The biggest of the big are finally capitulating, ... Usually that's what happens -- the biggest of the best are the last to go down. But don't forget the worst of the worst are down 90 percent.
More Quotes from David Beard:
We think pricing is going to be up in mid-single digits as early as June. People are not really looking at this at all. And historically, if you look at a price to sales multiple, this stock can trade as high as 40-to-50 (per share),David Beard
The market is selling off because the fundamentals are weak and the stocks are overvalued.
David Beard
Really, I expect the light volume to probably last until the Fed stops raising interest rates, and that will kind of depend on the economic outlook that we see, in terms of how much growth we have at the end of this interest-rate cycle. It really tells me that there is a lack of conviction from the buyers and a lack of conviction from the sellers, ... And it's somewhat psychological because people have their stocks, they're down, they don't want to sell them. And that's only been going on for, what, two or three months now The real question is, after six or seven or eight months and stocks are still down -- will people start selling at that point And maybe the volume picks up at that point.
David Beard
The market opened down when people did a superficial analysis and saw that (HP) missed earnings, ... Once the conference call got going and you had a chance to read the press release, you got a different story. Hewlett's demand picture was good.
David Beard
I think the market is saying that the Dow has been flat for a year. If you look at the Nasdaq, it's up 40 percent year to year. And so the Nasdaq is going to correct probably quicker than the Dow, or the Dow will tread water, while the Nasdaq continues to come in.
David Beard
You have to take the actual numbers and the guidance and combine the two. I tend to think if the high pe (price-to-earnings ratio) stocks have a weak quarter, and even if they have ok guidance, they're going to get killed. But if there are cheap tech stocks that have a weak quarter and so-so guidance, they're probably the ones to buy first.
David Beard
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