Hugh Johnson Earnings Quotations

What we're seeing from Lehman is that market conditions improved through the summer, and that conditions are likely to continue improving. That's showing up in the earnings and in the detail of their reports.

On the surface level it's a real simple story. Interest rates are rising and the outlook for the economy and earnings is darkening every step of the way.

Really they're companies with consistent price performance, ... In other words, it's better than the S&P and consistent earnings performance.

We have such speculation in Internet stocks already that it's earnings will be keenly watched and could stir up more speculation or spur a decline, depending on their results.

You know, we had four great years because we had declining inflation and interest rates. There's been a sea change. We now have inflation and interest rates actually heading higher. That makes things entirely different - you can't get away with high-priced earnings or overvalued stocks and so we're going through this adjustment to a new reality.

We are gradually, slowly building investor confidence that the profit recession will end, ... What's leading to the bullishness is not anything you are currently looking at. Earnings are dismal, but investors are becoming more optimistic that the profits recession will end.

The question is when will the earnings recovery begin and how strong will it be.

The price is down some, but it's clear that oil is at a level that raises serious questions about the U.S. economy and earnings going forward.

The reason the (stock) market is struggling is that concerns about the economy and earnings are deepening, ... We don't see anything that says the current profit recession is going to end.

The reason for the (technology) decline is the combination of the Cisco earnings and the comments from CEO John Chambers. He basically said what Intel said recently: that customers are getting very cautious and that spending on technology is slowing.

Every time (crude prices) move toward $50, it raises serious questions about the economy and earnings in 2005.

This has been a very powerful earnings season and that's what's been driving the market.

Almost every quarter I can remember people have come up with reasons to explain away earnings gains. The truth is that earnings are doing better, and the hope is that, because earnings are improving, companies will begin to hire and spend money on technology.

A company like Sunoco, we know their earnings will be better, but how much better? ... As a portfolio manager, that question stops you.

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.

It's a migration toward value as a reflection that investors believe the growth rates of earnings are slowing. It will continue until investors are convinced that the Fed will take its foot off the break, or reduce interest rates.

I'm referred to as a fundamentalist -- a person who cares about company earnings and where the economy is going -- but the truth is I'm a closet technician. I've learned something as we've moved through the bear market: The last people to find out about a problem are research analysts and fundamentally oriented strategists.

The economy and the growth rate of earnings will slow, ... There's a good chance that investors will continue to do what they've always done. They will migrate to the safer segments of the market.

The earnings picture is really good now, but, you know, enjoy it while it lasts. Third and fourth quarters of this year are going to be much, much tougher earnings seasons, primarily because analysts are not reducing those estimates and the comparisons are going to be very, very tough,

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.

The durable goods numbers are telling us that businesses are spending money, and that the outlook for the economy is solid. And after last week, the earnings numbers are encouraging. So we're seeing a good bump today.

The market needs to let earnings catch up -- wait until we get closer to the year 2000, when we can feel comfortable that the market is not overvalued. If the market stayed the same while earnings rose, then price-earnings ratios would be so darn high.