Table View - Opinions in Detail | StockChase
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Compiling comments that experts make about stocks while on public TV.

Table View - Opinions in Detail

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Implied Signal Stock Symbol Company Comment Source Program Airdate Airdate Price Opinions $ Goal Expert Program Topic Expert's Bias Own or Relationship Actions
  
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2017-04-20 $0.020

A stock or ETF for European exposure? If making an entry into a market where you have never been before, an ETF is a good way to do it. You get good diversification across countries and across sectors. Everyone assumes Canadian ETFs are all cheap and are all going to give diversification. That is not necessarily so. He’s been buying into Europe through a US listed ETF. (See Top Picks.)

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN _N/A View
PAST TOP PICK AAPL-Q Apple Market Call Tonight (BNN TV) 2017-04-20 $142.440

(A Top Pick Dec 23/16. Up 23%.) This has been a great buy. Has reduced his holdings, because the catalysts he was looking for hasn’t happened yet. Two of them were related tax reforms, particularly the possible repeat duration of offshore funds. He is also hearing of delays of iPhone 8. He still likes this. Still at a reasonable valuation.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
COMMENT AAR.UN-T Pure Industrial Real Estatetrust Trust Market Call Tonight (BNN TV) 2017-04-20 $6.560

A sector that sold off a few years ago, as people were thinking that with less manufacturing there was less industry. Since then we have had a major change in how people shop. There is a lot of online shopping, and this company’s holdings have become hubs for a lot of storage for businesses. One of the leaders in this space, and probably one of the best names in the industrial space.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
PAST TOP PICK ABBV-N AbbVie Inc. Market Call Tonight (BNN TV) 2017-04-20 $63.780

(A Top Pick Dec 23/16. Up 4%.) A one trick pony with their drug Humira. Valuation is quite reasonable and is going to be 12-13X projected earnings. A lot of that is based on sales of Humira, a life altering drug, which accounts for over 60% of their revenues. Made 2 very large acquisitions in the past few years, and we are starting to see some of those drugs in the pipeline getting approved.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
BUY BAC-N Bank of America Market Call Tonight (BNN TV) 2017-04-20 $23.070

One of the best names in the US. A very diversified base. There is talk of reducing the Frank-Dodd effect which would be helpful to the sector. Also, rising interest rates will be helpful to them. He is expecting a lot more growth on their loan activity. If you are going to have one name in the US, this is the one.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
COMMENT BAM.A-T Brookfield Asset Management (A) Market Call Tonight (BNN TV) 2017-04-20 $49.460

In the last number of years, this has been moving more and more of the business to actually being an advisor or fund manager, versus directly owning the assets. There has been a major shift in the last 5-6 years in the landscape of investments. Of all the money that went into mutual funds in the last 3 years, 8X of all funds put together went into the Vanguard funds. Long-term, he thinks there is going to be more assets moved into the space, more assets that have a target performance around it, and you are going to see earnings increase.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
HOLD BCE-T BCE Inc. Market Call Tonight (BNN TV) 2017-04-20 $61.260

A great income name and has been a great dividend stock. 4.7% dividend yield, and expects that will get increases of about 5% over the next few years. That is likely to equal what the earnings growth is going to be. They’ve had some good penetration on the wireless business. Has a great deal with Telus (T-T) which allows them to lower the costs of their infrastructure. Trading at a high valuation of over 18X earnings.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
BUY CM-T Canadian Imperial Bank of Commerce Market Call Tonight (BNN TV) 2017-04-20 $112.540

From a valuation metric, this would look like a certain Buy. It has the cheapest valuation for a bank. Trading at 11.5X earnings. High dividend yield of about 7.5%. In the last 8 quarters, they have beaten on earnings and on revenue. There is the acquisition of the US bank which they had to pay up for. They are going to have to issue equity, which may cause some near-term weakness. Also, it is the least geographical diverse Canadian bank and is the most reliant on the Canadian consumer.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
COMMENT CSCO-Q Cisco Market Call Tonight (BNN TV) 2017-04-20 $32.830

If you include the cash, this is quite a cheap stock. It is basically trading at about 16-17X earnings and the market cap is about $165 billion. People forget that there is $60 billion plus in cash sitting on the balance sheet. Even if you net out the debt of about $30 billion, you are taking the valuation down to about 13 or 14 times. Not including the debt, it is about 10 times. The growth profile is going to be low. The dividend is about 3% and there is a strong potential that you could see some special dividends, or an acquisition to drive growth. An attractive investment.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
COMMENT DGS-T Dividend Growth Split Corp Market Call Tonight (BNN TV) 2017-04-20 $7.910

Effectively a creation of a preferred share and a capital share. If the stock performed quite well, you are getting a leveraged investment effectively on the preferred share. EG, on a $60 stock, you could have a $30 preferred share and a $30 capital share. If the capital share goes from $60 to $66, you have now gone from $30 to $36 giving you a 10% improvement in terms of return. What people don’t realize is a) the leverage, but b) preferred shares in the structure have to be paid out first. Consequently, the way these are structured is that the dividend coming from the underlying portfolio, simply pays the dividend to the preferred share. If they are paying a dividend on the capital side, that is typically coming from expected price appreciation or option writing. If you are a higher risk investor, it is something you could consider.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
TOP PICK EFAV-N iShares MSCI Edge Min Vol EAFE Market Call Tonight (BNN TV) 2017-04-20 $66.400

There are better opportunities now in Europe and Japan. This gives you a broader exposure across Europe of all the countries, with a little bit less on the UK. Also, there is a better mix in terms of stability in the sectors. In the last 3 years, there has been significant outperformance on this ETF, but last year underperformance. Good dividend yield.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
COMMENT ENB-T Enbridge Market Call Tonight (BNN TV) 2017-04-20 $56.430

Enbridge (ENB-T) or Enbridge Income Fund (ENF-T) for dividend income? This one is the company that is building the pipeline and the energy services, etc. Once that is completed, it is largely sold to the Enbridge Income Fund.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
COMMENT ENF-T Enbridge Income Fund Holdings Market Call Tonight (BNN TV) 2017-04-20 $33.690

Enbridge (ENB-T) or Enbridge Income Fund (ENF-T) for dividend income? Enbridge is the company that is building the pipeline and the energy services, etc. Once that is completed, it is largely sold to this fund. Pays about a 6.1% dividend yield. The stock is about 8%-10% off its high, and is a reasonable valuation. They are expecting about $9 billion of additional products in the next 3 years and dividend hikes of about 10% a year in the next 2-3 years.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
COMMENT FTS-T Fortis Inc. Market Call Tonight (BNN TV) 2017-04-20 $44.240

Which utility stock has the best dividend growth profile? He would suggest you look at this one, which recently made a big acquisition in the US. They are paying about 3.6% now, and are committed to growing the dividend at about 5%-6% per year. Earnings are projected to grow at a similar rate. Trading at a reasonable valuation.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
TOP PICK JNJ-N Johnson & Johnson Market Call Tonight (BNN TV) 2017-04-20 $121.870

Recently missed on revenues and the stock sold off a bit. They actually beat on the earnings per share. This company has 3 solid lines of business, pharmaceuticals, consumer products and medical devices. There should be significant earnings growth this year. They did a significant acquisition last year which should be coming into earnings this year. Trading at about 20X earnings. Dividend yield of 2.6%. (Analysts’ price target is $130.)

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
COMMENT MFC-T Manulife Financial Market Call Tonight (BNN TV) 2017-04-20 $23.240

All the financials had a big, big move, and this was probably one of the greatest recipients of this bump in Canada. In terms of an overall stock, their valuation is reasonable. It looks like they are putting some improvements in place with the John Hancock business, which has been a huge headache. ROE is still lower than its competitors. (See Top Picks.)

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
DON'T BUY SHW-N Sherwin-Williams Co. Market Call Tonight (BNN TV) 2017-04-20 $324.020

This has had huge growth in both earnings and share price over the last number of years, because it has been tied into both the US consumer and the US housing market. It is a brand most used by contractors. However, it is at a very high premium in terms of valuation at roughly 26X earnings. They are expecting earnings growth of 10%. This is not one he would be buying.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN No View
TOP PICK SLF-T Sun Life Financial Inc Market Call Tonight (BNN TV) 2017-04-20 $47.800

Compared to the other insurers, their valuation is more reasonable at 7.6X earnings. Recently they’ve provided their medium-term outlook, looking at 8%-10% earnings growth per year. Very stable name. Dividend yield of 3.6%. (Analysts’ price target is $54.)

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
HOLD TD-T Toronto Dominion Market Call Tonight (BNN TV) 2017-04-20 $66.040

Why are the banks consolidating or flat? In 2015, the earnings of the banks were fantastic. They were beating the estimates and they were increasing, but people were concerned and there was a decline in the bank shares of about 10%-15%. Last year, there was a massive run up. They were giving returns generally of about 30%, so a pause is in order. This is a great, long term hold.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
PARTIAL BUY TEVA-N Teva Pharmaceutical Market Call Tonight (BNN TV) 2017-04-20 $30.760

A cheap, but troubled stock. It is the leading generics pharmaceutical provider globally. They overextended themselves a while ago, in trying to get into specialty Pharma areas, which has been a bit of a problem. Expected to generate a little over $5 in earnings next year, a 6X earnings multiple. The Pharma sector as a whole tends to be 3X, so this is very, very cheap. The dividend is over 4%. The negative is that the management team is in flux. Also, the Department of Justice now has an inquiry into price fixing potential by the generic providers. The balance sheet is incredibly levered at 4.8X EBITDA. This is worth taking a half position and then growing that out. If things start to normalize and they get the earnings they are projecting, it should really start seeing 20%, 30%, 40% growth from here.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
PAST TOP PICK TRP-T Trans Canada Corp Market Call Tonight (BNN TV) 2017-04-20 $63.560

(A Top Pick Dec 23/16. Up 4%.) He thought there might be some uptick if the Keystone pipeline was approved and the integration of the Columbian pipeline. A great name to continue to hold. They are projecting dividend growth of over 10% over the next 3 years. They have $23-$24 billion of projects coming on in Mexico, the US and Canada.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Yes View
COMMENT VZ-N Verizon Communications Market Call Tonight (BNN TV) 2017-04-20 $48.410

Even though the street does not like this, it is a name you might want to look at. Trading at 13X earnings. They were basically only $.01 under earnings, but missed quite a bit on the revenue side. He thinks that is going to change.

Lorne Zeiler DIVIDEND STOCKS AND MACRO STRATEGIES UNKNOWN Unknown View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2017-04-19 $0.020

Market. We are in the very constructive environment. Globally, the economy is doing very well. Germany is doing well, China is coming on, India is doing well. We are in a healthy global economy, just coming out of a 10 year, following the mortgage crisis. However, with long bonds at 2% and equity risk premiums at ranges of 4%-5%, we are seeing bond substitute companies like Coca-Cola selling at 25X earnings. Valuations are fine if interest rates don’t move. We are in a very healthy environment and thinks growth stocks are fine.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN _N/A View
COMMENT AAPL-Q Apple Market Call Tonight (BNN TV) 2017-04-19 $140.680

Has a target price of about $168. The dividend will go up. Their new product seems to be taking hold. This is not expensive, trading at about 15X.

$168 Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
COMMENT BAM.A-T Brookfield Asset Management (A) Market Call Tonight (BNN TV) 2017-04-19 $49.110

This is one where you have to trust management. They have done a great job and will continue to do so. Focused heavily on real estate. If interest rates flatten out, the appreciation of real estate probably finally comes to an end, especially in commercial real estate. Probably a decent investment. You get nice dividends and it will gradually grow.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
COMMENT BCE-T BCE Inc. Market Call Tonight (BNN TV) 2017-04-19 $60.930

Extremely well-managed and clearly the dominant player in Canada. They’ve done a great job of diversifying into media type businesses. Continuing to increase their dividend. His concern would be that cellular telephone growth is probably largely behind us. Most people are disconnecting their main line. The TV business is under pressure as advertising goes away. He doesn’t think they are in danger, but the future is a little tough. Not a stock that he would own.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
COMMENT BIP.UN-T Brookfield Infrastucture Partners Market Call Tonight (BNN TV) 2017-04-19 $51.970

This is one where you have to trust management. They have done a great job and will continue to do so. Focused heavily on real estate. If interest rates flatten out, the appreciation of real estate probably finally comes to an end, especially in commercial real estate. Probably a decent investment. You get nice dividends and it will gradually grow.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
TOP PICK BMW-GR Bayerische Motoren Werke AG Market Call Tonight (BNN TV) 2017-04-19 $0.000

The auto sector is one of the few areas that is cheap. The world has decided that the auto cycle is over, gasoline powered cars are going to disappear, and therefore we don’t need to own these stocks. This is selling at 8X earnings and it is a global luxury brand. Their entire line-up is higher luxury cars. They will make as many electric vehicles as Tesla this year, and have all of the technology. Highly profitable. The one issue is debt. They have €1 billion of debt on a $50 billion market cap, because all the car leases are still done internally. Dividend yield of 4.5% and has been going up 10% per annum. (Analysts’ price target is €86.)

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
COMMENT BNS-T Bank of Nova Scotia Market Call Tonight (BNN TV) 2017-04-19 $76.350

A pretty good exposure in Latin America, where the growth rates are higher. Probably a little riskier, but probably will grow a little better. The regulatory environment in Canada has been so good for so long. In his career, all the US banks have gone bankrupt at some point.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Unknown View
TOP PICK CELG-Q Celgene Corp Market Call Tonight (BNN TV) 2017-04-19 $122.920

One of the surest growth stocks out there. They have a product called Revlimid which treats a whole series of blood cancers. The one they have right now is multiple myeloma, and it prolongs people’s lives substantially. They are going to grow revenue 25% over the next 4 years. It is selling at 18X. Thinks it gets close to $200 in the next couple of years. (Analysts’ price target is $143.)

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
COMMENT CPG-T Crescent Point Energy Corp Market Call Tonight (BNN TV) 2017-04-19 $13.730

He owns no commodity oil producers. Oil has done well twice during his investment career. It did well when Japan industrialized in the 60s and 70s. Peaked in 1979 at $40 a barrel, and bottomed 18 years later at $8. China came along in 2002 and it started to perk up again. Meanwhile, the Western world is working hard to become more energy efficient and switching to natural gas, which has become abundant. Companies like this do very well when there is peak pricing. It is a high risk/high cost provider, but they do best when prices go up because there is lots of leverage.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
BUY on WEAKNESS CSCO-Q Cisco Market Call Tonight (BNN TV) 2017-04-19 $32.650

A matured technology company. Their heavy growth days are behind them, but they own the market. They have enough money to go out and develop new products. The problem is that they own this market, so there is not a lot of growth, so they are under the pressure of new technology coming on cheaper. At this price, it is probably fine and you won’t lose money. If it were below $28, he would buy this again.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
BUY CSX-Q CSX Corp Market Call Tonight (BNN TV) 2017-04-19 $46.930

Hunter Harrison did it at Canadian National, and then Canadian Pacific, so he assumes he would do it with this railway also.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
HOLD CVS-N CVS Health Corp Market Call Tonight (BNN TV) 2017-04-19 $77.830

This had issues when they became an insurance company and a drugstore. They also went into the UK and bought Boots. The conflict of interest between being a healthcare provider and trying to get people to go to your store has hit it. A solid business and is not going away.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
COMMENT DIS-N Walt Disney Market Call Tonight (BNN TV) 2017-04-19 $113.730

One of the greatest franchises on the face of the earth. However, it has been struggling with the decline in the TV business. They own ESPN, and there has been a marginal decline in sports viewership in US football. They’ve had some blockbuster movies. Feels the stock has re-based and will do fine from here on in. However, if it stuck its head up, he would probably sell it.

$130 Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
COMMENT ENB-T Enbridge Market Call Tonight (BNN TV) 2017-04-19 $56.130

This has a nice dividend yield. It just made a huge acquisition of Spectra in the US. They claim to have lots of runway and that dividend growth is going to be 10% per annum. They are going to rebuild the main pipeline that runs from Alberta into Duluth. It is probably a very solid company. If they can deliver the 10% dividend increase, you’ll be fine.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
TOP PICK FB-Q Facebook Market Call Tonight (BNN TV) 2017-04-19 $142.270

$200 billion of business will move from the TV business to the Internet, and this company’s revenues last year were $27 billion, and they are growing at $10 billion a year. The new messenger is damaging all the other messaging apps. This company knows everything about you and can specifically target market you. A no-brainer. (Analysts’ price target is $164.)

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
PARTIAL BUY GILD-Q Gilead Sciences Inc. Market Call Tonight (BNN TV) 2017-04-19 $66.280

One of the most controversial names in healthcare in the US. They have cured hepatitis C. Insurance companies in the US will only pay for the treatment if you have proof that you have hepatitis C. There is a lot of untreated hepatitis C still out there. Amgen as a competitive product that is almost as good. This is only trading at 6 or 7 times earnings and is probably pretty safe here. He would average into this.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
PAST TOP PICK GOOGL-Q Alphabet Inc. (A) Market Call Tonight (BNN TV) 2017-04-19 $856.510

(A Top Pick May 13/16. Up 18%.) This is 6% of his portfolio and will remain his biggest holding. There’s $200 billion of advertising that is going to move from old media, mainly TV, to the Internet over the next few years. This is not that expensive. This is still a Buy.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
COMMENT JNJ-N Johnson & Johnson Market Call Tonight (BNN TV) 2017-04-19 $121.370

One of these great franchise stocks. It is so big, that it is dominant in quite a number of categories. You are going to make 5%-6% per annum over the long term. It is a bond substitute. A fine stock to just Buy and hold forever. You are probably not going to make substantial returns, but you can sleep at night.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Unknown View
PAST TOP PICK MA-N Mastercard Inc. Market Call Tonight (BNN TV) 2017-04-19 $112.290

(A Top Pick May 13/16. Up 19%.) His current target price is about $130. Whether it is MasterCard or Visa, the world is going cashless. He will continue to hold a 4% position in this.

$130 Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
PAST TOP PICK MDT-N Medtronic Inc Market Call Tonight (BNN TV) 2017-04-19 $80.320

(A Top Pick May 13/16. Up 2%.) The leading medical device company. He owns it because they have a plethora of products right across the range. They had a bit of an earnings hit in the 3rd quarter, and he bought more. He has a $92 target on this.

$92 Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
BUY PFE-N Pfizer Inc Market Call Tonight (BNN TV) 2017-04-19 $33.610

Yield is about 4% and the stock is selling at about $33, so he sees a skinny into the low $40’s. They’ve struggled for the last 2 years because blockbuster drugs have come off patent, but they are using financial engineering to continue to push the company forward. Have made several acquisitions of new and upcoming companies with some very interesting drugs. A very low risk way of playing the healthcare industry. There is more upside than downside.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Yes View
COMMENT TD-T Toronto Dominion Market Call Tonight (BNN TV) 2017-04-19 $65.840

He likes their positioning in the US. Thinks you can buy into any of the Canadian banks. The regulatory environment in Canada has been so good for so long. In his career, all the US banks have gone bankrupt at some point.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN Unknown View
COMMENT TEVA-N Teva Pharmaceutical Market Call Tonight (BNN TV) 2017-04-19 $30.700

Made a huge acquisition and overpaid massively for it. The generic drug industry is a competitive industry. The patent is there for anybody to look at. It looks cheap, but they still have a big slug of debt from their acquisition.

Bruce Murray LARGE CAP GROWTH & DIVIDENDS UNKNOWN No View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2017-04-04 $0.020

Preferred Shares. Historically, investors would buy preferred shares, something like corporate GICs and put them on the shelf. They got paid a dividend income, a little bit better than GICs, of good strong companies. Over time, different types of preferred shares were invented and have become a little more complicated. What was very popular, and still is, was the fixed reset preferred share, which designed to perform well. Every 5 years it gets a new reset coupon, which is determined based on a spread over Government of Canada 5-year bond yield. In 2015, people were generally anticipating interest rates to go higher, so the resets seemed like a great product. However, 2 years ago, the price of oil dropped significantly. This was a concern. The Bank of Canada was committed to stimulating the economy, and they started cutting rates. The structure and the built-in spreads of these fixed resets didn’t really support that environment. With this, your 4.5% return turned into 2.5%. There was tremendous selling pressure. At the end of the day, it was really oversold, and smart money started stepping in, recognizing value.

Issuers have now introduced new products with attractive yields, but with a floor feature. If, what happened back in 2015, happens again, these products are protected. Even though it is a rate reset, if you get inflation, you get the benefit of the new rate. If it starts going lower in a deflationary environment, they guarantee you the minimum yield. It’s a great feature and something that has been very well received.

Doug Grieve PREFERRED SHARES UNKNOWN _N/A View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2017-04-04 $0.020

Using rate reset preferred shares as a strategy for increasing interest rates. Because resets are also perpetual (with a reset every 5 years) isn’t there a risk if the yield curve steepens? Traditionally, if the yield curve steepens, long bonds get creamed, so if you own a perpetual preferred share, and you get a real inflationary environment, you are at risk. The 5-year reset though, really captures the 5-year bond yield, and does so every 5 years. If your yield curve starts steepening significantly, your reset coupon is actually going to become more attractive. It is going to respond to the steepening of the curve.

Doug Grieve PREFERRED SHARES UNKNOWN _N/A View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2017-04-04 $0.020

Questions for a broker on a new preferred share issue? You should start with the issuer. You want it to be a household name that you and your broker are comfortable with. From there, he would shift right over into structure. Does it have the floor feature? How will it perform in a dropping interest rate environment? How will it perform in a rising interest rate environment? Alternatively, you could use a managed solution with a niche fund in the preferred share space giving you a diversified portfolio with a great yield.

Doug Grieve PREFERRED SHARES UNKNOWN _N/A View
COMMENT A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2017-04-04 $0.020

A US$ Canadian issued preferred share eligible for the dividend tax credit in order to park some US dollars? There are some, but not many. Enbridge (ENB-T) has 4 US$ Canadian preferred shares. They trade on the TSX, but are in US$s. He has 4 of these in his funds and really likes them. Alta Gas (ALA-T) also has one.

Doug Grieve PREFERRED SHARES UNKNOWN Unknown View
COMMENT BCE-T BCE Inc. Market Call Tonight (BNN TV) 2017-04-04 $59.670

This company’s preferreds are really broken down into 2 types of resets. 3 have a fixed reset and the rest do not. BCE has generally been pretty fair resetting their coupons, but all of the group are trading between $.50 and $.70 on the dollar, all at a discount. The problem is, there are so many of them that the whole group needs to move. Their running yields are around 4.5%, and have been resetting in and around 4.5%. With this, you are really making an interest rate call and using BCE as your credit.

Doug Grieve PREFERRED SHARES UNKNOWN Yes View
TOP PICK BMO-T Bank of Montreal Market Call Tonight (BNN TV) 2017-04-04 $25.510

Preferred Series V. A new issue that has just been trading for a few weeks. It does not have a floor feature, because banks are not allowed to do so. Has a 4.5% coupon.

Doug Grieve PREFERRED SHARES UNKNOWN No View
COMMENT BPO-T (Dead) Brookfield Office Properties Market Call Tonight (BNN TV) 2017-04-04 $22.360

Preferred Shares. Use this as a GIC? This company has a huge presence in the preferred share market, with several different types of structures. He is a little hesitant on this. There is a newer one with a floor feature, an investment grade product. However, there are some out there that are still quite volatile, vulnerable to a change in an interest rate environment. He would recommend that you really know the specific issue that you have. You want to be really careful in your selection, and possibly get some professional help. He is underweight holdings with this company.

Doug Grieve PREFERRED SHARES UNKNOWN Yes View
TOP PICK ENB-T Enbridge Market Call Tonight (BNN TV) 2017-04-04 $23.860

Preferred Series V. This is a US$ one, but it gets the dividend tax credit. It has had a tremendous run, and he hasn’t sold a share.

Doug Grieve PREFERRED SHARES UNKNOWN Yes View
TOP PICK FTS-T Fortis Inc. Market Call Tonight (BNN TV) 2017-04-04 $16.280

Preferred Series H. Trading at around $16, and got really beat up on the downturn, but recently he has had a nice recovery. He chose this because he thinks rates are slowly going to rise.

Doug Grieve PREFERRED SHARES UNKNOWN Yes View
HOLD PWF-T Power Financial Corp Market Call Tonight (BNN TV) 2017-04-04 $35.160

Preferred Shares. This would be one of the stronger preferreds he would be quite comfortable with. It’s a great issue to own. Relative to the rest of the market, it has a very big coupon of 5.9%, compared to the general run of the market of about 5%. This issue weathered the storm much better than the rest of the market over the last few years. It is trading at a significant premium to the $25 par value.

Doug Grieve PREFERRED SHARES UNKNOWN Yes View
HOLD TRP-T Trans Canada Corp Market Call Tonight (BNN TV) 2017-04-04 $61.830

Preferred series K, 4.9%? This company has a number of preferred shares outstanding, and he believes the K series has the floor feature which is relatively new. He would call this a great issue. You’ve got the coupon, you’ve got the floor feature, so you are protected.

Doug Grieve PREFERRED SHARES UNKNOWN Unknown View
HOLD WN-T George Weston Ltd. Market Call Tonight (BNN TV) 2017-04-04 $115.350

Preferred series IV 5.2%? This is a good credit, but it is investment-grade rated by the credit rating agencies, and is a credit he is comfortable with. This specific issue is a straight perpetual, so from a deflationary standpoint, it is pretty defensive. It will do well if you think rates are going to go down. If rates go up a little, you are in great shape as well. It trades at around par with a running rate of around 520.

Doug Grieve PREFERRED SHARES UNKNOWN Yes View
COMMENT ZPR-T BMO S&P/TSX Laddered Preferred Market Call Tonight (BNN TV) 2017-04-04 $11.490

How will rising interest rates affect this? This is a “rules based” ETF and is made up of 100% fixed reset preferred shares. In theory, in a rise in rates, this would perform well.

Doug Grieve PREFERRED SHARES UNKNOWN Unknown View
N/A A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2017-03-10 $0.020

Cannabis. There was a big shut down yesterday of some of the cannabis culture shops across the country. This may be laying the groundwork for legislation, which most people are anticipating will be proposed and tabled around April. He has always felt legislation would be tabled in 2017, and probably early on, and will probably take the better part of a year to get approved, and will take about a year after approval before being implemented.

Bruce Campbell (2) CANADIAN & CANNABIS STOCKS OPTIMISTIC _N/A View
COMMENT ACB-X Aurora Cannabis Market Call (BNN TV) 2017-03-10 $2.390

A cannabis company that has come roaring on to the scene. They were probably a little slower coming out of the gate than what you saw from a few of the others. This one is proposing a greenhouse project at the Edmonton International Airport, which is being billed as the world’s largest indoor cannabis grow when finished. They have about $150 million on their balance sheet now, that will be used to fund projects. Looking at valuation versus their licensed sales capacity, they are certainly ahead of the others from a valuation standpoint. As long as they continue to execute, it is probably going to be good, however the CEO tends to be a little on the promotional side. If you are a trader, take advantage by Selling when everybody loves it.

Bruce Campbell (2) CANADIAN & CANNABIS STOCKS OPTIMISTIC Unknown View
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