Barry Hyman Quotations

We've accepted the fact that the earnings growth for the quarter is around 20, 21 percent year-over-year for the S&P. But there's been this behind the scenes look or under the surface look at revenue. And we haven't got the best of forecasts for the second half of the year in many companies going forward. And if you don't have that pristine look -- where you come in this earnings season totally clean -- you've gotten battered. And I can't even name more than a handful of stocks that have come through.

There are certainly negatives out there, ... But the psychology has changed and the bad news isn't having as big an effect on the broader market.

We're seeing pre-releases starting in 'old economy' stocks - companies that are not leading-edge tech companies but are more affected by this dramatic rise in energy prices.

The reflection of what Cisco says is an absolute reflection of the economy. If Cisco is giving this forward look beyond the first quarter, then the suspicion of a possibility for a second half upturn may not be as evident.

There are no major positions being taken ahead of the Fed. I think people are just being very short-term oriented - you see a stock that has a good story and you invest. But you do have to be careful - you don't want to overstay your welcome in any stock.

The only way I can see why the market is not reacting to several negatives out there is the anticipation of one more (rate) hike and we're done.

The CPI will still have an influence on the Fed meeting. You are in a bear market in technology stocks and you'll have to accept that. You're not going to get anything significant until the second half of the year.

The CPI will still have an influence on the Fed meeting, ... You are in a bear market in technology stocks and you'll have to accept that. You're not going to get anything significant until the second half of the year.

There is a little bit of profit-taking and a little bit of nervousness as we go into Thursday's GDP number, ... The durable goods number was a little stronger than expected. That shows continued strength in the economy. That is not what you want to see right now.

The P&G story is a lot more significant than just its relationship to P&G.

The productivity numbers today (Thursday) and tomorrow's (Friday's) report do nothing to support a bullish market. I would be concerned if we saw the unemployment drop below 4 percent because that would show the economy is not slowing down.

The productivity number is key toward determining whether the economy can show some stabilization. We've seen weakening numbers, which hasn't helped, but there is no inflation story to talk about here.

This puts 5.25% on the fed funds rate back on the table. It's not the job of anyone to interpret what a market's reaction to a comment will be. This has added volatility on a day-to-day basis, so opinions can change that quickly when they shouldn't. It's great to be flexible, but it's not healthy to investors.

The psychology is just not there for the economy to make any substantial move until we get through the Fed meeting. There's really no selling pressure, it's just tremendous volatility.

The price of oil and the weaker euro is absolutely having an impact. This is a market searching for a reason to go higher but this is a core root economic problem that could exist and the market is quickly coming to the belief that there is no overnight fix.

The price of oil and the weaker euro is absolutely having an impact, ... This is a market searching for a reason to go higher but this is a core root economic problem that could exist and the market is quickly coming to the belief that there is no overnight fix.

The price of energy should spook investors. So far, the market is foolishly accepting of the price of oil without a negative reaction as long as it doesn't break out to a new high.

Liberty is a compelling opportunity to penetrate or consolidate Europe, Asia and South American cable markets, but since it trades in the U.S. and it is dollar denominated, the foreign benefits will be somewhat muted.

Since the perception is that the market's going to rally tomorrow, why not buy today.

Since I filed an extension and probably will be late getting it, I will probably just go spend it. Nothing special, I would just say probably some jewelry for my spouse.

Net-net, the commentary was positive - I liked the productivity understanding.

Now we're going to see more pressure on the bond market and an already stressed equity market. There's a lot of concern and we're seeing some defensive investing. This number shows that the Fed will continue raising rates. Numbers like this show that we're in store for two more hikes.

Next week's retail sales numbers and inflation numbers are going to be some key statistics to give us a little bit more input into where the Fed stands.

Right now, it's a search for names, just like it was in the Internet sector, where you started with the big-cap ones and then you went to the smaller- cap ones,

Retail sales numbers were stronger than expected, and that shows that consumer are still spending, and I think that is weighing on the market today and it should. But it's not weighing on the Nasdaq, where you're seeing those really good earnings reports. People really regard tech as the place to make money.

On the earnings front, it's kind of mundane news, ... but the restructuring seems more aggressive than had been thought, and that's good for the stock.

I would characterize this as a correction long in coming. We're coming off of this tremendous run, plus you've got oil prices near all-time highs and the prospect of higher interest rates through the end of the year, and so you're seeing some profit taking.

If we get any guidance that the Fed would be guiding toward a neutral stance, that could be a (positive) impetus, ... The economy is slowing but not recessing and the Fed will be there if necessary.

I don't know where the bottom is going to be, but I am getting more optimistic as each day goes by that we are approaching something.

I believe that the future of McDonald's is going to be their international growth. Let's not forget what President Bush is trying to do in Russia. Russia eventually is going to have to be our friend versus all this nonsense terrorism that's going on in the world, ... So, does the overseas market concern me? It doesn't because they are looking to marginalize that growth of 1-to-2 percent and diversify at the same time. I think the bad things are behind it and I like the stock.

I believe the Fed will engineer this slowdown and it won't result in a hard landing,

I believe the Asian markets are stabilizing and if you look at the Japanese market, I think the market has put in a bottom in Japan as well and that cannot hurt the U.S. market in the intermediate term.

Based upon how we've seen retail stocks perform, any continued low (consumer confidence) number puts a crimp in the Christmas spending story.

For some reason, today we're painting the whole picture with a broad brush and a few profit warnings are really damaging that landscape for the companies that are good (performers).

I don't think we're going to buck the September trend, and I don't think we'll see a big sell-off. I think we'll see some rallying through the next week, and then a small pullback after that in late September, judging by the cycle the market has been going in.

I expect (ECI) to be very tame and show now inflation. It's the GDP I'm concerned about. If either one doesn't come in line (with expectations), the market will remain under pressure, ... I'm looking at the GDP number because that's going to give us a direct causal effect to how well the interest rate hikes have slowed the economy down.

Global markets are the best investment at this point. The growth story developing globally is strong, the companies have better valuations, and the trend is doing well.

If the GDP gets revised downward, it's a negative for the markets. If it stays anywhere within the expected range, it gives credence to that the fourth quarter was some economic trough.

If the Fed believes there are inflationary concerns about the strength of the economy, they will act. They will continue to do what they need to do to slow the economy down. It's going to be a transition market and there's no need to be aggressive here. Use a little caution and let prices come to you.

Today is the next to last day of the quarter and window dressing gets more aggressive.

There is a fear that we'll have a negative surprise and inflationary fears are keeping people on the sidelines, ... There's no real great impetus out there to drive the market.

What I like about today is that all of the main S&P sectors are higher, which shows broad strength for the market. And the consumer confidence number suggests optimism about the start of 2005.

With McDonald's you get a minor dividend of 1 percent and right now, where it's trading, around a 13, 14 price-to-earnings ratio, it is very reasonable, ... A little bit below the S&P average at this point.

We think 3.5 percent is a good point for the Fed to take a break to measure the economy and the impact of its rate hikes. If the economy does appear to be picking up, they could start raising again.

What you are seeing is the likelihood that interest rates will not go higher next week, making it easier to give these big cap growth stocks high valuations.

What will frame investor decision-making in August is going to be totally Fed-driven. We've gotten the anecdotal comments from Mr. Greenspan that we can achieve a slower growth landing but we now have to see that anecdotal evidence turn into fact.

We may need a little bit more of a washout here to get that summer rally,

HP was surprisingly strong and that should boost the PCs tomorrow, but AMAT may cut into the semis,

I agree that this was a psychological boost because the Fed is freaked that the consumer is starting to back out, and they want to...try to make the Christmas season a little more palatable,

Greenspan's commentary sure indicated there is more than one interest-rate hike to come, and that's not what the market wanted to hear.

Growth stocks on the large cap front with perceived consistent earnings can be looked at as better values.

There are still tough times ahead in technology, ... Wall Street wants to see only greater-than-expected earnings.

I think it's just more of the same. The Nasdaq is quickly approaching 5,000 and it's hard to divert money back to traditional stocks when the opportunities are so phenomenal in the new world economy.

I think it's emotional, because all the news out today is already known.

I think the market had a decent week but without any fundamental backing, the rally doesn't really have tremendous upside.

I think the movement we've seen since the beginning of the year, with a few weeks up, a few weeks down, is likely to continue at least through the end of the quarter.

I think the picture is optimistic and earnings in general have been better than expected.

I think that puts a little bit of pressure on the market.

I think, ... that Pfizer is going to benefit from their merger with Warner-Lambert. I think that makes a very good deal. But most pharmaceutical companies do eventually strike deals with biotech companies in terms of marketing their product. And the genomic companies don't have a lot of cash. They have a lot of high valuations, but they don't have a lot of dollars to spend. So, they usually look toward the pharmaceutical sector to help them out, which usually helps both sectors.

I think you walk away this week feeling much more secure than you began the week.

I think the Federal Reserve Board acted properly and left the window open for lower interest rates, which will please the market.

I was encouraged by today, but not overly so. We need to see a lot more than one day.

I think we really have to get to the next Fed meeting before anything significant happens. We have to see the emphasis on a slowing economy, and that's key to seeing that there won't be an open-ended succession of rate hikes.

I think we're going to go down to the wire whether or not it's a half-percentage point (increase). If you want to maintain market stability, a quarter percentage point could keep the market at bay.

I think it's too late to be worried about where your tech stock is going to go from here. There are some opportunities out there and we are aware of the short-term problems in the marketplace with the Fed being aggressive. So, we're not looking for a very vigorous rally over the next one to three months. There will be trading rallies. But the investor, the small investor, the intermediate-to-long-term investor should use the summer time, which is seasonally weak for technology stocks, to start to accumulate an easier way into some of these great companies,

I think it's the pattern from pre-announcements to earnings ? these are two companies (Motorola, Yahoo!) that have beaten lowered expectations, beating pre-announcements. When you expand that to the Microsoft story, it makes it even more powerful today.

I think it's strictly short term. The market is just range bound with trading opportunities. It's all sentiment right now because fundamentals are just not there.

I think this last quarter proves out that their business model works versus Gateway, versus Compaq, versus other PC box makers,

I think this is the look the market is going to have this month, ... There are valuation concerns, which was brought on by Cisco, the granddaddy of all valuation concerns. Money for now is moving back toward traditional stocks.

I think we are still in a consolidation period, ... and I think we can't afford to overlook the impact of the economic news on the market. You had a retail sales number this morning that was in line but nothing spectacular and a rise in jobless claims.

I think we are just mired in interest-rate concerns until we get some clarity on rates.

I think to an extent we've taken for granted the last few Fed meetings, and next week's meeting takes on more significance, ... A quarter-point hike is pretty much expected, but I think the relative bumpiness of the recent economic news could mean the Fed will indicate that rates may not rise as aggressively last year as people had been thinking.

It is just an affirmation that the Nasdaq represents the growth sector of the investment universe. That is where much money is being put to work the last month.

I think we're looking at nothing but good news on the earnings front. It will be more critical to see what guidance these companies give us toward the next six months to one year. Today's action is a little too premature to say how the markets will react to earnings.

I think the year starts out very similar to how it's ending. Just because a stock is cheap doesn't mean it should be bought ? you have to look at the growth rate and I think the Fed lowering interest rates is going to be very important.

I think the week was excellent. The Fed, even though the reaction was delayed, reinvigorated the psychology of the market. It's reinforcing the belief that these interest rate cuts will be the medicine for the economy.

It is a market looking at the future.

I think there's apathy in the market. The cruel reality is that earnings do matter and, in the absence of any new catalyst, you're going to get days like this.

I think there was some bargain hunting coming in on the back of good news.

I think there's enough in the cyclicality issue that it's going to be more of a traders' market, ... I think there's enough confusion out there that so much depends on the third-quarter earnings that we actually do see.

I think there's still more upside ahead into next week, and as we look at the market beyond near term, I think the surprising strength in the economy is going to help us in the first half of 2006.

I think there's a concern about the economy so I think you'll see conciliatory talk (from Fed governors). We seem to rally into Fed meetings so I would expect a slightly upward bias.

I think there are going to be opportunities to buy the weakness because I think the pre-release season will dominate again ? I don't think there's going to be a significant drop, though. There are a lot of people who buy the concept that 250 basis points (in interest rate cuts) with more coming is going to help.

People are just looking at the fact there was no other news out there today since the LSI earnings to really affect the market but there was a little bit of bargain hunting. LSI was a sector story but it was enough, with the nervousness going into tomorrow, to bring some selling onto the market.

Overall the earnings seem to be coming in a little better than expected, but the news has been the lackluster going-forward look in high-profile names in tech and finance.

Our look for the rest of the year is we're going to rally and worry. We're going to rally and worry some more. And we're going to rally again. I think the concern or the 'worry period' that we're now entering is this cyclical issue again, after this run up in the semiconductors sector and the third-quarter prerelease season, which we're quickly coming to. And I think that's going to give the opportunity for the next run up in the marketplace, which should come somewhere over the next few weeks into the election. The good news, as you pointed out, is that the Fed's done,

People have gotten into the belief that much of technology is cyclical now.

People look for the summer rally, and people have always complained - well, what happened to the summer rally - not understanding that the summer rally started the day after Memorial Day. So we really have had a very good summer rally. In the Nasdaq, it went up almost 40 percent off of the bottom. The Dow went up around 12 percent off the bottom. The S&P similarly. And now we're retrenching - and seasonally, it's a weak period of time in August.

I think people are looking forward to the end of rate hikes and if there's no dramatic change in the wording of the statement tomorrow, that could hurt the market.

I think people are just abandoning technology, especially when you can't count on a 'Nokia' that hasn't missed (expectations) in years. The point is that there's nothing wrong with these companies - what's wrong is that analysts were not looking at the second half of the year. What's happening now is estimates are going to come down to match the reality of the economic situation.

It doesn't really determine that this year is going to be a down year. What it really indicates is the confusion over whether we're in a growth economy or not.

I think individuals should still be willing to buy weakness out there, ... I don't think we're entering another bear market right now.

I think this week's performance has been very indicative of a bottom. The market made a lot of sense this week, since the Fed really helped to ensure the positive psychology that is needed to maintain consumer and investor confidence.

We need some inference from the Fed that interest rates beyond June are in doubt,

The ability of Intel to come out and say a 'no worse than expected' story pleased the market. There are many other corporations in technology that are in that position so that if the slowdown is just a slowdown, there's good upside in many of those issues.

The 10-year bond looks like it's headed higher, so I think the feeling is starting to pervade Wall Street that economy's fine and interest rates are heading higher. But the market has (also) been choppy and struggling with some key technical levels.

Most of the growth stories are not performing today and that is how we'll go into the Fed meeting. There's still very little conviction in the market.

(Microsoft) has been trading like the company (had already) lost the antitrust case against the government. The stock has been extremely weak compared to its sector and especially since the company has already reported earnings.

We have to respect what she has to say.

Without any major tech stories, the economic numbers are going to take center stage. It started on Friday with the first peek at the GDP (gross domestic product) for the first quarter.