Overheard On The Street
Here’s what they’re saying at mid-day:
Buzzy Geduld, President, Herzog Heine
Geduld: “The most interesting thing today is that you had several new
issues, all of which popped pretty big. So that leads me to believe that I think
the new issue market is going to begin to start coming back, and I think that’s
positive for the market.”
Arnie Owen, Managing Director of
Equities, Cruttenden Roth: “The market’s put in a pretty darn good
performance in the last week or so. Pre-announcement season is over, and we’re
getting earnings coming in that are stronger than people were expecting, vis a
vis Yahoo! That stock ran from 105 to 125 in post-market and next day trading
after the announcement of earnings that basically were in line with whisper. But
I think a lot of people were short it, and they were forced to cover.
“This is something we’ve seen very often, where markets sell down into
pre-earnings announcements, and then trade up into the actual earnings. The
earnings over the last several years have been strong.
Charles Payne, President and Head
Analyst, Wall Street Strategies: “Obviously, we’re very excited about
what’s happening today, and we’re seeing the re-emergence of stocks and sectors
that had been written-off by the ‘we told you so’ crowd from the market
meltdown. Yesterday, Yahoo! revived the e-commerce or Internet plays, and then
today, of course, Ariba sort of revitalized the B2B sector. We’re starting to
see a re-emergence of these companies that were sort of at the heart of the
debate over valuations and whether the market was overbought and the whole
paradigm shift.
“I am really encouraged particularly again because these are the stocks
that really bring the investors back to the game. It’s one thing to have the Dow
leading the parade, but the reality is that it’s rare that you can buy a Dow
stock and be up 30 points in one day. So this is the type of action investors
have been clamoring for, for a very long time. Obviously the interest rate
problems held back any potential rallies that we could have had in the last
earnings season which was actually pretty good. I think the good thing was that
it lowered expectations to the point that it set us up for a lot of the
surprises we are having now.”