Overheard On The Street
Here’s what they’re saying at mid-day:
Rob Cohen, Head of Listed Stock Trading,
CS First Boston: "We’re seeing a retracement from yesterday’s strength
after Apple’s pre-announcement. It still feels like the market’s in a better
phase than it was prior to Greenspan’s testimony. It’s just digesting what we
saw yesterday, and it’s probably a healthy step for the market to digest it and
build a base before we go to higher levels. In the absence of any further
company guidance on corporate earnings, then we could have a continued uptrend."
John Roque, Vice President, Arnhold and
S. Bleichroeder: "You’ve got to hand it to the guy — just when the last of
the most bullish investors out there had just about resigned themselves to a
year of poor performance, the Lone Ranger…we mean Chairman Greenspan rides to
the rescue with soothing, neutral/easing phrases, that come pretty close to
assuring that the Christmas spirit will remain alive and well in Whoville. It’s
a mixed metaohor, but right now it’s the best we’ve got."
Bill Schneider, Managing Director of
Equity Block Trading, UBS Warburg: "Given the magnitude of the move
yesterday, not giving a lot back today is a very encouraging sign."