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Managers splurge on bargain stocks
By admin - Posted on October 1st, 2008
Fund managers have been on a shopping spree, snapping up bargains flowing from Monday's stock market meltdown. "I just loaded up the boat," quipped hedge fund manager Derek Webb of Webb Asset Management. "When you have a panic-selloff ... you just want to get capital into the market."
During the Monday downturn, he bought Canadian names like Agrium, Potash, Aecon Group, Harvest Energy, Fording Canadian Coal, Daylight Resources, and BCE. He also added exchanged-traded funds (ETFs) tracking broad market indexes if he couldn't get enough stock.
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I am bullish on Aecon too
Submitted by James (not verified) on Sun, 10/05/2008 - 14:44.
I am is bullish on Aecon after its Innovative Steam Technologies [IST] division won its largest single contract to date, a deal supply five generators to Sherritt Power for its Energas Boca de Jarunco project in Cuba. This contract, combined with the C$10-million worth of orders won from StatoilHydro (STO) and Entek Electric Uretimi earlier in June, brings IST’s backlog to a record $74-million.
Not sure about all those stocks mentioned
Submitted by Anonymous (not verified) on Sat, 10/04/2008 - 11:46.
The only one mentioned that looks a real steal at the moment is Aecon. The two energy companies mentioned have large debt issues which would keep me away at the moment, and the fertiliser giants are still trading a reasonably high, and in my opinion, over-valued price.
I called Aecon last weekend noticing it was very low at the time, and considering it is winning an increasing amount of large Canadian public sectors crontracts it appears great value. Little debt to speak of, and recently re-negotiated $100m revolving cedit facility for financing larger projects makes them a sector outperform. The are a nice size compared to some of their over-bloated competitors and then they have agile divisions selling steam generators to Turkey and other external markets.
Yes i do own shares in them, bought early last week and seeing how they outperformed the TSE on Friday, very happy i did :-)
