http://www.cnbc.com/id/31445358 Thomas Lee, JPMorgan Chase's chief U.S. equity strategist, who sees the S&P 500 index rising another 20 percent from current levels by the end of the year, said financial stocks are his top sectoral pick. Lee expects investment banking profits for the second quarter to be very strong on the back of debt and equity issuance and refinancing activity. Investor... [more]
http://www.cnbc.com/id/31445358
Thomas Lee, JPMorgan Chase's chief U.S. equity strategist, who sees the S&P 500 index rising another 20 percent from current levels by the end of the year, said financial stocks are his top sectoral pick.
Lee expects investment banking profits for the second quarter to be very strong on the back of debt and equity issuance and refinancing activity.
Investor confidence in the sector is likely to recover after touching a low in March, Lee said. Banks, insurers and asset managers worldwide have laid off more than 380,000 people since August 2007.
"Job cuts on Wall Street probably bottomed in March," Lee said. "As you go through the sectors in the economy, when they make the last cuts in jobs, confidence in that sector bottoms and confidence actually starts to recover."
I hope he's got hard evidence to back up his statements. Sounds like he does.
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Response by urbandigs
over 17 years ago
Posts: 3629
Member since: Jan 2006
did he just see NYC unemployment tick up 100bps from April to May?
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Response by steveF
over 17 years ago
Posts: 2319
Member since: Mar 2008
He says Wall Street not NYC(Queens, Brooklyn SI, Bronx).
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Response by aboutready
over 17 years ago
Posts: 16354
Member since: Oct 2007
fancy that, a banker who sees financials booming.
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Response by steveF
over 17 years ago
Posts: 2319
Member since: Mar 2008
You have to admit the recent equity issuance has been tremendous. All that underwriting money.
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Response by jason10006
over 17 years ago
Posts: 5257
Member since: Jan 2009
Hmmm...
"In the private work force, the weakness in May was concentrated in the fields of communications media, advertising and other information services, as well as in finance and education, according to James Brown, an analyst with the state’s Labor Department"
that is true..so you have roughly 30 people across the street who will really get paid from that. wow
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> I hope he's got hard evidence to back up his statements. Sounds like he does.
Sounds like a prayer.
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Response by steveF
over 17 years ago
Posts: 2319
Member since: Mar 2008
I would hope that he wouldn't make such a dramatic statement without hard evidence to support it.
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Response by anonymous
over 17 years ago
If he had hard evidence to support it it would be called "insider information"
He is an analyst like the rest of them...making his best guess based on observations...which I tend to agree with him on
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Response by Trompiloco
over 17 years ago
Posts: 585
Member since: Jul 2008
SteveF, as usually you're just running on hope. I hope you have a second career in mind, besides selling real estate.
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Response by steveF
over 17 years ago
Posts: 2319
Member since: Mar 2008
trompiloco..man you haave to be kidding! With all the evidence that has been presented about the recession ending, strong buyer activity, inventory dropping. Where do you lost souls come from? Wake up man!
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Response by Downtownster
over 17 years ago
Posts: 140
Member since: Mar 2009
Oh who cares, for every analyst that says financials are coming back there's another one that says the opposite. Conventional wisdom has usually been that the sector that leads you IN to the recession (e.g. housing and financials in this case) is never the sector that leads you out. Is that true now? Who knows, but I'm sure some analyst on CNBC is offering that as a counterargument. Plus, restricting banks' ability to take risks is going to lead to lower profitability (duh), which is another counterargument to the idea that financials are storming back.
Again, who the heck knows whether financials are coming back now or 5 years now. If analysts were actually able to predict ANYTHING, we wouldn't be in this mess.
Why shouldn't banking profits rise? Let's say your in a business to sell stuff and that stuff got delivered to your store for free. Think you could sell and make a profit? The banks got 'FREE MONEY'!
Think you can't make money with free money? Think anyone has any intention of paying it all back? Wake up, we have been duped by the same people twice!!! They even left the same sleepy pompus ass incharge.
It makes me so mad, it makes me want to curse!
Pompusgietnerdickhead!!!!!! there...I said it! (look it up, one word)
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> I would hope that he wouldn't make such a dramatic statement without hard evidence to support it.
Why just hope... why don't you try it yourself?
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Response by marco_m
over 17 years ago
Posts: 2481
Member since: Dec 2008
yeah steve...yahoo might go back to 500 a share too. sorry man..bubble is burst
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Response by Rhino86
over 17 years ago
Posts: 4925
Member since: Sep 2006
SteveF, do you honestly think these strategists have been good at calling the stock market. Besides, do you remember the 1990s when the stock market was awesome and real estate sucked? Start the clock and expect that for 10 years from 2008.
did he just see NYC unemployment tick up 100bps from April to May?
He says Wall Street not NYC(Queens, Brooklyn SI, Bronx).
fancy that, a banker who sees financials booming.
You have to admit the recent equity issuance has been tremendous. All that underwriting money.
Hmmm...
"In the private work force, the weakness in May was concentrated in the fields of communications media, advertising and other information services, as well as in finance and education, according to James Brown, an analyst with the state’s Labor Department"
FINANCE. Yeah.
http://www.nytimes.com/2009/06/19/nyregion/19jobless.html?_r=1&ref=nyregion
"All that underwriting money."
that is true..so you have roughly 30 people across the street who will really get paid from that. wow
> I hope he's got hard evidence to back up his statements. Sounds like he does.
Sounds like a prayer.
I would hope that he wouldn't make such a dramatic statement without hard evidence to support it.
If he had hard evidence to support it it would be called "insider information"
He is an analyst like the rest of them...making his best guess based on observations...which I tend to agree with him on
SteveF, as usually you're just running on hope. I hope you have a second career in mind, besides selling real estate.
trompiloco..man you haave to be kidding! With all the evidence that has been presented about the recession ending, strong buyer activity, inventory dropping. Where do you lost souls come from? Wake up man!
Oh who cares, for every analyst that says financials are coming back there's another one that says the opposite. Conventional wisdom has usually been that the sector that leads you IN to the recession (e.g. housing and financials in this case) is never the sector that leads you out. Is that true now? Who knows, but I'm sure some analyst on CNBC is offering that as a counterargument. Plus, restricting banks' ability to take risks is going to lead to lower profitability (duh), which is another counterargument to the idea that financials are storming back.
Again, who the heck knows whether financials are coming back now or 5 years now. If analysts were actually able to predict ANYTHING, we wouldn't be in this mess.
http://downtowny.blogspot.com
Why shouldn't banking profits rise? Let's say your in a business to sell stuff and that stuff got delivered to your store for free. Think you could sell and make a profit? The banks got 'FREE MONEY'!
Think you can't make money with free money? Think anyone has any intention of paying it all back? Wake up, we have been duped by the same people twice!!! They even left the same sleepy pompus ass incharge.
It makes me so mad, it makes me want to curse!
Pompusgietnerdickhead!!!!!! there...I said it! (look it up, one word)
> I would hope that he wouldn't make such a dramatic statement without hard evidence to support it.
Why just hope... why don't you try it yourself?
yeah steve...yahoo might go back to 500 a share too. sorry man..bubble is burst
SteveF, do you honestly think these strategists have been good at calling the stock market. Besides, do you remember the 1990s when the stock market was awesome and real estate sucked? Start the clock and expect that for 10 years from 2008.
double ditto falcogold1111