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CISCO SYSTEMS INC. $27 (Nasdaq symbol CSCO; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 5.1 billion; Market cap: $137.7 billion; Price-to-sales ratio: 2.8; Dividend yield 3.1%; TSINetwork Rating: Average; www.cisco.com) is a leading maker of hardware and software that links and manages computer networks.

Its hardware includes routers, as well as local area network and asynchronous transfer mode switches. The company is selling or discontinuing less profitable products as it shifts toward better-selling technology, such as computer security systems and software.

Cisco recently sold its set-top-box and cable-modem business for $600 million. It will also phase out its Invicta products, which store data on flash chips instead of disk drives.

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INTEL CORP. $34 (Nasdaq symbol INTC; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 4.7 billion; Market cap: $159.8 billion; Price-to-sales ratio: 2.9; Dividend yield: 3.1%; TSINetwork Rating: Above Average; www.intel.com) is the world’s leading chip maker. Its products power 80% of all personal computers.

In the three months ended September 26, 2015, Intel’s earnings fell 6.3%, to $3.1 billion from $3.3 billion a year earlier. The company repurchased $1.0 billion of its shares during the quarter, so per-share profits declined just 3.0%, to $0.64 from $0.66. Overall revenue slipped 0.6%, to $14.47 billion from $14.55 billion.

Revenue from chips for computers and mobile devices (59% of the total) fell 7.5%, partly because Intel is offering fewer subsidies to mobile-device makers.

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PFIZER INC. $33 (New York symbol PFE; Income Portfolio, Manufacturing & Industry sector; Shares outstanding: 6.2 billion; Market cap: $204.6 billion; Price-to-sales ratio: 4.1; Dividend yield: 3.4%; TSINetwork Rating: Above Average; www.pfizer.com) has agreed to merge with Irish drug maker Allergan plc (New York symbol AGN).

Allergan makes a variety of drugs, including treatments for Alzheimer’s disease, depression, dry eye, enlarged prostate, overactive bladder, cystic fibrosis and bacterial infections. It also makes the anti-wrinkle drug Botox.

Under the deal, Allergan shareholders will receive 11.3 Pfizer shares for each share they hold. That will give them a 44% stake in the combined company, which will be the world’s biggest pharmaceutical maker.

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CAMPBELL SOUP CO. $53 (New York symbol CPB; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 309.8 million; Market cap: $16.4 billion; Price-to-sales ratio: 2.0; Dividend yield: 2.4%; TSINetwork Rating: Above Average; www.campbellsoupcompany.com) is the world’s largest maker of canned soups. It also makes Prego canned pasta and sauces, Pepperidge Farm cookies and V8 vegetable juices. Campbell’s sales were flat, at $7.7 billion, in 2011 and 2012 (fiscal years end July 31). In 2013, it cut its reliance on canned foods through two acquisitions: a $1.55-billion deal for Bolthouse Farms, a producer of carrots, dressings and fruit juices; and $249 million for organic food maker Plum.

These additions increased sales to $8.3 billion in 2014. However, unfavourable currency rates cut sales to $8.1 billion in 2015.

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CONAGRA FOODS INC. $42 (New York symbol CAG; Income Portfolio, Consumer sector; Shares outstanding: 432.9 million; Market cap: $18.2 billion; Price-to-sales ratio: 1.1; Dividend yield: 2.4%; TSINetwork Rating: Above Average; www.conagrafoods.com) makes packaged foods, including Chef Boyardee canned pasta, Hunt’s tomato sauce, Peter Pan peanut butter, Orville Redenbacher popcorn and Reddi-wip whipped cream.

Consumers supply 70% of ConAgra’s sales. Businesses, including restaurants and other food makers, provide the remaining 30%. ConAgra’s sales jumped 44.2%, from $12.3 billion in 2011 to $17.7 billion in 2014 (fiscal years end May 31). That’s mainly due to its $4.75-billion acquisition of Ralcorp Holdings, the largest privatelabel food maker in the U.S., in January 2013.

However, the purchase didn’t work out as ConAgra hoped, so the company agreed to sell most of the Ralcorp business to TreeHouse Foods (New York symbol THS) for $2.7 billion in November 2015. Excluding Ralcorp, ConAgra’s overall sales fell to $15.8 billion in fiscal 2015.

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BCE INC. $57 (Toronto symbol BCE; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 849.4 million; Market cap: $48.4 billion; Price-to-sales ratio: 2.3; Dividend yield: 4.6%; TSINetwork Rating: Above Average; www.bce.ca) continues to benefit from strong demand for its wireless and high-speed Fibe Internet and TV services. In the quarter ended September 30, 2015, BCE’s earnings rose 21.9%, to $790 million from $648 million a year earlier. Per-share profits gained just 12.0%, to $0.93 from $0.83, on more shares outstanding. Revenue rose 2.9%, to $5.3 billion from $5.2 billion. The company added 77,655 new wireless subscribers under long-term contracts, net of cancellations, beating the consensus forecast of 77,400. Most of these customers use smartphones, which generate higher monthly fees than regular cellphones....

IMPERIAL OIL LTD. $42 (Toronto symbol IMO; Conservative Growth and Income Portfolios, Shares outstanding: 848.0 million; Market cap: $35.6 billion; Price-to-sales ratio: 1.4; Dividend yield: 1.3%; TSINetwork Rating: Average; www.imperialoil.ca) produced 386,000 barrels of oil equivalent a day in the three months ended September 30, 2015, up 25.7% from 307,000 a year earlier. That’s because Imperial recently completed the second phase of its 71%-owned Kearl oil sands project in northern Alberta. However, lower oil prices cut its revenue by 25.9%, to $7.2 billion from $9.7 billion. Cash flow per share fell 32.9%, to $1.10 from $1.64. Even so, Imperial plans to keep expanding Kearl and Cold Lake, its other main oil sands project. These operations, which should last decades, will prosper when oil prices rebound....

ENBRIDGE INC. $50 (www.enbridge.com) is paying $750 million for 24.9% of the 400-megawatt Rampion offshore wind project in the English Channel. To put that price in context, Enbridge earned $399 million, or $0.79 a share, in the third quarter of 2015. Construction on this wind farm began in September 2015, and it should start up in 2018....

With an improving U.S. economy, cost-cutting and smart growth, we view Wells Fargo as a lower-risk value stock for conservative investors.

At a time of lower commodity prices, the mining stocks with the greatest speculative appeal are those with new projects that enhance their value even before prices rebound. Today we look at Hecla Mining and Amerigo Resources, two mining firms that are moving ahead with large developments. In both cases these projects promise to expand production considerably. Hecla is beginning production at a Mexican silver mine that last operated a decade ago, and has also purchased one of North America’s largest undeveloped silver deposits. Amerigo has launched a new copper tailings project in Chile that could double its production by next year.

HECLA MINING COMPANY (New York symbol HL; www.hecla-mining.com) explores for, mines and processes silver and gold in the U.S. and Mexico. Most of the company’s silver output comes from its Greens Creek mine in Alaska and its Lucky Friday project in Idaho. Hecla’s Casa Berardi mine in Quebec supplies the majority of its gold production.

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Top regional airline Chorus Aviation is a rising growth stock, but its affiliation with Air Canada may prove to bring as much risk as reward.

One of our top U.S. dividend stocks, Procter & Gamble knows which products to keep and which to sell off for greater long-term profits.

AASTRA TECHNOLOGIES $37.48 (Toronto symbol AAH; TSINetwork Rating: Speculative) (905-760-4200; www.aastra.com; Shares outstanding: 11.8 million; Market cap: $430.6 million; Dividend yield: 2.1%) has jumped over 80% since we recommended it in our last issue.
< br /> The stock surged because Aastra agreed to a friendly takeover offer from business communications products and software rival Mitel Networks (symbol MNW on Toronto).
< br /> Mitel is offering $6.52 U.S. in cash and 3.6 of its common shares for each share of Aastra. Based on today’s price for Mitel stock, the offer is worth $38.60 per Aastra share.
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WEIGHT WATCHERS INTERNATIONAL $26.61 (New York symbol WTW; TSINetwork Rating: Extra Risk) (212-589-2700; www.weightwatchers.com; Shares outstanding: 57.2 million; Market cap: $1.5 billion; No dividends paid) declined steadily from over $80 a share in 2012 to a recent low of just under $7. However, the shares jumped on October 19, 2015, when Oprah Winfrey said she had purchased 10% of the company.

Oprah bought 6.4 million shares for $6.79 each and has an option to purchase 3.5 million more at $6.97. She will also join the company’s board of directors.

Founded in 1961, Weight Watchers offers weightloss services in 23 countries. The company promotes a program of lifestyle changes through 36,000 weekly meetings and online. It gets 80% of its revenue through meeting fees and 20% from product sales.

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INTACT FINANCIAL $88.20 (Toronto symbol IFC; TSINetwork Rating: Speculative) (416-341- 1464; www.intactfc.com; Shares outstanding: 131.5 million; Market cap: $11.5 billion; Dividend yield: 2.4%) is Canada’s largest provider of property and casualty insurance, based on premiums. Its brands include Intact Insurance, Canada BrokerLink and belairdirect.

In the three months ended September 30, 2015, Intact’s revenue rose 9.4%, to $2.09 billion from $1.91 billion a year earlier. Revenue improved across all of the company’s insurance lines and geographic regions.

Earnings rose 7.6%, to $199 million, or $1.47 a share, from $185 million, or $1.37.

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AGT FOOD & INGREDIENTS $31.83 (Toronto symbol AGT; TSINetwork Rating: Extra Risk) (306-525- 4490; www.agtfoods.com; Shares outstanding: 23.1 million; Market cap: $737.8 million; Dividend yield: 1.9%) buys and processes a range of pulses, which include peas, beans, lentils and chickpeas, as well as other specialty crops....

FIRSTSERVICE CORP. $48.83 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.8 billion; Dividend yield: 1.1%) is a leading North American provider of residential property management and property improvement services.

In the three months ended September 30, 2015, the company’s revenue gained 12.0%, to $349.5 million from $312.0 million a year earlier (all figures except share price and market cap in U.S. dollars). Excluding one-time items, earnings per share jumped 28.2%, to $0.50 from $0.39. The second and third quarters are FirstService’s busiest.

The company’s outlook remains strong. However, the stock trades at a high 30.5 times the $1.20 a share FirstService will likely earn this year.

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WYNDHAM WORLDWIDE $77.38 (New York symbol WYN; TSINetwork Rating: Extra Risk) (973- 753-6000; www.wyndhamworldwide.com; Shares outstanding: 116.1 million; Market cap: $8.9 billion; Dividend yield: 2.2%) has now added all of its hotel rooms to the TripAdvisor Instant Booking platform. With Instant Booking, travellers click on the “Book on TripAdvisor” button to set up a reservation.

TripAdvisor is the world’s largest travel site. It reaches over 340 million unique visitors a month and has more than 225 million traveller reviews and opinions. It launched its Instant Booking platform in the U.S. in June 2014 and has since expanded it to the U.K., with other international markets to follow.

Wyndham Worldwide is a hold.

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GOODYEAR TIRE & RUBBER CO. $33.45 (Nasdaq symbol GT; TSINetwork Rating: Extra Risk) (330-796-2122; www.goodyear.com; Shares outstanding: 268.9 million; Market cap: $8.7 billion; Dividend yield: 0.8%) is the world’s largest tire maker, with 52 plants in 22 countries.

In the three months ended September 30, 2015, Goodyear’s revenue fell 10.2%, to $4.18 billion from $4.66 billion a year earlier. The rising U.S. dollar cut the value of the company’s foreign sales (particularly in Europe and Brazil) by $430 million.

Earnings rose 12.0%, to $271.0 million, or $0.99 a share. A year earlier, the company earned $242.0 million, or $0.87 a share.

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DELPHI ENERGY $0.72 (Toronto symbol DEE; TSINetwork Rating: Speculative)(403- 265-6171; www.delphienergy.ca; Shares outstanding: 155.5 million; Market cap: $110.4 million; No dividends paid) develops, produces and explores for oil and natural gas. About 70% of its output is gas; the remaining 30% is oil.

In the three months ended September 30, 2015, Delphi’s production fell 16.6%, to 7,888 barrels of oil equivalent a day from 9,461 a year earlier, after the company sold some fields. The lower output and a 31.4% average decline in oil and gas prices cut cash flow per share to $0.06 from $0.09.

The company will need improved oil and gas prices to move significantly higher, but its long-term outlook is positive.

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ALAMOS GOLD $3.97 (Toronto symbol AGI; TSINetwork Rating: Speculative)(604-681-2802; www.alamosgold.com; Shares outstanding: 255.5 million; Market cap: $996.5 million; No dividends paid) is the company formed by the July 2015 merger of Alamos Gold and Stock Pickers Digest recommendation AuRico Gold.

The combined firm owns the Mulatos mine in Mexico and the Young-Davidson project in northern Ontario, which holds as much as 5.6 million ounces of gold. Young-Davidson started up in 2013 and will reach full production in 2016. But meanwhile, it’s moving from open-pit to underground mining, which has sharply increased its costs.

The company’s gold production rose 3.1% in the three months ended September 30, 2015, to 87,663 ounces from 85,037 a year earlier. However, lower gold prices offset the higher production, causing the company’s cash flow per share to fall to $0.02 from $0.16 (all figures except share price and market cap in U.S. dollars).

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SHERRITT INTERNATIONAL $0.79 (Toronto symbol S; TSINetwork Rating: Speculative) (1-800-704- 6698; www.sherritt.com; Shares outstanding: 293.9 million; Market cap: $226.3 million; No dividends paid) is now focused on nickel production, with operations in Cuba and Canada.

As well, it has a 40% interest in the Ambatovy nickel mine on the island nation of Madagascar, off Africa’s east coast. Sherritt also produces oil and gas in Cuba, Spain and Pakistan and manages 506 megawatts of power generation capacity in Cuba.

In the three months ended September 30, 2015, the company’s revenue fell 25.3%, to $76.9 million from $102.9 million a year earlier, mostly due to lower oil and gas prices. Cash flow per share fell sharply, to $0.05 from $0.16.

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AEROPOSTALE INC. $0.68 (New York symbol ARO; TSINetwork Rating: Extra Risk)(646-485-5410; www.aeropostale.com; Shares outstanding: 79.6 million; Market cap: $53.3 million; No dividends paid) recently opened its first location in Ireland, at Dublin’s Liffey Valley Shopping Centre, one of the country’s biggest malls.

The Dublin store is operated through a licensing agreement with Shuz 4 U International Ltd. Over the next five years, Aeropostale expects to open 10 more locations in Western Europe through this partnership.

The company should be able to repeat its previous success at attracting new customers, but its sales may remain weak in the near term.

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STUART OLSON INC. $6.89 (Toronto symbol SOX; TSINetwork Rating: Speculative) (780-454-3667; www.stuartolson.com; Shares outstanding: 26.4 million; Market cap: $181.4 million; Dividend yield: 7.0%) provides buildingconstruction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to government and private sector clients. It mainly operates in Western Canada.

In the three months ended September 30, 2015, the company’s revenue fell 19.6%, to $281.7 million from $350.4 million a year earlier. The decline came from lower activity in Alberta, including in the oil sands. Stuart Olson is also phasing out less profitable industrial projects.

Before one-time items, Stuart Olson earned $6.4 million, or $0.24 a share, up sharply from $2.8 million, or $0.11, a year earlier. That reflects the company’s continued focus on higher-profit activities. It ended the quarter with a backlog of $2.02 billion, up 6.8% from $1.89 billion.

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RUSSEL METALS $19.08 (Toronto symbol RUS; TSINetwork Rating: Speculative)(905-819-7777; www.russelmetals.com; Shares outstanding: 61.7 million; Market cap: $1.2 billion; Dividend yield: 8.0%) is one of North America’s largest metal distributors, serving 39,000 clients at 53 locations in Canada and 12 in the U.S.

In the three months ended September 30, 2015, Russel’s revenue fell 25.5%, to $773.4 million from $1.04 billion a year earlier. Sales mainly declined because revenue fell 40% at the company’s energy products division, which sells pipes to oil and gas drillers.

Earnings dropped sharply, to $12.8 million, or $0.21 a share, from $33.0 million, or $0.54. The latest figure included a $2-million charge related to a more than 7% cut to the company’s workforce. Russel’s earnings fell faster than revenue because steel prices moved down in the latest quarter. That hurts its profit margins and causes it to suffer losses on its inventory.

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