The Globe and Mail reports in its Tuesday edition that chief executive officer Paul Reynolds is banking on several past acquisitions to broaden Canaccord Financial's business because the traditional commodity-based business is not coming back soon. The Globe's Boyd Erman writes in the Streetwise column that Mr. Reynolds plans to lean on those parts of the business he has built up to carry the load. The firm has also opened offices in other countries, including across Asia, and made high-profile hires in Asia and Europe. Half the firm's revenue now comes from outside Canada. Canaccord's stock has slumped from $7.83 in January to $5.93 Monday. Analysts are lukewarm, with only one buy among the seven analysts who follow the firm. Mr. Reynolds says, "We're 18 months into a five-year correction." He says, "The good times will come back but it's going to be a couple of years." Macquarie analyst Sumit Malhotra says he has a hard time thinking the stock can really work without a "strong contribution from the resource-related deal flow that has always been the core of the Canaccord franchise." Mr. Erman figures Canaccord is done making big acquisitions. Mr. Reynolds says Canaccord has "the size and scale we need."