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With stocks at new highs, one strategist pointed out that even if equities went into a "bear market"—which he's not predicting—they'd still be higher than last year's June lows.
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Phil Flynn, a representative of Alaron Trading, told CNBC’s “Squawk Box” that refinery outages and strong demand will create tight gasoline supplies this summer.“This is the worst I have ever seen it at this time of year,” Flynn said Friday. “Our supply vs. demand has never been this tight before. It’s going to be a very dangerous summer and real bad luck for the consumers.”
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Tom Libby, an auto analyst for J.D. Power and Associates, told CNBC’s “Squawk Box” that Jeep may be diluting its image with too many “cross-over”models, or SUVs based on cars.“I think long-term there is an issue about whether they’re helping or hurting the brand,” Libby said Thursday. “These new products are car-based. Frankly, the Compass does not look a ‘Jeepish’ – it does not have the masculine, assertive, aggressive look of traditional Jeeps. Long-term, I think there’s the possibility they’ll dilute the image of being a tough, off-road SUV.”
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Sen. John Thune told CNBC’s “Squawk Box” that expansion of cellulosic ethanol will ease dependence on corn-based ethanol and help lessen the nation’s dependence on foreign oil, especially from the Middle East.“We’ve gotten very good at corn-based ethanol and it’s been a very successful story here in South Dakota and across the Midwest,” Thune, a South Dakota Republican, said Wednesday. “Cellulosic ethanol should expand dramatically the number of states that can participate in producing renewable energy.”
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John Challenger, chief executive officer of Challenger, Gray & Christmas, told CNBC’s “Squawk Box” that announced layoffs in March were the lowest since July 2006.“It’s certainly a sign of a very strong job market,” Challenger said Wednesday. “The places were job cuts jumped where in the housing sector, including mortgages, construction and real estate.”
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Alec Young, equity market strategist for Standard & Poor’s, told CNBC’s “Squawk Box” that he expects many companies to beat lowered first quarter earnings expectations, but that won’t drive the market higher. “The market is trading around 15 times (earnings),” Young said Tuesday. “If you beat and come in at 6%, that’s not great for a 15 multiple. It may help the market stay where it is, but to get P/E expansion, I think you need earnings growth closer to double digits.”
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David Kirsch, market intelligence service manager for PFC Energy, told CNBC’s “Squawk Box” that he expects oil to trade at $65 to $70 a barrel throughout the summer.
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Angelo Mozilo, chief executive officer of Countrywide Financial, told CNBC’s “Squawk Box” that Washington shouldn’t take proven loan products off the market in an effort to resolve the sub-prime mortgage crisis.
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Edward Bastian, chief financial officer for Delta Air Lines, said the company’s plan to emerge from bankruptcy assumes oil will be priced at $65 a barrel or higher.
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"Last week was a magical week for us," Freeport McMoRan CEO Richard Adkerson said on "Squawk Box." The New Orleans mining giant closed on its acquisition of Phoenix-base Phelps Dodge for $26 billion, then boosted a planned stock offering to help cut some of the $17.5 billion debt it took on for the deal.
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Christopher Low, chief economist at FTN Financial, told CNBC’s “Squawk Box” that he expects tightening mortgage standards to hit the housing market this spring.
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Joe Ranieri, managing director at Canaccord Adams, told CNBC’s “Squawk Box” that the market will face “mixed signals” this week.
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Howard Glaser, a mortgage industry consultant and former counselor to the secretary of Housing and Urban Development during the Clinton administration, told CNBC’s “Squawk Box” that it’s not clear if the troubled subprime market threatens the rest of the mortgage industry. The growth of exotic mortgage products such as option ARMs and interest-only loans cloud the picture.
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Craig Donohue, chief executive officer of the Chicago Mercantile Exchange, told CNBC’s “Squawk Box” that he doesn't think his company will need to "make any concessions" to complete its planned merger with the Chicago Board of Trade by the middle of the year.
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Sandy Lincoln, chief market strategist for Wayne Hummer Asset Management, told CNBC’s “Squawk Box” that he believes the Fed won’t cut or raise interest rates until it has conclusive data plotting the course of the economy.
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Laurence Meyer, co-founder of Macroeconomic Advisers and a former Federal Reserve governor, told CNBC’s “Squawk Box” that the Fed won't change interest rates at today's meeting.“The (Federal Reserve’s) outlook paragraph talked about firming growth last time and it has to talk about on-going slow growth now,” Meyer said Wednesday. “But then you transition to the forward-looking part of that paragraph and talk about expectations of a moderate pace ahead. With respect to inflation, they talked about inflation moderating last time. The data since that meeting have not been as comforting and they have to be a little bit more cautionary about inflation now. So, lower growth, a little bit more cautionary about inflation and that sets up the policy paragraph which absolutely will be unchanged.”
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Thomas Donohue, chief executive officer of the U.S. Chamber of Commerce, told CNBC’s “Squawk Box” that a recession is unlikely this year.He said consumer spending is up, the housing market appears to have bottomed out and exports are growing.“I think we’re going to (have economic growth) between 2% and 2.5%,” Donohue said Wednesday. “I don’t think we’ll hit a recession. I think the Fed will be helpful.”
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Michael Ryan, Head of research for UBS Wealth Management, told CNBC’s “Squawk Box” Tuesday that he expects the S & P 500 to rise 8% to 9% in 2007.
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John Ryding, chief U.S. economist at Bear Stearns, told CNBC’s “Squawk Box” that he believes many analysts have overstated the effect of declining home prices on consumer spending.
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CNBC’s Steve Sedgwick reports from Vienna that Iran’s oil minister took a “dovish” stance on production, as a confrontation between the United States and Iran over Tehran’s effort to develop nuclear weapons could create a “supply-side shock” in world oil markets.
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Joe Battipaglia, chief investment officer for Ryan Beck & Co., told CNBC’s “Squawk Box” that the U.S. economy is about to contract, undercutting stock valuations.
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Kernen is co-anchor of "Squawk Box,"and is based in CNBC's global headquarters in Englewood Cliffs, N.J.
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Based at CNBC's global headquarters, Quick is co-anchor of "Squawk Box," CNBC's signature morning program.
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Sorkin is a co-anchor of "Squawk Box," a financial columnist for the New York Times and the editor of NYT's DealBook.