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INTERNATIONAL FLAVORS & FRAGRANCES INC. $100 (New York symbol IFF; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 81.0 million; Market cap: $8.1 billion; Priceto- sales ratio: 2.7; Dividend yield: 1.9%; TSINetwork Rating: Above Average; www.iff.com) makes over 36,000 compounds that improve the taste of food and the smell of consumer products.

In the third quarter of 2014, IFF’s sales rose 4.3%, to $773.8 million from $742.3 million a year earlier. That’s partly due to Israel-based Aromor Flavors and Fragrances, which IFF bought for $102.5 million in January 2014. Stronger demand in developing countries also contributed to the gain.

Earnings improved 8.4%, to $107.4 million from $99.0 million. Per-share earnings rose 9.2%, to $1.31 from $1.20, on fewer shares outstanding. Excluding unusual items, such as costs to integrate Aromor, earnings per share gained 8.2%, to $1.32 from $1.22. IFF spends over 8% of its sales on research, so it’s more profitable than it appears.

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INTEL CORP. $37 (Nasdaq symbol INTC; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 4.9 billion; Market cap: $181.3 billion; Price-to-sales ratio: 3.4; Dividend yield: 2.6%; TSINetwork Rating: Above Average; www.intel.com) expects its revenue to rise by about 5% in 2015, compared to the consensus forecast of a 3.4% increase. That’s because businesses are replacing their older computers more quickly than expected.

Intel only recently started making chips for mobile devices, so it offered manufacturers special discounts to encourage them to switch over. However, it expects to cut these subsidies, as it will soon launch a new mobile chip that combines a processor with a wireless modem. That cuts the need for two separate chips.

The company has also raised its dividend by 6.7%. The new annual rate of $0.96 a share yields 2.6%.

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TERADATA CORP. $45 (New York symbol TDC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 153.0 million; Market cap: $6.9 billion; Price-to-sales ratio: 2.6; No dividends paid; TSINetwork Rating: Average; www.teradata.com) makes computers and software that capture and store large amounts of a business’s data, including its sales and inventory. It then analyzes this information and identifies buying habits and other trends. That helps its clients maker better business decisions.

In the three months ended September 30, 2014, Teradata’s earnings fell 4.3%, to $111 million from $116 million a year earlier. But per-share earnings rose 1.4%, to $0.71 from $0.70, on fewer shares outstanding.

Revenue gained just 0.2%, to $667 million from $666 million. Revenue in the Americas (61% of the total) fell 1.0%, mainly because many of Teradata’s customers have already upgraded their data analytics systems, weakening demand for new equipment. However, revenue from Teradata’s international operations (39%) gained 1.9%.

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ADOBE SYSTEMS INC. $73 (Nasdaq symbol ADBE; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 498.7 million; Market cap: $36.4 billion; Price-to-sales ratio: 8.9; No dividends paid since June 2005; TSINetwork Rating: Average; www.adobe.com) makes software for publishing companies and website developers.

Its main products include Adobe Acrobat, which lets users create and edit electronic documents in the widely used PDF format, and its Creative Suite package of photo editing (Photoshop) and desktop publishing programs.

In 2012, Adobe started selling its Creative Suite software as a cloud-based service called Creative Cloud. Users pay a monthly subscription fee that lets them access the software and store documents online. That gives Adobe more predictable revenue streams than selling its products as a one-time purchase.

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APPLE INC. $119 (Nasdaq symbol AAPL; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 5.9 billion; Market cap: $702.1 billion; Price-to-sales ratio: 3.9; Dividend yield: 1.6%; TSINetwork Rating: Average; www.apple.com) continues to profit from strong demand for its iPhone smartphone, which accounts for 56% of its sales. Other products include Mac computers (16%), iPad tablets (13%) and iPod music players and other services (15%).

In its 2014 fiscal year, which ended September 27, 2014, Apple’s earnings rose 6.7%, to $39.5 billion from $37.0 billion in 2013. The company spent $45.0 billion on share buybacks in the past year. As a result, earnings per share gained 13.6%, to $6.45 from $5.68 (all per-share amounts adjusted for a 7-for-1 split in June 2014). Sales rose 7.0%, to $182.8 billion from $170.9 billion.

The company recently launched a new mobile payment system called Apple Pay. This service lets users add credit card information to their phones and use them to make purchases at tap-and-payenabled cash registers and, in some cases, online. To prevent fraud, the phone will confirm the user’s identity with a fingerprint scan.

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BHP BILLITON LTD. ADRs $55 (New York symbol BHP; Conservative Growth Portfolio, Resources sector; ADRs outstanding: 1.6 billion; Market cap: $88.0 billion; Price-to-sales ratio: 2.2; Dividend yield: 4.5%; TSINetwork Rating: Average; www.bhpbilliton.com) still plans to spin off its aluminum, manganese, nickel and silver operations, as well as some coal mines, into a separate company in the first half of 2015.

After the spinoff, BHP will focus on four main commodities: metallurgical coal, iron ore, copper and oil. In all, they account for 96% of its earnings.

Prices of these commodities have declined in the past few months, mainly due to slowing growth in China, Japan and Europe. In response, the company is laying off workers and making its main properties more productive.

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UNITED TECHNOLOGIES CORP. $110 (New York symbol UTX; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 911.7 million; Market cap: $100.3 billion; Price-to-sales ratio: 1.6; Dividend yield: 2.1%; TSINetwork Rating: Above Average; www.utc.com) has five main divisions: Climate, Controls & Security (26% of 2013 revenue, 27% of earnings) makes heating and air conditioning equipment under the Carrier brand, as well as burglar alarms and fire-safety products; Pratt & Whitney (23%, 19%) manufactures aircraft engines; Aerospace Systems (21%, 21%) makes engine control systems and other parts for aircraft; Otis (20%, 27%) makes elevators; and Sikorsky (10%, 6%) makes helicopters.

The company’s revenue rose 10.0%, from $52.9 billion in 2009 to $58.2 billion in 2011.

In 2012, it bought North Carolina-based Goodrich Corp., which makes aircraft parts (including landing gear, wheels and brakes) and maintains and fixes planes. United Technologies paid $18.3 billion, including assuming $1.9 billion of Goodrich’s debt. However, it also sold some less important businesses, so its revenue fell 0.8%, to $57.7 billion, in 2012.

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Every Monday we feature “A Stock to Sell” as our daily post. With every stock we recommend as a sell, we give you a full explanation of why we advise against investing in the stock at this time. Westshore Terminals Investment Corp. (symbol WTE on Toronto; www.westshore.com) owns a coal storage and loading terminal at Roberts Bank, B.C., about 30 kilometres south of Vancouver. The terminal started up in 1970....

Pat McKeough responds to many requests from members of his Inner Circle for specific advice on stock investment tips as well as questions on investment strategy and the economy. Every week, his comments and recommendations on the most intriguing questions of the past week go out to all Inner Circle members. And each week we offer you a report on one of the stocks profiled in these Q&A sessions. We give you Pat’s buy-hold-sell recommendation as well as his analysis of the stock. This is part of the specific buy, hold and sell advice we offer you in our daily posts. Every week you get “A Stock to Sell” on Monday, “Best Canadian Stocks” on Tuesday, and “Our Top U.S. Stocks” on Thursday.

This week an Inner Circle member asked us about the biggest retailer of natural and organic foods in the U.S. Whole Foods is the clear leader in its niche market and has expanded beyond the United States with nine stores in Canada and nine in the U.K. Pat assesses the company’s success in tapping into the growing interest in natural foods, its ambitious expansion plans and the state of its balance sheet. He also looks at its ability to improve efficiency and keep prices in line as it attempts to capture a growing share of the increasingly health-conscious baby boom generation.

Q: Hi, Pat. Thanks for your many years of great advice. Could you please give me your thoughts on Whole Foods?

A: Whole Foods Market Inc. (symbol WFM on Nasdaq; www.wholefoodsmarket.com), is the largest retailer of natural and organic foods in the U.S. The company was founded in Austin, Texas, in 1980, when three local businessmen decided the natural food industry was ready for a supermarket format.

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Every Thursday we bring you our best U.S. stock picks. You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You will read about stocks making moves you should know about, most often from coverage in our newsletter on U.S. investing, Wall Street Stock Forecaster. Today’s stock is covered in our advisory on more aggressive investing, Stock Pickers Digest.

DEVON ENERGY CORP. (New York symbol DVN; www.dvn.com) is one of the largest U.S.-based oil and natural gas explorers and producers. Its production mix is 48% gas and 52% oil.

In 2011, Devon sold all of its international and Gulf of Mexico properties, which it saw as risky and expensive to develop.

The company narrowed its focus even further with the July 2014 sale of some of its properties to Linn Energy for $2.3 billion. The sale included Devon’s holdings in the Rockies, the onshore Gulf Coast and the Mid-Continent region (which includes Oklahoma, Kansas and Texas).

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Every Wednesday, we publish our “Investor Toolkit” series on TSI Network. Whether you’re a beginning or experienced investor, these weekly updates are designed to give you specific investment advice. Each Investor Toolkit update gives you a fundamental piece of stock market advice, and shows you how you can put it into practice right away. Today’s tip: “The value and quality of the stocks you consider are far more important than what the share price happens to be doing at any given moment.”...

Every Tuesday we bring you “Best Canadian Stocks.” You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You’ll read about stocks making moves you should know about, from coverage in one of our three newsletters featuring Canadian stocks—The Successful Investor, Stock Pickers Digest and Canadian Wealth Advisor.

DOREL INDUSTRIES (Toronto symbol DII.B; www.dorel.com) makes a range of items, including ready-to-assemble home and office furniture; juvenile products, such as car seats, strollers, high chairs, toddler beds and cribs; and recreational goods, mainly bicycles.

In the three months ended June 30, 2014, Dorel’s sales rose 9.2%, to $655.8 million from $600.4 million a year earlier (all figures except share price and market cap in U.S. dollars). Sales rose 20.2% at the recreational segment and 3.2% at the juvenile products division. Home furnishing sales fell slightly.

Earnings per share rose 14.6%, to $0.47 from $0.41. Sales of its highly profitable Cannondale and Pacific Cycle premium bikes remain strong. That offset a small loss from Dorel’s 70% stake in Caloi, which it bought for an undisclosed amount last year.

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Every Monday we feature “A Stock to Sell” as our daily post. With every stock we recommend as a sell, we give you a full explanation of why we advise against investing in the stock at this time. Avigilon Corp., (symbol AVO on Toronto; www.avigilon.com), designs, makes and sells high-definition surveillance systems. Users can view the images from this equipment on computers, tablets and smartphones....

TEMPUR SEALY $53.95 (New York symbol TPX; TSINetwork Rating: Speculative)(800-878-8889; www.tempursealy.com; Shares outstanding: 60.9 million; Market cap: $3.3 billion; No dividends paid) completed its $1.3- billion purchase of rival Sealy in March 2013. This was a major acquisition for Tempur Sealy (formerly Tempur-Pedic), but it has let the company diversify into traditional spring-coil beds.

The purchase is also helping Tempur Sealy offset rising competition in its current business; the company makes and distributes mattresses and neck pillows made of its Tempur material, which conforms to the body to provide support and alleviate pressure points.

Competitors Simmons Bedding and Serta have both successfully launched memory-foam mattresses that directly compete with Tempur Sealy’s products.

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MCCOY GLOBAL $4.75 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 27.7 million; Market cap: $131.4 million; Dividend yield: 4.2%) is the new name of McCoy Corp.

The change comes after the company sold its Mobile Solutions heavy-duty truck-trailer unit earlier this year. McCoy made the sale to focus on its fastergrowing and more profitable Energy Products and Services segment, which sells hydraulic gear, including power tongs, for drilling rigs. (Power tongs are large wrench-like tools that tighten and loosen the pipe in a drill hole.)

In 2013, McCoy opened its first two Energy Products international sales and service centres. One is in Aberdeen, Scotland, and supports customers in the North Sea area. The other is in Singapore and serves the Asia-Pacific region. McCoy recently opened another centre, in Dubai, to supply the Middle East. It plans to open an additional location in Latin America.

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WAJAX CORP. $35.46 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.8 million; Market cap: $595.0 million; Dividend yield: 6.8%) sells and services cranes, forklifts and other heavy equipment. It also provides related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).

The company’s customers are in the natural resource, construction, manufacturing and transportation industries.

In the three months ended September 30, 2014, Wajax’s revenue rose 6.2%, to $359.5 million from $338.5 million a year earlier. All of its segments reported higher sales, including mining and forestry.

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TIM HORTONS $92.84 (Toronto symbol THI; TSINetwork Rating: Average) (905-845-6511; www.timhortons.com; Shares outstanding: 132.6 million; Market cap: $12.3 billion; Div. yield: 1.4%) had sales of $909.2 million in the three months ended September 30, 2014, up 10.2% from $825.4 million a year earlier. Earnings per share fell 2.2%, to $0.74 from $0.75.

The company has accepted a friendly takeover offer from Miami-based Burger King Worldwide (New York symbol BKW). If you exclude unusual items, such as $27.3 million in takeover-related costs, Tim Hortons earned $0.95 a share in the quarter, up 25.0% from $0.76 a year earlier.

Under the deal, Tim Hortons’ shareholders can opt to receive $88.50 a share in cash or 3.0879 Burger King shares worth a total of $113.51 (all amounts in Canadian dollars).

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CHEMTRADE LOGISTICS INCOME FUND $21.25 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics- .com; Units outstanding: 62.9 million; Market cap: $1.3 billion; Dividend yield: 5.7%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base metal processors, whose operations create sulphur, acid and other by-products. Chemtrade converts these substances into useful chemicals, like sulphuric acid.

The company reported that its revenue rose 56.9% in the quarter ended September 30, 2014, to $324.6 million from $206.9 million a year earlier.

That’s largely due to General Chemical Corp., which Chemtrade bought for $900 million U.S. in January 2014. General makes a range of chemicals, including aluminum sulphate, aluminum chlorohydrate and ferric sulphate (all of which are used in water treatment), as well as ingredients for prescription drugs, nutritional supplements and veterinary products.

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COMPUTER MODELLING GROUP $12.59 (Toronto symbol CMG; TSINetwork Rating: Speculative) (403-531-1300; www.cmgl.ca; Shares outstanding: 78.8 million; Market cap: $990.2 million; Dividend yield: 3.2%) sells software and consulting services that help oil and gas producers use advanced recovery techniques to get more out of their wells.

In the quarter ended September 30, 2014, Computer Modelling’s revenue rose 14.8%, to $19.7 million from $17.2 million a year earlier. Earnings gained 33.3%, to $7.5 million, or $0.09 a share, from $5.6 million or $0.07. The company cut its costs, pushing its earnings higher.

Computer Modelling holds cash of $65.4 million, or $0.83 a share, and has no debt. The stock yields 3.2%.

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DOREL INDUSTRIES $37.53 (Toronto symbol DII.B; TSINetwork Rating: Extra Risk) (514-731-0000; www.dorel.com; Shares outstanding: 32.3 million; Market cap: $1.2 billion; Dividend yield: 3.6%) reported revenue of $673.0 million in the three months ended September 30, 2014. That’s up 10.8% from $607.3 million a year earlier (all figures except share price and market cap in U.S. dollars).

Earnings per share jumped 32.7% in the latest quarter, to $0.73 from $0.55. Sales of its highly profitable Cannondale and Pacific Cycle premium bikes remain strong. As well, Brazilian bike maker Caloi posted its first profit since Dorel’s recent purchase of a 70% stake in the company.

The stock trades at just 10.4 times Dorel’s forecast 2015 earnings of $3.61 a share.

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CHIPOTLE MEXICAN GRILL $658.56 (New York symbol CMG; TSINetwork Rating: Speculative) (303- 595-4000; www.chipotle.com; Shares outstanding: 31.0 million; Market cap: $20.4 billion; No dividends paid) is a Denverbased Mexican restaurant chain. It charges slightly higher prices than fast food companies, but it offers better quality food, including naturally raised meat, and superior decor and service.

In the three months ended September 30, 2014, Chipotle’s sales jumped 31.1%, to $1.08 billion from $826.9 million a year earlier. Its restaurants attracted more customers during the quarter, which pushed up same-restaurant sales by 19.8%. Traffic increased even though Chipotle raised its prices.

Chipotle also opened 43 new outlets and now has a total of more than 1,700. In all of 2014, it aims to open 180 to 195 locations. In 2015, it plans to add 190 to 205 more.

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WYNDHAM WORLDWIDE $79.11 (New York symbol WYN; TSINetwork Rating: Extra Risk) (973- 753-6000; www.wyndhamworldwide.com; Shares outstanding: 123.7 million; Market cap: $9.8 billion; Dividend yield: 1.8%) is one of the world’s largest hospitality companies, with 7,600 franchised hotels worldwide.

Wyndham also manages vacation resorts, rental properties, luxury clubs and time-shares. It now has 107,000 vacation-rental properties in 100 countries.

In the three months ended September 30, 2014, the company’s revenue rose 6.1%, to $1.51 billion from $1.43 billion a year earlier. Wyndham gets most of its revenue from vacation rather than business travel, and vacation bookings rose in the latest quarter. That helped push up its occupancy rate by 2.0%.

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TOROMONT INDUSTRIES LTD. $28.65 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667-5511; www.toromont.com; Shares outstanding: 77.1 million; Market cap: $2.2 billion; Dividend yield: 2.1%) reported revenue of $467.4 million in the three months ended September 30, 2014. That’s down 6.2% from $498.3 million a year earlier.

Earnings declined 7.9%, to $40.0 million from $43.5 million. Per-share earnings fell 8.8%, to $0.52 from $0.57, on more shares outstanding.

However, the lower results were mostly because the year-earlier quarter included Toromont’s biggest-ever mining order: an $82-million delivery to the Baffinland iron ore project.

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YAMANA GOLD $4.48 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www.- yamana.com; Shares outstanding: 880.8 million; Market cap: $4.0 billion; Dividend yield: 1.5%) owns eight operating gold mines in Mexico, Brazil, Chile and Argentina. It also holds a 12.5% stake in the Alumbrera copper/gold mine in Argentina and has a number of other properties in advanced stages of development.

Yamana’s mines include 50% of the Canadian Malartic gold project in Quebec. The company teamed up with Agnico-Eagle Mines in June 2014 to buy Osisko Mining, which owned Canadian Malartic, for $1.5 billion each (all figures except share price and market cap in U.S. dollars).

In the three months ended September 30, 2014, Yamana’s gold equivalent production (including copper and silver, which are significant by-products of the company’s gold mining) rose 27.5%, to 391,277 ounces from 306,935.

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NEW GOLD $4.71 (Toronto symbol NGD; TSINetwork Rating: Speculative) (888-315-9715; www.newgold- .com; Shares outstanding: 504.0 million; Market cap: $2.4 billion; No dividends paid) has four mines: the Mesquite project in the U.S., Cerro San Pedro in Mexico, the Peak mine in Australia and the New Afton mine in B.C.

New Gold also owns 30% of the El Morro copper/ gold project in Chile, 100% of the Blackwater property in B.C. and 100% of Ontario’s Rainy River project.

In the three months ended September 30, 2014, New Gold’s cash flow per share rose 60.0%, to $0.16 from $0.10 a year earlier. Gold production fell slightly, to 93,367 ounces from 94,038. But an 8.2% rise in copper output from New Afton and lower overall costs increased New Gold’s cash flow.

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