jay,
This might be the Piper Jaffray comment that briefing.com referenced.
10/11/1999
Dow Jones Newswires
(Copyright ¸ 1999 Dow Jones & Company, Inc.)
NEW YORK (Dow Jones)--The current stock market rally is not stable, says Thomas Schreier, managing director of equity research at U.S. Bancorp Piper Jaffray.
"The areas that are strong are very strong, particularly the communications sector and other selected technology, and maybe biotech and a couple of other small sectors," Schreier told CNBC Monday. "But it's not a broad-based rally, and when that happens we view the market as being unstable."
Investors should stay in the high-performing sectors, he said. "Those sectors are being driven by very powerful return-on-capital kinds of economics that work very powerfully."
Investors should also pay close attention to pre-earnings statements. Companies failing to meet expectations will "get hammered" said Schreier.
He said he sees opportunity to make money in year 2000 anxieties, which, for most companies, are "not well founded."
He offered the following stock picks: Level 3 Communications Inc. (LVLT), Phone.com Inc. (PHCM),
CommTouch Software Ltd. (CTCH), Alkermes Inc. (ALKS)
and Abercrombie & Fitch Co. (ANF).
- Riva Richmond; Dow Jones Newswires; 201-938-4046
(END) DOW JONES NEWS 10-11-99
Marcia |
