Thomson Reuters Corp (TRI.TO)

(Market Call Minute.) In a very tough market. Doing a lot of financial engineering right now, such as buying back stock and laying off thousands of people.

Getting kind of richly valued and they are not going to have a lot of free cash flow growth until 2015. Even when that happens, it is going to be rather modest. This is a cost reduction/margin improvement story.

Has been accumulating his positions throughout the downturn. Finally getting credit from the marketplace on their sales cycle turning around. Market is anticipating an inflection in their sales and he couldn’t agree more. Likes this one for the long-term. Their products work the way he thinks the next generation thinks it should and once those people start filtering into decision-making, it is going to be in demand.

Sounds like they have the consolidation of their product group in the bag. Expects margin expansion with the story. They are going from 30 products in the financial side down to just a handful. As they close the other products, they are going to be able to streamline employees, making things easier and focus on their R&D. Yield of 3.45%.

This is a good “investor’s” stock, not a “gambler’s”. Trades at a reasonable valuation. You would never buy this at a huge discount because they have a very stable business with all the legal stuff they do as well. What has been getting the stock moving recently is their financial side product Eikon. Seems to be getting net sales growing so there is a little bit of optimism growing. Thinks this is a pretty safe bet.

Struggled with the acquisition of Reuters but feels they are back on stream. Last quarter, looked pretty good. Taking more write-offs and getting more synergy out of the business. Expects the stock will move up.

Recently aggressively added to his holdings. You should definitely hold for a long time. It has a ways more to go. For the past 4 years, they have been developing a product called Eikon a Bloomberg competitor. Have finally got it out and it is really impressive. They eventually want to take the 30 other products that they have and scale their customers off of those and consolidate it all into one platform. If they can do that, margins are going to go a lot higher. 4.2% dividend yield.

Finally having a good year. Making money for its shareholders for the 1^st time that he can remember. Now it is fairly expensive. Still an excellent yield. He would consider this as a good income stock rather than as a growth stock.

This is an issue of the Woodbridge family been able to get the company moving in the right direction and consolidating the components of his business. Have been trying to do this for years. Wait for the stock to cool off from where it has been.

(A Top Pick April 23/12. Up 36.33%.) Have had an excellent turnaround. New CEO has done a good job of reorienting the financial part of the business. Has recently been trimming his position because of excellent gains.

58%-60% of their revenues come from financial services. One of their challenges is that financial services have been getting smaller over the last couple of years. The potential catalyst and the reason to own this is that they have just been in the process of launching a new platform called Icon, competing with the Bloomberg platform. Not expensive. 4% yield.

(Market Call Minute.) Interesting company. Needs the icon product to work for them. Net sales have been declining.

It’s all right but he finds it expensive. Growth is going to be a little bit challenged still. The financial industry is shrinking. Great competition from Bloomberg. 19x forward earnings.

Provide financial data to financial services and databases to the legal profession. Have gone through some management changes in the last couple of years. A lot of their business depends on employment levels in certain professions. When there is a recovery in those industries, they should do well. At the current level, he would Hold and buy more on weakness.

Sees it solely as an income play. It's always the stock that's going to perform tomorrow. Maybe a little capital growth, but he thinks it's about done.