Opinions

Mike Lyons CA, CFA Wachovia Corp WB-N BUY Jan 31, 2008

Basically believes that the banking system will muddle through this problem. A basket of these financials with the yields they’re offering can be a very effective way to invest. Buy in measured proportions.

Mike Lyons CA, CFA

Owned

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$38.470

Stock price when the opinion was issued

banks

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DON'T BUY

This has a model price of $48.94 which is at 9% negative differential. US interest rates have gone up which is killing the financials.

DON'T BUY

Very concerned about regional banks in the U.S, don’t know about their bad exposure to mortgages. Housing situation is far from at a bottom, we’re going to see increased defaults on credit cards and on mortgages.

HOLD

Part of a recent bump up from the summer in financials. Short-term moving averages looks like it is trying to give you a signal.

HOLD

Not interested in the financials, but they do give a bit of concern right now and would like to see a bit of carry through.

COMMENT

His model price is $50.12, a 31.5% upside. Model price has been coming down in lieu of earnings estimates coming down.

DON'T BUY

Used to love this one. This was when they where an independent bank in North Carolina. Was acquired by one of its competitors a few years ago but it no longer has the good quality characteristics.

DON'T BUY

Price is depressed, but could get worse. Financial stocks like this are to be avoided, at least for the next quarter, perhaps two. Still a lot od shoes to drop.

DON'T BUY

Caller is asking about laddering in on this bank. This is in the financial sector and is one of the US banks that has a huge balance sheet with a lot of bad debt on it. At this stage, he would ladder into some Canadian banks instead. You could pick Toronto Dominion (TD-T), Royal (RY-T), Bank of Nova Scotia (BNS-T) or Bank of Montreal (BMO-T), all 4 of them ora any one of them or the iUnits S&P Financial (XFN-T). (See Past Top Picks,)

COMMENT

Being acquired by Wells Fargo (WFC-N). If it's a share swap, he would hold the shares as he likes Wells Fargo. If it's a cash deal, tender your shares.

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Mike Lyons CA, CFA Wachovia Corp WB-N BUY Jan 31, 2008

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