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Today, John O'Connell, CFA commented about whether BIP.UN-T, CNQ-T, META-Q, MSFT-Q, V-N, T-T, BAM.A-T, COST-Q, QSR-T, SU-T, ACN-N, RTX-N, FDX-N, BRK.A-N, BCE-T, BDK-N, KEL-T, RY-T, DIS-N, BABA-N are stocks to buy or sell.

COMMENT
We had an initial panic and not a bifurcated market: companies immune to the downturn (i.e. grocers) and retailers who are struggling. The financial sector intrigues him--there's a 5-6% bump today. Yes, stimulus is driving this rally, but we still need consumers to drive it until there is rigorous economic activity. Very low interest rates will remain a drag on banks, but they will adapt, such as using more technology.
Unknown
BUY
They're not in trouble. They're dominant in China. Chinese stocks may be delisted from US stock indices as a protectionist backlash, but BABA is fine. Has a concern about its corporate governance, like what it really owns, but overall he's fine with BABA.
0
BUY
Walt Disney Co.
He sold half his position before the lockdown. Disney is a powerhouse, though its amusement parks and movies are being hit. He's watching live-streaming and virtual reality in enhancing and accelerating when crowds can attend sporting events--how will this effect sports and betting? Disney remains a dominant entertainment company.
entertainment services
COMMENT
Royal Bank

Among the Canadians, RY, TD and NB are trading at small premiums to book value. These are solid choices with decent loan books. Canadian consumers have heavy debt and that is a problem, and this risk will rise as this slowdown continues. Can the banks long-term sustain their dividends? The banks are allowing customers to defer some payments, though, so they are "team players" but long-term there is a concern.

banks
BUY
Kelt Exploration
It's his only oil stock. Their relationship with their bankers is strong, so he's not worried about that. They were under-levered going into the lockdown. They can monetize one of their world-class assets if they wish to, but he doesn't see pressure to. A better oil price would help, of course. Among mid/small-caps, this is a comfortable one to own.
oil / gas
BUY
Black & Decker Corp
Well-run, though they are struggling with supply chain and tariff issues. Ultimately, these problems will go away. Construction has been impacted a bit, but if your time frame is long, BDK will reward you.
misc consumer products
COMMENT
BCE Inc.
He still owns a little of this. Its dilemma is that a segment of revenues comes from land lines which is a shrinking business; people are streaming more and more and cutting their cable cord. This could become a long-term shift and pressure telcos, including BCE. Careful with telcos offering really high dividends, because they may not be sustainable.
telephone utilities
BUY
He's a big fan of Warren Buffett's philosophy. During this pandemic, Buffett hasn't done any buying, just waiting it out and watching for the long-term impacts of this pandemic. This company is in a pretty good position, well-run and diversified and sitting on a pile of cash. BRK has lagged the markets, so now is a buying opportunity.
insurance
PAST TOP PICK
FedEx
(A Top Pick May 13/19, Down 27%) He's disappointed, though many stocks are also down. He bought it when FedEx had already fallen 40% off highs. It seems like they've turned the corner with problems integrating DHL in Europe, and that big cyberattack from a few years ago is behind them. During the pandemic, FedEx is doing a major job and is a huge beneficiary of the lockdown (home deliveries). This is a good stock long-term. Yes, it's exposed to the broad, global economic slowdown, but that slowdown is mostly in restaurants, cinemas and entertainment, which doesn't effect FedEx much. Visa proves how huge online buying is, and someone needs to deliver those packages. With its dominance, FedEx can benefit.
Transportation
PAST TOP PICK
Raytheon

(A Top Pick May 13/19, Down 34%) They just completed the UTX merger. It's struggling a little, but its defence business will support the dividend. Management has always been highly regarded. The Boeing Max problems don't help. He will hold onto this and remains confident. The stock price reflects current problems, but positive surprises and the good management will deliver satisfactory revenues.

Defense
PAST TOP PICK
Accenture Ltd.
(A Top Pick May 13/19, Up 15%) They perform global consulting to help companies integrate tech. It's a soft play on cloud computing. He has high hopes for this in the future. You can buy it now.
other services
COMMENT
Suncor Energy Inc
Did the Saudis buy into Suncor and CNQ? He believes this is true, that a large Canadian pension fund sold these stocks to the Saudis. Can't comment on the stocks themselves; anything oil and gas been difficult. This industry can't catch a break. Oil prices can't trade at these prices for long, and a second wave will hurt these stocks more.
integrated oils
DON'T BUY

Their expansion into China. He's skeptical. The Horton's expansion into America didn't work, so China? In China, he would own Starbucks or especially McDonald's which has more growth discipline. In China, a company needs a landlord partner, and location means so much.

food services
COMMENT
How does a supply disruption from China effect them? Good question. Costco works on low margins, and makes their money on memberships. So, there are threats here but Costo can adjust as they did during the tariff war. When they open new stores, it drives memberships.
department stores
BUY

BAM vs. BIP For income, buy BIP; for capital appreciation, BAM. Both are well-run. BAM is the parent company and is one of the biggest asset managers in the world. BAM is solid and will be hunting for properties in this pullback; they are skilled investors. It's trading at a discount to NAV which means some downside protection It's a little difficult to understand all of BAM's moving parts and its reliance on various financing vehicles. (BPY is struggling, but will be a drag on BAM.) BIP and BAM will be fine long-term.

management / diversified