Ned Riley Quotes

The market is also still living with the legacy of the Fed's decision yesterday to raise rates, ... There are a number of people who feel the Fed should have paused, and should have considered the ramifications of Katrina and Rita.

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Unfortunately, the market has taken a 'shoot now, analyze later' attitude. These companies are guilty until proven innocent, and they need to come up with confessions or disclosures that prove there's nothing questionable.

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The Dow seems to be lifted because people are trying to resurrect the old growth stocks and giving them another try as a safe place to hide. The perception is that some of these companies are not currency- or energy-dependent enough for earnings to get hurt.

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These companies are actually growing, ... The whole group is growing somewhere between 10 and 13 percent relative earnings growth and the price-earnings ratios are about 13 to 14 times. It's one of the few groups out there that are actually selling at their growth rate in terms of price-earnings ratio. And, right now, it's strange -- people don't like the group. It isn't a hot group.

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You're going to get a lot more volatility on a day like today, but some of this activity, in combination with the Microsoft announcement, has clearly accelerated the volume on the day.

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We're just beginning to see justification for the market's rise, with the earnings that have already come in. The next test comes tomorrow, with the banks. People will be looking to see if loan demand in the economy has picked up.

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We have been victim of the success of the markets.

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Whether the catalyst was the cessation of tax selling or just a rally from a truly depressed area, the Nasdaq is attracting some bargain hunting. I would suggest stocks were over discounting shorter-term problems that have already been announced.

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It's a conviction on the part of some that a lot of the stocks have reached such a downside level that they are discounting the worst of all scenarios. The enthusiasm is clearly restrained because the selling and anxiety continues so we've got a little short covering and selective buying.

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For the rest of the month, the focus for the stock market will be on interest rates.

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There's a pause today, but the bulls still have the upper hand. The economic releases continue to support the case for strong economic growth through 2004 and a continued recovery in the labor market. Yet there are still plenty of skeptical people out there, suggesting the market could continue to build on the gains.

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I think what we have is a recognition by investors that there is some decent value at this price. But whether they have the intestinal fortitude to stay during further adverse times is still unanswered. Today, they seem to have rallied based on the expectation that there is cheapness in some of these stocks.

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A lot of these stocks were much higher a year ago than they are today. Clearly, the bottom-fishing issue is important and real.

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I do think it is a reflection of our society. Fast, short-term and speculative in nature.

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There is a willingness on the part of investors to buy premium names in anticipation of a recovery, but I really think there isn't a lot of conviction on the part of buyers or sellers.

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The focus point of the market this week is going to be tomorrow. If anything, I'm hoping for neutrality out of the Fed.

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The fundamental environment, because we still have a whole host of earnings reports to come out, could work to slow the rally. But much of the pain and punishment has already been absorbed prior to the end of the quarter.

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With the exception of the Dow, it (was) eerily quiet, waiting for Cisco's results, ... The Dow is clearly the strongest (today) and it's because there's still a lot of money flowing out of technology.

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There's no conviction over earnings. You're going to get this vacillation back and forth as we're in this bottoming process and it's going to take some time.

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I like Merck, in particular, because here's a stock that's retreated dramatically from its high, but still has its earnings growth-rate intact, ... This company, I think, can grow about 13 to 15 percent. And its price-to-earnings ratio now is getting down to a level that I think is very reasonable relative to its long-term growth rate.

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There are worries about mechanical failures, lost ballots, all kinds of things. But I think the market is prepared for a delay in the results. I don't think it will be as much of a surprise as it was in 2000.

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Right now I think you're in the indiscriminate phase of selling. There's more of (a feeling of) anticipation and paranoia about the possibility that some of the Dow stocks could disappoint even further.

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Today's sharp selloff shows that there were more bears on vacation in August than we thought, and they've come back nasty.

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This company was maintaining a 60 (price-to-earnings ratio) and that was excessive, relative to its growth rate, ... Now, it's more reasonably priced. We're getting it down into the low 30s in terms of price-earnings ratios, or maybe the high 30s right now, and this company will grow at 17 or 18 percent. So Pfizer looks good, at this point.

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It's something of an uplifting experience for us in the investing community to see that companies really are taking their accounting seriously. An exercise that CEOs seemed to treat as rote and automatic is viewed totally differently.

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