Overheard On The Street
Here’s what they’re saying at mid-day:
Charles Payne, President, Wall Street
Strategies: “So far I have to say that I am somewhat impressed with the
market. It seems like every time we start to drift, the buyers come out of the
woodwork, and I think that’s good news. All in all, obviously it’s been
uneventful, and there haven’t been many news items. It just seems like most
folks are just sitting on their hands.
“As for Yahoo!, it could be one of four things or a combination of them.
When a tech or Internet company halts, there are always worries that they will
restate earnings. Second, they could see a management change. There’s also talk
of possible suitors, or even them making an acquisition or participating in a
merger.”
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: “Where is the market now? Energy.
It’s the number one earnings grower in the current quarter. Where is the market
likely going? Basic materials followed by transportation and consumer cyclicals.
Where does the market want to be some day? Technology. For consistency health
care remains the most consistent in terms of earnings per share.”