Brockhouse Cooper

Archives: 2011 — Jan–Feb

Capitulating bears push short sales to lowest in three years
-Bloomberg, February 28, 2011

"If the equity rally continues, we expect the positive impact of short covering to be the same," said Pierre Lapointe, a strategist with Brockhouse & Cooper Inc. in Montreal."

Turmoil exposure: These companies have it
- Globe & Mail, February 24, 2011

"Pierre Lapointe and Alex Bellefleur at Brockhouse Cooper, ran a screen to find the companies within the S&P Global 1200 with the greatest revenue exposure to the region, where energy companies could see their operations disrupted and others could find that consumers have retrenched."

Chart of the day
- Bloomberg, February 17, 2011

"U.S. stocks are set up for a fall now that the Standard & Poor's 500 Index has almost doubled in less than two years, according to Pierre Lapointe, a global strategist at Brockhouse & Cooper Inc."

Did I miss the rally?
- Financial Post, February 11, 2011

"Pierre Lapointe, a macro strategist at Brockhouse Cooper in Montreal says investors can be comfortable with forward P/Es at or below 15x given that the recovery is only just working up a head of steam. Based on his research, that has been the average multiple for global stocks 30 months following the end of recession, a watermark to be reached this time around in December."

Investors, look to Africa
- Globe & Mail, February 10, 2011

"Most emerging market growth stories are well known, and foreign investors have bought into them extensively," said Pierre Lapointe, global macro strategist at Brockhouse Copper, in a note. " Investors know these stories so well that in some markets, they have pushed equity valuations to levels that are sometimes hard to justify."

Bigger might be better for equity returns
- Financial Post, February 7, 2011

"Pierre Lapointe, a global macro strategist at Brockhouse Cooper, says relative outperformance of small caps in the first stages of recovery is a normal pattern in post-recession times."

China's manufacturing hits the sweet spot
- Globe & Mail, February 1, 2011

"Alex Bellefleur, financial economist at Brockhouse Cooper puts it this way: "China's PMI numbers are now in a sweet spot, except for the input prices sub-index, which at 69.3 is still too high for policy makers' tastes. Overall, this is consistent with our view that China has now moved from recovery to expansion."

Inflation worries hit factories
- Edmonton Journal, February 1, 2011

"Alex Bellefleur, economist at Brockhouse Cooper brokerage in Montreal, said in the short-term inflation is not a worry, despite the survey results. Advanced economies are still riddled with excess capacity, through unemployment or idle factories, he argued, which will make it difficult for companies to pass on price increases as competition can jump in relatively quickly."

Is Gold's Golden Era Over?
- Wall Street Journal, January 29, 2011

"For gold to rise there needs to be demand for a safe haven, a weak U.S. dollar and inflation fears," says Pierre Lapointe, a strategist at brokerage firm Brockhouse Cooper. "We don't see any of these in 2011."

Divergence Watch!: Yellow flags on Dr. Copper?
- Wall Street Journal, January 27, 2011

"The price has continued to surge through 2010, rising some 32%, thanks largely to the surge set off by Ben Bernanke's restart of quantitative easing in the fall. Still since start of the year, copper is down about 3%. And the eagle eye Pierre LaPointe of Montreal-based brokerage Brockhouse Cooper spotlights a divergence in the copper charts that gives him pause."

Is copper overvalued?
- Financial Post, January 27, 2011

Lower correlations positive for stock picking
- Financial Post, January 26, 2011

"A solid investment strategy process will still focus on the usual macro factors (asset allocation, country selection and sector rotation), said Pierre Lapointe, a macro strategist at Brockhouse Cooper. "But lower correlations mark the return of skillful stock picking as a legitimate part of the process."

Gold off its perch?
- Financial Post, January 24, 2011

"Investment demand for gold makes up a whopping 32.7% of overall demand, according to Brockhouse Cooper strategist Pierre Lapointe. If that demand dries up, he warned that prices could "retreat sharply."

If everything's coming up roses, why the spike in insider selling?
- Globe & Mail, January 21, 2011

"When U.S. companies publicly disclose guidance to investors regarding their earnings expectations in advance of formally releasing their results (so-called "pre-announcements"), it's typical that many more ratchet back their earnings estimates than increase them from earlier projections – the historical ratio of negative to positive announcements is roughly 2-to-1. But over the past three months, noted strategist Pierre Lapointe and economist Alex Bellefleur of Brockhouse Cooper, negative guidance announcements have faded to their lowest level in 10 years of collecting the data. Positive pre-announcements actually outnumber the negatives."

Oil is the new gold
- Financial Post, January 21, 2011

'Similarly, Pierre Lapointe, a macro strategist at Brockhouse Cooper says oil at US$100 would likely result in OPEC expanding supply in the short term, in order to avoid a repeat of 2008, where inordinately high oil prices exacerbated the recession."

Insider selling not a signal that stocks are overvalued
- Financial Post, January 19, 2011

Food inflation strikes restaurants
- Financial Post, January 17, 2011

Is it worthwhile for your company to provide financial guidance
- Business Insider, January 10, 2011

Earnings season starts with a bang
- Globe & Mail, January 10, 2011

More of the same in 2011, says Brockhouse Cooper
- Financial Post, January 10, 2011

Rally in food prices still has room to run
- Globe & Mail, January 7, 2011

U.S. job gains disappoint
- Edmonton Journal, January 7, 2011

A Tale of two U.S. reports: Who's right?
- Globe & Mail, January 7, 2011

Food prices have room to rise further
- Financial Post, January 6, 2011

Where the markets are headed: CNNMoney survey of investment strategists
- CNNMoney, January 6, 2011

Stocks stealing gold's thunder
- Financial Post, January 4, 2011