Investors' vision is being blurred by what's going on overseas. War news is a convenient excuse to sell.
More Quotes from Ned Riley:
Clearly it is not much of a surprise. There was a very strong feeling he would try to establish himself as an inflation hawk.Ned Riley
The unemployment claims declined a little, so that calmed some nerves. We saw some short-covering (buying of shares sold short) yesterday (Wednesday) and we may see more of that today, but I think people are holding their breath a little for the labor report tomorrow (Friday).
Ned Riley
I do think we're searching for a bottom on the Nasdaq and the action looks good so far. I see a lot of stocks doing well and people are going bottom fishing. Interest rates matter and clearly the Federal Reserve needs to focus on the Nasdaq.
Ned Riley
These companies are actually growing, ... The whole group is growing somewhere between 10 and 13 percent relative earnings growth and the price-earnings ratios are about 13 to 14 times. It's one of the few groups out there that are actually selling at their growth rate in terms of price-earnings ratio. And, right now, it's strange -- people don't like the group. It isn't a hot group.
Ned Riley
This company was maintaining a 60 (price-to-earnings ratio) and that was excessive, relative to its growth rate, ... Now, it's more reasonably priced. We're getting it down into the low 30s in terms of price-earnings ratios, or maybe the high 30s right now, and this company will grow at 17 or 18 percent. So Pfizer looks good, at this point.
Ned Riley
I believe the group is going to be able to grow at least 8 to 10 percent in the future and I think the SP earnings are going to slow down to maybe 7 or 8 percent, ... So this group could have actually a premium growth rate and yet a discount to the market that's, at least, 50 percent, if not lower.
Ned Riley
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