Hugh Johnson
Hugh Johnson
Hugh Johnson OBEis a British author and expert on wine. He is considered the world's best-selling wine writer. His 1961 tasting of a bottle of 1540 Steinwein from the German vineyard Würzburger Stein is considered to potentially be one of the oldest wines to have ever been tasted...
ProfessionNon-Fiction Author
Date of Birth10 March 1939
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Yesterday's weak ISM number shows the manufacturing sector is just limping along. Another report this week suggests that Friday's August employment report may not be very good. Worries about the economy resurface and are reflected in stocks,
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It has been a solid performance, but there's still a healthy level of skepticism because stocks aren't cheap right now.
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These numbers were highly impacted if not distorted by Hurricane Katrina.
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I think the market has managed the inevitable profit-taking very well, but there's still a lot of skepticism out there,
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It's a trading rally, and not much more than that. If there's anything you can hang your hat on, it's that with every passing day, some investors become convinced that there's not going to be any serious fallout or damage to the economy or earnings due to the hurricanes.
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Investors become very guarded at the point that they think oil prices could take a chunk out of economic growth,
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It injects some uncertainty. The worry is the Chinese economy will slow too much, and that will send markets down worldwide.
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I think it's a bygone conclusion that they will raise rates in January, but there's also debate about whether they'll raise rates in March.
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I think the M&A activity is certainly the headline, with Oracle-PeopleSoft and a hangover of Sprint-Nextel,
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Their (Exxon's) profits were very strong, and December personal income was higher than forecast.
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The truth is with Harley-Davidson, like a lot of other companies, like Wal-Mart and Target, we've seen ongoing, strong demand, ... Harley-Davidson's production has had to ramp up 15 percent per year for the last 10 years. That's pretty impressive and it's all been done to meet that ongoing demand.
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That's a growth stock that is trading at an unusually high price-earnings ratio compared to growth, ... It's being priced as a rather racy e-commerce company. They've done a really good job (of adapting to the Internet) -- that company thinks great, they have a great culture.
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I'm not betting anybody's money on the Super Bowl, including my own.
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The earnings have been pretty good so far, but there's an ambiguity in the market about them, because you'll see Amazon or Microsoft disappointing and then others beating.