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Stock Opinions by Andrew McCreath

COMMENT
Market. Volatile market and it's all about Europe. Whether it's geopolitical risk in the middle east, the sovereign debt traces in Europe or the US economy. Expect it will be a turbulent several months.
Unknown
COMMENT
Being fined more than $150 million for allegedly misleading investors in connection with a collateralized debt obligation. Expect there will be other banks that will see similar fines. Meaningless in the grand scheme of things.
Financial Services
COMMENT
Very well positioned. Have a great balance sheet. Decent yield. There are some challenges that we have to see to get some clear sailing in the stock. European margins where disappointing last quarter and are they going to pick up? Understands that Mr. Stronach is now out of the stock. Feels this would be a better buy than the auto companies.
Automotive
TOP PICK
Owned 2 businesses. Nitrogen fertilizer and a refinery. Spun off the nitrogen fertilizer in April, which will declare a dividend of $1.92 a share. An 8% yield on the spin-off would be worth about $24 a share. CVR has a $1.3 billion position in the spin-off. CVR market cap is $2 billion and subtracting $1.3 billion gets you $0.7 billion for the refinery business. Current crack spreads generate $600 million in EBITDA this year with the replacement value of $2.8 billion.
oil / gas
TOP PICK
An old line telephone company that came out of the ashes of US West. They had just closed the acquisition of Quest. They should be able to reap merger synergies of several hundred million dollars. Trades at about a 16X free cash flow yield and offers a dividend of 7.25%.
Utilities
TOP PICK
(A Top Pick Oct 15/10. Down 65.03%.) Extracting protein out of canola. Moving in the right direction, but they slipped on the time element and they got pounded. Believes the market potential is large.
Other Agricultural Products
PAST TOP PICK
(A Top Pick Oct 15/20. Up 0.18%.) Not expensive. Appears the product cycle is to extend it with new products.
electrical / electronic
PAST TOP PICK
(A Top Pick Oct 15/20.) Still likes. Trading at 10X earnings.
N / A
DON'T BUY
If you want to buy it for a trade today, that is one thing but he would not be an owner of shares right now. Some of their businesses are doing really well but there are a bunch that are not particularly doing very well.
electrical / electronic
BUY
Expect to see some catalysts in the back half of the year, especially on the patent side of chips going into televisions. Have about $1.70 in cash. Bulletproof balance sheet. Expect they will earn $.70-$.75 this year.
electrical / electronic
DON'T BUY
Have a project in Alaska called Pebble. This is a massive, massive copper deposit. Very controversial because of environmental issues and stock price indicates they are not going to get it approved.
precious metals
DON'T BUY
Given what we have seen Nokia go through, it is far from clear that this company may not be a value trap. Would prefer Apple (AAPL-Q).
electrical / electronic
BUY
Company is in great shape. Really likes what they are doing in the US and will probably be a third of their business a couple of years down the road. Good Canadian franchise. This is definitely a long-term buy and hold for a portfolio.
banks
DON'T BUY
Not a big fan of this one. There is a growing surplus of aluminum. Aluminum prices have gone up but this is more speculation than a sustainable increase in the lumen and prices.
non-base metal mining
BUY
Solid blue-chip company. He would prefer BHP Billiton (BHP-N) because of the mix of products. This company is a major player in aluminum and iron ore where BHP has oil and copper, which he would prefer.
other mines
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