Stock Opinions by Jeff Black - Stockchase Experts
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Jeff Black

On Stockchase since : Oct 2008

President & CIO at Crestridge Asset Management

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Stock Opinions by Jeff Black - Stockchase Experts

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General Market Comment 

September 25, 2012

Markets. Has been quite conservative for a while and had his concerns on terms of equity exposure at the lower end of his policy ranges. Bond market portends weaker times. We wouldn’t be getting the QE 3 to the degree we have if there wasn’t a lot of concerns. Has a large cap bias versus small caps. Expects to see more earnings revisions. Cash holdings for clients is in the 25%-40% range.

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Markets. Has been quite conservative for a while and had his concerns on terms of equity exposure at the lower end of his policy ranges. Bond market portends weaker times. We wouldn’t be getting the QE 3 to the degree we have if there wasn’t a lot of concerns. Has a large cap bias versus small caps. Expects to see more earnings revisions. Cash holdings for clients is in the 25%-40% range.

Unknown
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Jeff Black

President , Crestridge Asset Man...

Price Price
$0.020
Owned Owned
_N/A

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HOLD
Agrium(AGU-T) 

September 25, 2012

This is in a good sector and very well-positioned to benefit from Viterra assets which it is acquiring. Company is currently having a Dutch auction but he wouldn’t sell into it. The fact that they want to buy back stocks is not a bad thing.

chemicals
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This is in a good sector and very well-positioned to benefit from Viterra assets which it is acquiring. Company is currently having a Dutch auction but he wouldn’t sell into it. The fact that they want to buy back stocks is not a bad thing.

chemicals
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Jeff Black

President , Crestridge Asset Man...

Price Price
$100.050
Owned Owned
Yes

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DON'T BUY
JP Morgan Chase & Co(JPM-N) 

September 25, 2012

He is basically out of all US financials. This has been on a pretty strong run, aided and abetted by all the US policy moves. Feels there is still a number of risks in US financials.

Financial Services
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He is basically out of all US financials. This has been on a pretty strong run, aided and abetted by all the US policy moves. Feels there is still a number of risks in US financials.

Financial Services
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Jeff Black

President , Crestridge Asset Man...

Price Price
$40.550
Owned Owned
No

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DON'T BUY
Bank of America(BAC-N) 

September 25, 2012

Thinks they did well in buying Merrill Lynch and acquiring some good financial assets. Like all US financials they benefited from all the stimulus, Tarp programs, etc. There is a risk element in their debts.

banks
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Thinks they did well in buying Merrill Lynch and acquiring some good financial assets. Like all US financials they benefited from all the stimulus, Tarp programs, etc. There is a risk element in their debts.

banks
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Jeff Black

President , Crestridge Asset Man...

Price Price
$8.925
Owned Owned
No

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HOLD
Cisco(CSCO-Q) 

September 25, 2012

Has had a pretty good move of late and has initiated a dividend, which is a good thing. Generating free cash flow. Good management. He sees challenges for the tech sector in general.

electrical/electronic
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Has had a pretty good move of late and has initiated a dividend, which is a good thing. Generating free cash flow. Good management. He sees challenges for the tech sector in general.

electrical/electronic
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Jeff Black

President , Crestridge Asset Man...

Price Price
$18.665
Owned Owned
Unknown

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HOLD
TransCanada Corp(TRP-T) 

September 25, 2012

Good dividend payer. Not a particularly high grower. Not cheap at this point with the stock price being bid up in order to get the dividends. Stable and relatively low volatility going forward.

oil/gas pipelines
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Good dividend payer. Not a particularly high grower. Not cheap at this point with the stock price being bid up in order to get the dividends. Stable and relatively low volatility going forward.

oil/gas pipelines
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Jeff Black

President , Crestridge Asset Man...

Price Price
$44.870
Owned Owned
Yes

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HOLD
Telus Corp(T-T) 

September 25, 2012

There is a reasonable amount of activity with relation to their voting and non-voting shares. Good dividend. One of the few that have really shown a lot of transparency in terms of dividend increases going forward.

telephone utilities
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There is a reasonable amount of activity with relation to their voting and non-voting shares. Good dividend. One of the few that have really shown a lot of transparency in terms of dividend increases going forward.

telephone utilities
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Jeff Black

President , Crestridge Asset Man...

Price Price
$62.240
Owned Owned
Yes

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COMMENT
Suncor Energy Inc(SU-T) 

September 25, 2012

Has had a reasonable move of late off their lows. There is some support currently in the stock now with the company announcing a Normal Course Issuer Bid so there will be some buying support there. New CEO is taking a hard look at a lot of future projects. With his view of a possible economic slowdown, oil could subside and could see it easily trading in the low to mid $20’s as it did not that long ago.

integrated oils
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Has had a reasonable move of late off their lows. There is some support currently in the stock now with the company announcing a Normal Course Issuer Bid so there will be some buying support there. New CEO is taking a hard look at a lot of future projects. With his view of a possible economic slowdown, oil could subside and could see it easily trading in the low to mid $20’s as it did not that long ago.

integrated oils
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Jeff Black

President , Crestridge Asset Man...

Price Price
$32.230
Owned Owned
Yes

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SELL
Hewlett-Packard Co(HPQ-N) 

September 25, 2012

Price is significantly lower than it has been for a number of years. But the company has materially changed as well. Significant change in operations. Have a new CEO. There are a lot of headwinds in the space they are in. Not participating that much in the convergence to mobile. Thinks they will be economically sensitive in a weaker macro environment. If you own, consider triggering a loss. You only have to be out of it 30 days to reposition at a new ACB and be patient for a turnaround over the next few years.

electrical/electronic
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Price is significantly lower than it has been for a number of years. But the company has materially changed as well. Significant change in operations. Have a new CEO. There are a lot of headwinds in the space they are in. Not participating that much in the convergence to mobile. Thinks they will be economically sensitive in a weaker macro environment. If you own, consider triggering a loss. You only have to be out of it 30 days to reposition at a new ACB and be patient for a turnaround over the next few years.

electrical/electronic
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Jeff Black

President , Crestridge Asset Man...

Price Price
$16.710
Owned Owned
No

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PAST TOP PICK
Novartis AG(NVS-N) 

September 25, 2012

(A Top Pick Oct 14/11. Up 10.17%.) Good dividend and last year they did increase it. Likes the sector for its defensive nature. With the Cdn$ above par, it is not a bad time to accumulate this one. Important to have healthcare exposure.

biotechnology/pharmaceutical
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(A Top Pick Oct 14/11. Up 10.17%.) Good dividend and last year they did increase it. Likes the sector for its defensive nature. With the Cdn$ above par, it is not a bad time to accumulate this one. Important to have healthcare exposure.

biotechnology/pharmaceutical
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Jeff Black

President , Crestridge Asset Man...

Price Price
$61.450
Owned Owned
Yes

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TOP PICK
CASH(CASH) 

September 25, 2012

(A Top Pick Oct 14/11.) His clients have from 25% to 40% in cash positions.

N/A
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(A Top Pick Oct 14/11.) His clients have from 25% to 40% in cash positions.

N/A
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Jeff Black

President , Crestridge Asset Man...

Price Price
$0.010
Owned Owned
Yes

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TOP PICK

(A Top Pick Oct 14/11. Down 13.68%.) Views this as insurance. Feels gold shares are undervalued relative to bullion. With this one, you stay in Canadian dollars so you don’t have to take any currency risks. Reasonably diversified and the top 10 names account for 70% of the basket. Starting to pay a modest yield.

E.T.F.'s
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(A Top Pick Oct 14/11. Down 13.68%.) Views this as insurance. Feels gold shares are undervalued relative to bullion. With this one, you stay in Canadian dollars so you don’t have to take any currency risks. Reasonably diversified and the top 10 names account for 70% of the basket. Starting to pay a modest yield.

E.T.F.'s
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Jeff Black

President , Crestridge Asset Man...

Price Price
$21.150
Owned Owned
Yes

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N/A
General Market Comment 

September 25, 2012

Natural gas. Has had a bit of a rebound. Certainly influenced by the weather. There is an enormous supply which would point to prices being stable to down. Doesn’t think there is any strong catalyst to suggest that you are going to see a material movement in price going forward.

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Natural gas. Has had a bit of a rebound. Certainly influenced by the weather. There is an enormous supply which would point to prices being stable to down. Doesn’t think there is any strong catalyst to suggest that you are going to see a material movement in price going forward.

Unknown
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Jeff Black

President , Crestridge Asset Man...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY
Rona Inc(RON-T) 

September 25, 2012

If you own, you are going to have to be patient. It was disappointing somewhat that they rebuffed Lowes (LOW-N) advance. Haven’t executed well on a variety of strategies. Doesn’t see the sector having a lot of wind at its back going forward. The housing boom is moderating.

specialty stores
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If you own, you are going to have to be patient. It was disappointing somewhat that they rebuffed Lowes (LOW-N) advance. Haven’t executed well on a variety of strategies. Doesn’t see the sector having a lot of wind at its back going forward. The housing boom is moderating.

specialty stores
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Jeff Black

President , Crestridge Asset Man...

Price Price
$11.270
Owned Owned
No

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COMMENT

Feels the infrastructure space is a good one. Reasonable income here and conservative growth going forward. He prefers to participate through the parent Brookfield Asset Management (BAM.A-T).

INDUSTRIAL PRODUCTS
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Feels the infrastructure space is a good one. Reasonable income here and conservative growth going forward. He prefers to participate through the parent Brookfield Asset Management (BAM.A-T).

INDUSTRIAL PRODUCTS
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Jeff Black

President , Crestridge Asset Man...

Price Price
$34.800
Owned Owned
No

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