Phil Dow
Phil Dow
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We like Waters Corporation, ... It's a company that specializes in equipment for biotech research, great balance sheet, firm fundamentals. In financials, we would throw in Wells Fargo, TCF Financial Corporation, and Citigroup.
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This year, the market is trying to tell you to be selective. If you look at the stocks that have moved, it really has not been just 30 big stocks; it's been all asset classes, all styles -- value and growth have delivered. The ones that are really getting fundamental financial guide, post-traction are those that are delivering. So my guess is selectivity is the key, and I think you've got to be in kind of best-of-breed solutions right now.
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I think a productive economy is the main thing people should take home with them. This is a unique period in American history. I think we'll look back on it as a time you wanted to own stocks rather than trade stocks. I think, secondarily, corporate America is showing good earnings reports. The second half of this year may be lower than the second half of last year, but they're still robust, probably in the high teens. I think if you focus on financial guide posts, that eventually will drive prices. I think you'll see the market in general do better as the year wears on.
amazing capital profits turn
It's amazing to see intellectual capital turn into profits so quickly.
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Bit by bit we are seeing the pieces of the economic mosaic come together that could support a sustained stock market rally, at least in the short term ... But in the longer term, there are still significant questions, no doubt about it.
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This year I was a little surprised (at) how negatively people viewed the economy and that's translated into a very cautious trading community on Wall Street, ... I think we did pretty well. We had a 4.4 percent growth in GDP. That's better than in recent history and better than some of our trading partners.
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We think Nokia is clearly going to be the leader in handsets, ... And we think they've got a great shot at infrastructure as well.
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The trading activity has a negative bias. The news has been negative and it's frustrating for investors and traders alike.
positive
This could be one of the more important positive tailwinds for the market,
argue hard shock
Once we get over the shock of the headline, I find it hard to argue that this is a negative.
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You're going to see a lot of companies voluntarily take the smoke and mirrors out of their business, ... We shouldn't expect to see an immediate recovery, but eventually people will regain confidence.
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This is the first evidence that things might be better than they thought, and I think traders don't quite know what to do. I think we've been conditioned to bad news -- it's like a beaten-up prize fighter. I think it's a dangerous time to look for more of the same, meaning looking for more negative.
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These software warnings have got people thinking that companies aren't spending their wads of cash. There may have been some unrealistic expectations, so I'm waiting to see how the rest of the tech sector does.
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If we have a series of big moves up, that would be a shock to the system, ... but, considering where are from a historical perspective, they could go up more gradually and not be a terrible headwind for the market.