Overheard On The Street

January 23, 2001
Daniel Beighley

Here’s what they’re saying at mid-day:

Gregg Parise, General Partner, Dorado
Capital Management: “The tone of the market has definitely firmed. People
are looking past earnings and obviously the fundamentals and
visibility. You saw it this morning with Texas Instruments. They have no
visibility and no guidance going forward, and the SOX index is down less than 2
points. That’s telling you that people are looking for reasons to buy stocks.
They’re willing to look past a quarter or to in earnings, and the anticipation
being that there’s a lot of money on the sidelines and people want to put it to
work.

“We’ve had a big move off the bottom in terms of a huge percentage gain,
and I think that the easy money was made. I think now we have to kind of sit
back and let this market digest. The rising tide kind of lifted all boats again,
and I think we are now going to see a little more discernment. Over time, you’re
going to continue to see rotation into the good, solid leaders.”

Peter Marin, Portfolio Manager, Superior
Capital Management: “I think the market is trying to pound out a bottom
here. Many stocks have stopped going down on bad news so it’s clear that the
worst of it is probably discounted in the market, but it doesn’t seem like
there’s any rush to buy anything here. They’re picking away at some of the
better names that have made the numbers and have indicated that business is
still good. Those are probably the names to buy. There are some intact like some
financials and some medicals. I think those are the areas that are probably okay
to be involved in, but you just have to be pretty selective.”

Overheard On The Street

BUY THE FEAR, SELL THE GREED

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