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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Most analysts are calling for the market to rise between 5 percent and 10 percent next year, but I think it could be more like 15 percent. The economy is heating up, the employment picture has been improving and companies will begin spending more.
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Some bears had implied that rates will rise by 50 basis points tomorrow, and some people were a bit worried about that.
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They run about 111 hospitals. It has about a 20 percent rise in earnings this year. Five- year projections are 20 percent annually. It's got operating margin around 20 percent.
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You've got two things: a horrible retail environment ... and oil prices are up to $32 a barrel. When energy prices rise they pervade all aspects of the economy and costs go up. ... The big thing overhanging the market is what we are going to do with Iraq.
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The economy remains in a growth pattern, and normally the market would be responding favorably. But people are worried about inflation, the rise in energy prices and the weak dollar.
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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.