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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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.
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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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I think some of the sectors that have gotten beaten down the hardest probably offer some of the most promise now. The technology sector clearly, some of the health-care names, more the biotech and technology health-care names than the big pharmaceuticals. But what investors really want to own think are companies with very, very strong top-line growth, and there are very few industries that have those. The old leaders will probably be the new leaders again.
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Everyone knows the Fed will raise rates 50 basis points when it's at one time or two time. I think what you want is a Fed that's on the job and this Fed is clearly on the job and I would say they're neither ahead nor behind right now.
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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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In an environment where growth is going to be slower, where pricing power is not easier to find, that brings you back, I think, to tech and telecom that have been the leaders of the market. Tech is up these days; telecom is down. There's probably a better area to buy in. And I think that energy is a good area as well,
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What's going to drive prices in the end is earnings,
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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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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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Again (with the UPS pick), a lot of the same kind of issues. A company with very, very good quality earnings. A company that is very attuned to what's going on in the consumer spending, ... And a company that has some pro-cyclical elements. We are talking about a pickup in the economy. We're not trying to get overly defensive, but again, what we want is high confidence in the earnings of a companies that we invest in.
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After being worried that the economy was too hot and that inflation was coming back, suddenly you have this notion that maybe the economy is a little soft, that maybe the Fed has been a little overzealous.
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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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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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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.