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Gold review
In portfolios: Initiate positions now, when there is a pull back, add on
Holdings:
GLD: Buy
SLV: Buy--primed to go nuts
GDX: buy
GDXJ: this will add "spice" to a porfolio, cautious portfolio placement
Risks to our gold outlook:
If governments begin to show fiscal discipline, it is a sell sign.
Taxation (example: Australia) is a huge risk as governments seek funds
Portfolio:
Chris recommends up to 10% in the precious metals/miners in a portfolio. August-September is a target timeline to get positons in accounts as the October-December period is a historically strong season for these stocks.
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Stock meeting 7/29/2010
ReplyDeleteUtility stocks: tabled
VZ: Buy list, 2
ISI on MSFT forward strategy is recommended reading.
Utilities: Southern Co, Excelon, Progress Energy. Table for later.
Stocks won't do much, stay within a range and produce a yield.
MP: doesn't like Excelon, 81% nuclear.
BM: hedge funds net short on utilities now, believe the economic recovery will continue, not a slowdown.
As an investment, the group appreciates then opportunity Excelon offers because it has been beaten up and there is good growth prospects.
IXP: global telecom ETF. Initiated positions, good yield, room to grow.
VZ: Wireless revs up 5.2%. Strong growth, Droid helping with sales. Overvalued? Trades at a premium to the group, but is it not worth the premium? Analysts concerned about VZ will take a hit to margins when they roll out iPhone.
NEE: I'm still a fan, there are some overhangs (hedging regulations and whether utilities will come under that, the motion for reconsideration of their rate request will be reviewed in early August). They have 100mw solar investment in Spain, have almost 540mw wind that is online or coming online in the near term. Management was cautious on the call, it is worth it to keep a close eye on the company.
EPS of $1.11 versus $1.09 in the same period 2009. Florida Power contributed $.64 versus $.52 a year ago. Higher weather related usage and an increase in customers drove the increase. NextEra Resources contribution was flat y/y at $.48. NEE reaffirmed their FY guidance of $4.25-$4.65 and in the same range in 2011. the company expects 5-7% adjusted EPS growth through 2014.
On a "normalized" weather basis, have seen 7% YTD earnings growth.
Barclay's MLP Call:
Barclay's defensive group: El Paso, Magellan, SXL, EPD, OKS Higher risk investments: WESTERN GAS PARTNERS, TARGA RESOURCES
Recommending propane, although they usually don't.
Favorite is EPD, second fav is PAA (Believe PAA is understating their growth because management is conservative). THEN: OKS, MMP, EEP, ETP Higher growth supplements: SXL, MMP
Two year upside AMZ target is 20%. Outlook on the 10 year: 3.80 close 2010.