert
A Commentary
Cameron Hurst

Market. There are better markets in the world than Canada right now. His global strategy allocation strategy looks at where he wants to be invested. The oil patch is really struggling and there is a major capital flight out of there. People are saying the GDP is quite strong, so of course we have the Bank of Canada with back to back hikes. He would take the other side of the argument and would support the idea that there is a policy error underway right now. The Bank of Canada has seen a huge rally in the Cdn$, which takes the air out of exports. A 2nd hike in rates would be a mistake. The stronger Cdn$ makes it a great time to buy foreign assets right now. France and India both look great to him. The US has some good pockets as well.


Price: $0.020
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: _N/A
2017-09-12 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Market. The global economy is improving. Canada’s 2nd quarter GDP number has surprised on the upside, 4.5% annualized. In the US, even though growth expectations may have moderated a little post election, the 2nd quarter has been revised up to 3%, better than the 1.6% we saw last year. We are seeing growth in Japan, and China looks like they are going to meet their 6.5% target growth rate. Global GDP was improving and profit growth is improving. In the background, there is very tame inflation, so many Central Banks including Canada and the US, will start to become less accommodative on raising rates, and will be very cautious. There is no reason to do this quickly, because inflation is so benign right now.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-09-12 COMMENT Apple
AAPL-Q
Cameron Hurst

Today is the launch of their new Iphone. It is possible there is a two-tiered approach happening. It is a very high price for a new phone, the A8+, and the X, which is new. If you set the price point of X at a higher level, there are a couple of things that can happen by splitting that market and fitting it into 2 pools. There is the classic trade of selling Apple once it reaches the product launch. How do they defend the new product. Maybe they are coming up with a strategy where this is early technology with augmented reality. If they can produce the X version at a very high price point by demonstrating the power of the technologies that they have, but ultimately they are probably going to work out a few kinks, needing more powerful processors to get it humming. They can then get that into a mass model, maybe at a later stage. If they can just show any number of different commercial applications, there is a big addressable market. If they can show that it may maintain the multiple, get the product launched at a more reasonable price point, it is possible they can skate along a pretty thin line.


Price: $160.860
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 WATCH Apple
AAPL-Q
Cameron Hurst

This stock has really done well. It has been a great performer this year, relative to tech and relative to the market. It’s an easy one to look at and think they’ve got so much going for them. They’ve got the services they are building out and trying to get revenue to $50 billion by 2020, so they are diversifying. Has great momentum. He would be cautious. The multiple is getting pretty full. He would hold it into this product launch and then assess it in a day or 2, and see how they do.


Price: $160.860
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 COMMENT Apple
AAPL-Q
Christine Poole

The iPhone 10 is quite expensive. Carriers in the US and the UK will no longer subsidize the phones, and it is going to be a really hard sell to spend that kind of money. It doesn’t really address the issue of what is happening in China. They’ve been losing unit volume share there. In China, it is a substantial amount of money to pay for even the revamped iPhone 8, let alone the iPhone 10.


Price: $160.860
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-09-12 COMMENT Alamos Gold Inc
AGI-T
Christine Poole

Made a bid to acquire Richmont Mines (RIC-T) which is considered as a good acquisition for them. It will increase their Canadian exposure in a more politically safe environment. It will also increase their production profile and lower overall costs. It is probably a decent holding for gold exposure.


Price: $8.800
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 COMMENT Amazon.com
AMZN-Q
Cameron Hurst

They became a much more diversified company than they used to be. Then they are going to bricks and mortar grocers. His company’s research has done a really good analysis and you are in for a bumpy road. Their whole MO now is to lean it up, take the price down, and ultimately invest in the franchise which gives them a point-of-sale and a whole bunch of infrastructure that they needed and wanted. But to beat out Kroger, Safeway and Target, they are going to price competitively, and those guys are going to have a really tough time. This is going to take some time as they have some pretty fierce competition in the grocery space. It is probably a little pricey right now, but the model and the franchise is absolutely stellar.


Price: $982.580
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 COMMENT Amazon.com
AMZN-Q
Christine Poole

Ali Baba (BABA-N) or Amazon (AMZN-Q)? Both are online retailers. As a value investor, it is very difficult for her to own either. If she had to choose one, it would be this because they have the Cloud service business, which is very profitable. That sector is growing very fast and the penetration rate is quite low. Their retail side generates very, very low operating margins, but it is being more than offset by their web service offering. Growing very, very quickly and are investing. They are really focused on generating profits, but are reinvesting in their business.


Price: $982.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 COMMENT Boeing
BA-N
Christine Poole

Had owned this for a number of years, but sold it too soon. The stock has done quite well. Typically, you buy airline manufacturers when they are building their backlog. 30% of their business is defence, a sector that has done quite well this year. The stock should continue to do well because of its defence exposure. Eventually, as they start building out their planes, they should generate a lot of cash flow, which is a positive for the stock.


Price: $240.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 COMMENT Alibaba Group Holding
BABA-N
Christine Poole

Ali Baba (BABA-N) or Amazon (AMZN-Q)? Both are online retailers. As a value investor, it is very difficult for her to own either. If she had to choose one, she would lean towards Amazon because they have their Cloud service business, which is very profitable. That sector is growing very fast and the penetration rate is quite low.


Price: $175.310
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 COMMENT Bank of America
BAC-N
Cameron Hurst

He likes this because it is a domestically focused franchise, good at what they do, and great capital levels. Regulations are taking a softer tone now which helps. Where you have to be cautious on this is the yield curve. Right now, if you look at the spread between the 10 year and the 3-month Treasury yields, it gives you a reasonable proxy for a net interest margin improvement or shrinkage, and this is ultimately going to be a little tough for this company. However, he doesn’t see a lot else to worry about.


Price: $23.950
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 TOP PICK Brookfield Asset Management (A)
BAM.A-T
Christine Poole

An alternative asset manager. They invest their money and shareholders money into 4 general areas, property, infrastructure, renewables and private equity. If you buy this, you get global exposure. They have very attractive profiles. The company looks for assets that are long life and can provide stable cash flow streams. They tend to have a very strong balance sheet, as they like to buy sectors when they are out of favour. Dividend yield of 1.4%. (Analysts’ price target is $45.)


Price: $48.270
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 PAST TOP PICK CBS Corp
CBS-N
Cameron Hurst

(A Top Pick April 6/17. Down 15%.) This one hasn’t been as positive as he would like. It turned after the 1st quarter earnings. The 1st shot across the bow was the cable guys talking about cord cutting, and then ultimately ad spending team and a little bit weaker than what he was expecting.


Price: $58.820
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Yes
2017-09-12 WATCH CCL Industries (B)
CCL.B-T
Christine Poole

This hasn’t done well, but at the top of the chart, it was overvalued. When the Cdn$ was going down this was viewed as a proxy that would benefit from the weaker Cdn$, because a lot of their operations are outside of Canada. Now that the Cdn$ is strengthening, that is going to be a headwind. A good company and doing well in its businesses. It just has to grow a bit by acquisitions. It’s on her watch list as a possible Buy.


Price: $57.140
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 HOLD Cineplex Inc
CGX-T
Christine Poole

Had been buying for new clients earlier this year and unfortunately, they are underwater. If you own, you should keep holding it. Yields over 4%, so you are getting paid to wait. The traffic into theatres was obviously soft, which she thinks was the movie slate. 2015 and 2016 were both record banner years. In the last 4-5 years, box office sales have continued to increase, as well as the number of tickets sold. Thinks the slate will improve. Management is trying to diversify out of just being in theatres, and making investments in the Rec Room, online gaming, Top Golf, etc. There is no rush to buy right away, because we know the 3rd quarter is going to be soft. If thinking longer-term, you can slowly start to add here.


Price: $38.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 BUY Canadian National R.R.
CNR-T
Christine Poole

Growth stock for a dividend investor? This would be a high-quality growth stock. A very strong operator and obviously benefits from an improving economy and improving trade. It has a record of an increasing its dividends. This is the best operator of all the rails.


Price: $99.660
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 PAST TOP PICK Chartwell Seniors Housing
CSH.UN-T
Christine Poole

(A Top Pick Sept 13/16. Up 2%.) Has held this for a number of years. Pays a good yield of about 4%. Thinks it has pulled back a little with the increases in interest rates. However, she likes the long-term story. They are the largest operator of retirement homes in Canada, and are well positioned to continue to grow.


Price: $14.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 COMMENT Cooper Tire & Rubber
CTB-N
Cameron Hurst

This has an interesting trajectory right now. It’s been a very volatile stock. Their recent earnings were a beat. He has some pretty cautious perspectives on OEMs, but the parts have held in OK. The chart shows a lot of volatility, and that doesn’t check his box. It’s in a subsector that he is comfortable with, but the volatility is too much. There are safer places to be.


Price: $35.300
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 DON'T BUY Concordia Healthcare
CXR-T
Christine Poole

Doesn’t think this is investable. Net debt to EBITDA is about 11X, which is very high. They have absolutely no visibility in terms of pricing in the UK, because the whole pricing regime is changing. She can’t see how they are going to pay the debt which comes due in 2021.


Price: $1.620
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 COMMENT Walt Disney
DIS-N
Christine Poole

The CEO spoke at a conference last week, and brought earnings guidance down for the fiscal year 2017, which ends in September. With the hurricanes in Florida, they are going to see less traffic including decreased occupancy in hotels. Have also had to cancel some of their cruise ships. They are going to start streaming direct to consumers’ platforms including ESPN. They envision this to have 10,000 new sporting programs that they are not currently showing. See it as being an a la carte menu where you can just choose to watch one big game or one league, without having to tap them all. The 2nd platform is their Disney platform which is going to include Disney Pixar, Marvel and Lucas films, which they are going to launch in 2019. All of this looks promising.


Price: $97.890
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-09-12 COMMENT Enbridge
ENB-T
Christine Poole

She likes it at this price. The yield is close to 5% and it rarely provides such a high yield. Likes the Spectra acquisition, which gave them exposure to North America in natural gas. They’ve indicated they can grow their dividend 10%-12% through 2024, a pretty attractive growth rate. There has been an overhang because they want to do this line replacement project. The last piece of regulatory approval they need is in Minnesota. They’ve already got approval from Canada, Wisconsin and North Dakota. The pipeline is already in the ground, but they want to replace the pipe and make it larger and add technology. Once they get that in place, they will be able to almost double capacity.


Price: $49.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 PAST TOP PICK Facebook
FB-Q
Cameron Hurst

(A Top Pick April 6/17. Up 22%.) They are doing everything right. They are still only 5% of global ads spending. Phenomenal ad growth and have a long way to go. Had a great run, but definitely have more avenues to continue to grow on.


Price: $172.960
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Yes
2017-09-12 COMMENT General Electric
GE-N
Cameron Hurst

This has a 4% yield, and any time a normal equity gets up into that high yielding category, people want to ask questions, especially when the fundamentals are coming under pressure. They went through a portfolio rationalization and really turned the ship around. Sold off a bunch of businesses and focused in on some of the core parts. Where do they go from here? He doesn’t see any strong drivers to get this going. There are greener pastures than this one.


Price: $23.910
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-09-12 WAIT General Electric
GE-N
Christine Poole

The stock has underperformed the market in the sector it is in. A new CEO started in August. In the next quarter, they are having an upcoming Analysts Day, where he will be talking about his expectation for growth going forward. Analysts are expecting that growth expectations will be moderated, which is why she thinks the stock has been pulling back. Feels the dividend is still safe. Wait to see what the new CEO has to say.


Price: $23.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 PAST TOP PICK CGI Group (A)
GIB.A-T
Christine Poole

(A Top Pick Sept 13/16. Up 4%.) Was surprised this has not done better. She still likes the stock. A great growth name. They don’t pay a dividend, so are definitely interested in growing their business and reinvesting in the business, outsourcing and integration. Outsourcing is on long-term contracts which has more stable cash flow streams. Every few years, this tends to do a large acquisition to increase their geographic scope or their vertical they want to increase their presence. They are ready to do another acquisition, but haven’t been able to find anything that fits their financial discipline, so have been making a lot of smaller tuck in acquisitions. They are seeing good pickup in organic growth, particularly with the whole issues of Cyber Security and automating processes to compete with new technologies. Cyber Security is going to be an ongoing trend.


Price: $63.230
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 COMMENT Gilead Sciences Inc.
GILD-Q
Cameron Hurst

About 50% of its franchises are based in hepatitis C. You really have to be careful, because this franchise is slowing. They have 2 prospective years of negative earnings growth, which is a huge headwind. Value this on its long-term cash flows. There are 2 things to consider. 1.) How sustainable are they. If that continues, then you have a leg to stand on. 2.) If you have falling rates, that is good for valuation. The problem is, we are probably going to have flat to rising rates, and Pharma M&A is a bit of a dice roll. He doesn’t buy into the story, and would prefer the Spdr S&P Biotech ETF (XBI-N). You could be a little more conservative using the iShares D J Medical Devices ETF (IHI-N).


Price: $84.510
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 DON'T BUY IBM
IBM-N
Cameron Hurst

In Q1 there was a lot of positive momentum behind the stock. However, the bloom has now come off that rose a little. Technically it has broken down. You have to climb through a couple of major resistance levels if you want to reclaim and then ultimately set higher highs. Kind of a single digit grower and ultimately, they have a pretty tough row. He would prefer something else.


Price: $145.760
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 COMMENT Inter Pipeline
IPL-T
Christine Poole

This is pipelines as well as midstream operations. A quite well-managed company. Have some big investments planning in their backlog. For now, it provides a very attractive yield of over 7%. They’ve been slowly increasing the dividend over time. If crude oil prices stay down, you may not see the increases we have seen in the past. She definitely feels the dividend is safe.


Price: $22.620
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 PAST TOP PICK Ingersoll-Rand Co
IR-N
Cameron Hurst

(A Top Pick April 6/17. Up 10%.) This is in the machinery space. It has done pretty well. Pulled back a little, and he continues to be very positive on it. They do a lot of HVAC work, energy efficiency and consumption management and water flow.


Price: $90.010
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Yes
2017-09-12 TOP PICK IShares Aero & Def. ETF
ITA-N
Cameron Hurst

Defence is expensive. This ETF is aerospace and defence. If you want to be more precise, Raytheon (RTN-N) is a good way, which is focused on cyber defence, missile defence, has the most international sales exposure. He likes the theme of defence spending. You take out some of the idiosyncratic risks by buying this one.


Price: $169.640
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Yes
2017-09-12 COMMENT Johnson & Johnson
JNJ-N
Cameron Hurst

He really likes that this is well diversified. Each bucket tends to work pretty well. They have a huge consumer brand. He really likes the stability and cash flow that devices can provide. A high single digit grower, not shooting the lights out, but that is what he likes. He is positive on this.


Price: $132.630
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 PAST TOP PICK Johnson & Johnson
JNJ-N
Christine Poole

(A Top Pick Sept 13/16. Up 16%.) Still likes this. Their pharmaceutical division, consumer products division and medical device division all play into an aging demographics. The pharmaceutical division is doing quite well right now. Has a lot of new products that are doing well. She sees decent earnings growth in the high single digits range. Very strong balance sheet. Pays a dividend of just over 2%, and has increased the dividend for the last 56 years.


Price: $132.630
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 COMMENT National Bank of Canada
NA-T
Christine Poole

She likes Canadian banks as a group, and there is nothing particularly wrong with this one, but there are others in the big 6 she prefers. This one is more domestically oriented and doesn’t have the geographic participation as some of the others. Also, tends to have a higher capital market exposure in terms of their composition of revenues and earnings, which tends to be a bit more volatile.


Price: $57.690
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 SELL Nvidia Corp
NVDA-Q
Cameron Hurst

Getting to the point where it is very expensive in the context of semiconductors and technology. The semiconductors as a group have broken. Tech has gone on to make new highs. If you have been invested in the stock, and made some good money, he would have been out of this a while ago. He would lock in profits at this time.


Price: $169.610
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: No
2017-09-12 DON'T BUY Qualcomm
QCOM-Q
Christine Poole

With all the patent disputes going on, including Apple (AAPL-Q) and all the countries that are not paying their royalty fees, there is not a lot of visibility in terms of how it is going to play out. A very volatile stock, so she would not step in here.


Price: $50.900
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 BUY on WEAKNESS Raytheon
RTN-N
Christine Poole

For a long-term hold? Defence is a sector that she wants to gain some exposure in. However, defence is a little ahead of itself. Trading at very high multiples. They’ve all had really good runs.


Price: $182.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-09-12 COMMENT Saputo Inc.
SAP-T
Christine Poole

A dairy processor, well-managed, that tends to grow by acquisition. There is no compelling reason for her to want to own this. It is not trading at a really attractive multiple, and tends to be reasonably valued at all times.


Price: $42.360
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 COMMENT Safe Bulkers Inc.
SB-N
Cameron Hurst

The Bulk Dry Index has come around not too badly. Indicators had been pointing him to stronger global growth, which he is happy with. However, he has moderated the developed nation part of that, so transports get moderated as well. He would be a little more cautious at this point, because in the moderations there are more reductions rather than hikes in global growth estimates.


Price: $3.510
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 TOP PICK Toronto Dominion
TD-T
Christine Poole

She likes the banks, and this one in particular. They had a very strong quarter. A year ago, people thought they were overvalued versus historical. Now, in terms of price to earnings and price to BV, they are in line with historical. Rising interest rates should be positive for banks. She also likes their US exposure. Dividend yield of 3.6%. (Analysts’ price target is $74.)


Price: $66.680
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 COMMENT Teck Resources Ltd. (B)
TECK.B-T
Christine Poole

This has exposure to met coal, copper and zinc. Met coal prices tend to be quite volatile, and have been recovering. Also, zinc prices have been improving. Of all the commodities, she feels zinc is the most favourable. Hasn’t been adding to her holdings. Would like to wait for it to pull back a bit more, as well as more clarity as to what met coal prices look like for the balance of the year.


Price: $28.250
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 SELL Teva Pharmaceutical
TEVA-N
Cameron Hurst

There is a long road for new management. A lot to do and very significant fundamental risks. There are a number of well-flagged horrendously long list of knocks against the company right now. It has recently had a nice upswing, so if you own it, lock it in and walk away.


Price: $19.330
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 WAIT Thermo Fisher Scientific
TMO-N
Cameron Hurst

This had a good earnings beat and the stock did extremely well. He would suggest there is a little froth in it at the moment, but doesn’t think it is terribly valued. Any time anything has really shot up like this, it has to consolidate. If the earnings can catch up a little, with the valuation, it is probably approaching 20X PE. Good growth and good company, but is a little ahead of itself. He would give it a little room to consolidate.


Price: $194.040
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 TOP PICK United Technologies
UTX-N
Christine Poole

A global provider of products and services for building services and aerospace. In the building service space, they provide equipment for heating, ventilation, air conditioning and security. This would include Carrier and Chubb. They also have a 34% share in Otis Elevators. Also, do aerospace components, engines, lighting, etc. They own Pratt and Whitney, an airplane manufacturer. Just announced the acquisition of Rockwell Collins, another aerospace manufacturer, which they expect to close a year from now. Dividend yield of 2.5%. (Analysts’ price target is $125.)


Price: $109.860
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-09-12 TOP PICK Visa Inc.
V-N
Cameron Hurst

The growth profile is fantastic. It has 10% better margins than MasterCard (MC-N). They just put in Europe, so they have a whole bunch of synergies to find there. Dividend yield of 0.6%. (Analysts’ price target is $112.)


Price: $106.210
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Yes
2017-09-12 DON'T BUY Valeant Pharmaceuticals
VRX-T
Christine Poole

There is way too much debt on the balance sheet. The net debt to EBITDA is about 7X, very, very high. New management has come in, made some asset sales and paid off some debt that was coming due. The next tranche of debt is not due until 2020. However, there is very little visibility in terms of their products going forward. They are going to experience more genetic competition and pricing pressure in their dermatology division. It is hard to see how they are going to generate the necessary cash to start their debt repayments down the road.


Price: $17.600
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-09-12 SELL Verizon Communications
VZ-N
Cameron Hurst

An intensely competitive industry. You have T-Mobile (TMUS-Q) really kicking up with strong competition. Unlimited data has greatly reduced churn, and there are fewer pricing levers and margin levers to pull.


Price: $46.790
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Unknown
2017-09-12 TOP PICK SPDR Utilities E.T.F.
XLU-N
Cameron Hurst

US growth is moderate, just not putting up accelerating growth. This is a kind of environment where steady state utilities can do really well for you. Rates don’t seem to be shooting up anytime soon as inflation is just not there.


Price: $54.900
Subject: US EQUITIES
Bias: BEARISH on CANADIAN MARKET
Owned: Yes
2017-09-11 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Hurricane Irma has been downgraded, North Korea did not proliferate into something worse and so markets have rallied.  The back to back hurricanes you don’t see every day.  The hit to GDP could be greater.  100 Billion to fix things is just 5% of GDP and this is not good growth, although it is growth.  Prayers and wishes to those that have suffered through those however.  The CAD$ and the sudden shift to a more hawkish tone with the US backing off their rate hike expectations has had a dynamic shift in the currencies.  He projects the CAD$ up to 84 cents.  He wants US$ exposure.  The BOC surprised him as he did not expect increased rates.  If the CDU/CSU wins another term in Europe that will probably be good.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-09-11 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  (weekly series) What Investor Personality Are You?: 1. The Accumulator.  They have a confidence bias in what they do, but make common mistakes in investing because they believe they can control the outcome of the markets.  If you are a growth investor and focused on maximizing returns, you have to be aware you will have challenges.  E.g. AMZN-Q.  A compounded return of 37.5%.  When you look at all the ups and downs, look at the amounts.  You have to assume more volatility during corrections.  You have to ask if it is appreciate for you as an investor.  You have to be willing to sit tight every couple of years with a 30-50% correction.  You can’t get in and out repeatedly.  You have to understand what your emotional response will be.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
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