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Happy Thanksgiving. For this week's installment of "Should I Do It?" I'll take a look at some hits and misses over the past year and give an update on some stocks on which my outlook has changed.

Overall, it's been a successful year for the column picks. Recent bullish calls like

JetBlue Airways

(JBLU) - Get JetBlue Airways Corporation Report





Royal Caribbean

(RCL) - Get Royal Caribbean Cruises Ltd. Report

have each generated solid 20%-plus gains through Monday's close in a matter of months.

The going has been rougher for some of my bearish picks. Some of them with fundamental flaws like

Pier 1 Imports

(PIR) - Get Pier 1 Imports, Inc. Report



TheStreet Recommends

(CNET) - Get ChinaNet Online Holdings, Inc. Report

have plummeted since I suggested that readers avoid these value traps.

Still a Skeptic

On the other hand, with major market averages posting double-digit percentage gains across the board, bearish calls based on valuation, such as

Robert Half International

(RHI) - Get Robert Half International Inc. Report


Hilton Hotels

(HLT) - Get Hilton Worldwide Holdings Inc (HLT) Report

, have yet to play out. That said, I continue to have a negative outlook on these two names.

My worst call to date was my

bearish take on

General Motors

(GM) - Get General Motors Company (GM) Report

in February. Despite the automaker's dividend cut, investors still rallied around the company's massive restructuring plans. While I believe GM still has a lot to prove about its ability to generate consistent profits by selling cars, I clearly underestimated the public's desire not to see the company fail financially as well as management's ability to execute a turnaround so far.

Changing Stance

All of that being said, a

bearish call on which I've changed my mind is

Home Depot

(HD) - Get Home Depot, Inc. (HD) Report


Sure, the housing market remains in a secular decline, and the company's earnings will likely be hurt along with it. Even so, the stock trades at just 13 times expected fiscal 2007 (ending January) earnings of $2.84 a share. I believe Home Depot's earnings are more sensitive to its store-base growth than to the overall strength of the housing market.

Additionally, the recent 50% increase in the retailer's quarterly dividend to 22.5 cents a share (2.4% yield) helps place a valuation floor under the stock. In fact, I now believe that Home Depot has 5 points of upside potential from around $38 over the coming months, with just 2 points to the downside.

With that, let's take a look at a tabular roundup of the column's picks and pans

Thank you for continuing to support the weekly column as well as for watching my videos. The regular column will return next week, once readers have had their fill of turkey and football. For more about value stocks, check out TSC's

Value Investor premium newsletter.

David Peltier is a research associate at In keeping with TSC's editorial policy, he doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Peltier appreciates your feedback;

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