Peter Cardillo
Peter Cardillo
1972 Harlem mosque incident describes the April 14, 1972 shooting of a New York City Police Departmentofficer at the Nation of Islam Mosque No. 7 in Harlem, Manhattan, New York City. The officer responded to a fake 9-1-1 call, was shot and died six days later. The incident sparked political and public outcry about mishandling of the incident by the NYPD and the administration of Mayor John V. Lindsay...
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I like stocks that have potential earnings possibilities. Those are the ones that could someday be market leaders.
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The earnings period has been pretty good so far, ... But its having a limited impact on stocks because the market is discounting higher interest rates in the months ahead.
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Stocks are likely to be volatile Wednesday and through the end of the week.
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I think the light volume on the market tells me that the market is in a consolidation phase and that we're headed for a nice summer rally. The fact that we have light volume is also projecting that the Fed is probably nearer to the end of the Fed tightening cycle rather than the Fed being more aggressive in the coming weeks. I think the technology stocks are going to come back strongly. And I think financial stocks are going to do well.
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Old economy stocks are feeling the pinch in fear that rates are going much higher.
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Many (tech and telecom stocks) are undervalued. If we have a period of slow growth followed by an acceleration in the economy, I think we could see money flow back, and the one thing that's been very consistent in this market is the rotation factor, ... It tells everyone money is not leaving the stock market.
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For many months, the 'old economy' stocks were out of favor, but now people are starting to take some money off the (technology stock) table.
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Obviously, Alcoa really disappointed the market today, ... But we've also had a big run-up since the start of the year, and considering that, I think stocks are holding up pretty well.
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I just think they're very cheap. There's no core news for this to happen -- I just think a lot of these stocks have been badly beaten down and investors are starting to get around to looking at them.
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Again, I think we're going to see a lot of revenue growth coming within the next quarter or so, and I believe that it's basically an infrastructure B2B for the Internet, where you can research engines, where you can create your own agents and what not, and management is doing a great job. I'm looking for this stock to really do quite nicely over the next six-to-18 months.
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Here is a classical story of a stock that is trading under book value. AT&T, the same thing. I believe it is up 4 or 5 points from its low and basically trying to stabilize at these levels, when it is all said and done, it still probably will be the leader of the pack. Again, a company selling under book value,
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In technology, it's just a lack of serious buying. The market needs to be convinced that the Fed will not raise (interest) rates for the remainder of the year. This is all part of the summer doldrums, but we see cyclical stocks doing a little better here.
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I believe the worst of the decline in the 'old economy' stocks is over, ... and I think what we're seeing here is a consolidation phase, even though this consolidation phase is probably taking place at the lower end of the trading range. I don't believe that yesterday's decline in Nasdaq is the beginning of any major correction just yet. Now, that is not to say that we're not going to have a correction. Indeed, we are. But I just believe that there is sufficient money out there and sufficient demand for these tech stocks yet, and that is not going to disappear so quickly. What we saw yesterday was little profit-taking after a spectacular week.
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Obviously, Alcoa really disappointed the market today. But we've also had a big run-up since the start of the year, and considering that, I think stocks are holding up pretty well.