Kevin Bannon
Kevin Bannon
Kevin Bannonis a former American men's college basketball head coach who most recently served as head coach at Rutgers University from 1997 through 2001. Prior to that he spent eight years as head coach of Rider University's team and seven more as the coach of Trenton State College. He is a native of Verona, New Jersey, having graduated from Verona High School in 1975, and holds a bachelor's degree in management from St. Peter's College in Jersey City, New Jersey...
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I think people are wondering whether the old economy can grow at all these days. The new economy is clearly where the great growth is going to be, but they're underestimating what some of the older companies can do.
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When things go wrong, people just want action and this is action in the form of a deadline, ... It does remind people that not every corporate executive is not being less than forthright with their statements.
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I think the economy is stronger than many people have hoped. So that's good news for profits. And the profits were never as bad as I think people may have feared?.
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I think, it's going to be very, very hard to get people seriously interested in energy stocks, although you never can say never on Wall Street, ... We would prefer to own some of the drillers, because with oil prices at the this level, it's going to encourage anybody, any country anywhere who might have some oil to look for it. And that will be good for the drillers. We would rather own those than the oil companies themselves.
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In earnings season especially, people will tend to ask first and analyze later. So I think what investors should be doing is looking at the earnings reports beyond the headline numbers. A stock may be off sharply for a temporary reason, a shortage of a component that is a terrific buying opportunity. A stock may rocket up again for a non-recurring factor that is a chance to sell. Investors should just take advantage of the opportunity to sit back and capitalize.
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If people sense that there's inflation pressure then they worry that the Fed isn't done. The market cares because the Fed cares.
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What's going to drive prices in the end is earnings,
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Is there any reason to really believe we're going to be in a severe recession, or have a terrible inflation problem? I'd say the answer is no. On that basis, the stock market still looks like a pretty interesting place.
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Pretty much 90-percent of their travel party has never been to New Jersey. So it?s kind of fun to sort of help out a little bit.
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The thing that's weighing on the stock market is the bond market, ... That's because bond investors are convinced the party in the economy is getting too boisterous, the (Federal Reserve's) going to come in and take the punch bowl away, and I think that might keep stocks under wraps here.
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We think some of the retailing stocks are interesting, ... The tax cuts will be spent on companies like Home Depot or maybe Tiffany.
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When the sentiment changes, we could probably get a pretty good rally, because that is what we're talking about, sentiment. The fundamentals are looking fine.
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With a tax cut coming, I think you've got to be interested in retail stocks, ... And if you have the patient to invest for more than a couple of months, I think technology and telecom are still going to be great.
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Two sectors that have taken a terrible beating here over the last couple of months that we think have terrific long-term prospects are technology and biotechnology. A lot of those stocks are - even though they've bounced back here in the last couple of days - still down 50 percent from where they were only a few weeks ago.