Michael Carty
Michael Carty
Michael Cartywas an Irish Fianna Fáil politician. Born in Loughrea, County Galway to Lawrence and Josephine Carty, he was the eldest of seven children. A schoolteacher by profession, he was first elected to Dáil Éireann as a Fianna Fáil TD for the Galway South constituency at the 1957 general election. From 1961 to 1969, he represented the Galway East constituency, and from 1969 to 1973 the Clare–Galway South constituency. He retired from politics in 1973...
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Today, American Power Conversion Corp., woke us up with a fairly bad report, and I think that's what's been keeping everybody bothered,
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I think tomorrow should be a fairly positive open, with the techs a little higher on Microsoft and in response to the action over the last few days. We've had a couple of ugly sessions and you're likely to see a little bounce off of that.
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The earnings reports and outlooks have been fairly positive, but I think trade has been kind of muddled recently, with the market wanting to give itself room to breathe after the big run it's had.
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We've been somewhat concerned with transportation companies, trucking, mainly because of the fact that we're not in a very strong economic recovery.
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These concerns are going to keep us from going too high. The general trend is up, but it won't make investors euphoric, at least until after the election.
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These companies wouldn't be making these deals if they didn't have cash and if they didn't see strong economic growth ahead, so the deals are positive for sentiment.
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Earnings continue to remain strong, even for the technology companies, so I think, with the Federal Reserve saying we're afraid of a recession more than inflation, you're seeing bargain hunters coming in.
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First off, Microsoft does have a good product mix, ... It has a five-year earnings growth rate, which is somewhere around 15 percent because it is a giant after all.
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Right now the general direction is up and that's because of the economy. But there is still a tremendous amount of skepticism about analysts' forecasts and the ability for corporations to repair profits that could challenge us next week.
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Because inflation is modest, and worries about that are starting to diminish, I think the focus will turn to earnings, and the earnings are going to be very strong.
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Tech has been so weak for so long that no one wanted to touch it. But people are looking at it again. Although the tech picture looked bleak for the last three years, people are seeing that there are going to be survivors, the leaders in the sectors.
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Technology has been under a bit of a cloud and there's still concerns about the telecom industry, ... I think investors are still very wary of it. They want to see more robust capital expenditure.
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There's not a lot of steam in this market. The volume has really dried up.
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There's just no obligation to jump in until we start seeing better (profit) reports and that won't be until July.