Updates on Bank of Nova Scotia, Loblaw Companies and Telus Corp.

Article Excerpt

BANK OF NOVA SCOTIA $33.50 (Toronto symbol BNS: Shares outstanding: 991.9 million; Market cap: $33.2 billion; SI Rating: Above average) has recorded charges totaling $642 million (after taxes) for its fourth quarter ended October 31, 2008. These charges include $370 million in writedowns of illiquid securities, $115 million of losses related to the bankruptcy of U.S. brokerage firm Lehman Brothers, and $110 million in writedowns of interest rate hedging contracts. The bank also still holds $348 million U.S. worth of securities that it may have to write down if conditions worsen. These charges are manageable considering that Bank of Nova Scotia earned $1.0 billion or $0.98 a share in the third quarter of fiscal 2008. Bank of Nova Scotia’s main businesses are still profitable, although the bank plans to cut risk by tightening lending to consumers on big items items such as homes. Bank of Nova Scotia is still a buy. LOBLAW COMPANIES $32 (Toronto symbol L; Shares outstanding: 274.2 million; Market cap: $8.8…