Ned Riley Quotes

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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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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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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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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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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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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I clearly think this is just another manifestation of a recovery that continues to be underestimated by the Wall Street community. Not only Cisco, but the whole tech sector has blown away estimates. I would be truly surprised if the market doesn't have strong futures and a positive start Thursday.

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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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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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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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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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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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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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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 don't think the visibility is improving but I think stock prices have improved based upon the acknowledgement by investors that fundamentals couldn't get any worse and the major deterioration is taking place now.

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

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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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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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What really happened today is the retail sales report set the right tone, ... It appears that consumer spending is down.

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We have been victim of the success of the markets.

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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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A lot of people should not pay attention to the ups and downs daily because clearly they cannot discern the next week or two weeks in terms of trends in the markets. Where do you want to put your money long term, and I stress long term. We always advocate a very strong diversification.

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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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