Art Hogan
Art Hogan
attention bid competing deals industry plenty stocks wall
Telecom stocks should get plenty of attention on Wall Street. BellSouth could get a competing bid and we're probably going to see more deals as consolidation in the telecom industry continues.
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We've been able to handle a lackluster earnings season so far. Energy companies haven't really come into the fray yet, so things may look a little better after they report. Another positive is that we're backing off a bit from the high price of oil.
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We bought on the rumor and are selling on the news, ... We've priced in the victory here. There's very low participation -- there's just no money in the game. Folks are starting to shift focus now.
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We're getting an oversold bounce. Telecoms are getting a boost because of the AT&T Wireless (news), ... Investors are going to buy those tech stocks that we're not necessarily worried about.
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We have to get used to the fact that the emergency level of the fed funds rate is behind us, ... The sooner we become cognizant of the fact that the global economy won't be crushed and corporate earnings won't roll over, the sooner the market will fight its way to trend higher.
deal obviously
When you see a deal of this size, obviously (Washington Mutual) is still acquirable,
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We're in that dreadful point in investor psyche where bad news is bad news and good news is bad news,
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We spent the week worrying about yields and what the economic data would do. We managed to work our way through it. We finished off the week the best we could. Next week we have a host of economic data that may or may not change our mind. We'll see how it plays out.
corporate hear hopefully negative positive terms
We're still in the pre-reporting season, so, we'll hear more warnings from corporate America, hopefully more positive than negative in terms of guidance.
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We're starting to see that companies are starting to admit that the second half is going to be slow, so that's a lingering fear,
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We're seeing better earnings news in corporate America. That's what the market is celebrating, ... We made major collateral damage to stocks in the last six weeks and over a larger 2-1/2-year period. What's happening now is that the market is bottoming out and is building a higher support base in the process.
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We're seeing a nice handful of earnings today. That is going to be the driver. The other driver, or the thing that's not going to hold us back this quarter, and I would argue has held us back the last three quarters, is the consensus is the Fed is done for the year, ... We don't have a credit tightening cycle to go through and we're seeing terrific earnings. So I would argue that the focus returns now to earnings growth, revenue growth, the strength of corporate America and not necessarily the macro-economic themes like monetary policy which have been on the forefront for the last couple of quarters.
bond drive due energy focus items ongoing prices today
We've got more ongoing focus on the bond yields. We've been in lockstep with it all week, and today is no different. There aren't any market-moving items due today, so we'll look at energy prices today for something else to drive the market.
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We set the mark kind of high with the Goldman Sachs' report, so we're not positive its brethren in the space can follow through and equally outperform.