Investors looking to get back into stocks should focus on industry leaders that are in a strong position to weather the current economic turmoil, Fred Fraenkel, vice chairman of Beacon Trust Company, told CNBC.
While indicating a modestly lower open earlier this morning, the markets turned around late in the morning on a strong rebound in financials and the digestion of a series of less pessimistic comments by corporate executives.
The markets are poised for another weak open following a big round of earnings reports this morning. The earnings picture was far from pretty too, with many companies, from large industrials to regional banks, showing continued weakness in business conditions over the past quarter.
After the bell, IBM is down 3 percent after its Q1 revenue results missed estimates, led by double-digit declines in Systems and Technology (down 23 percent) as well as the Global Services (down 10 percent) divisions.
Christian Andreach takes the broad view, and the first of his criteria is valuation. "What we're doing is looking for opportunities where a company's competitive position is being permanently advantaged," he told CNBC. "That is, we're seeing capacity exit certain industries, and that capacity isn't going to come back."
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J. Michael Pearson, Valeant Pharmaceuticals chairman & CEO, explains why he decided to pursue Allergan and shares his R&D business model, with CNBC's Kate Kelly. This year we are launching 19 products in the United States, says Pearson.
Wednesday, 23 Apr 2014 | 6:13 AM ET
Chris Caso, Susquehanna Financial Group analyst, shares his outlook on Apple in the second half. Apple needs to show shareholders the next new thing, says Caso.
Wednesday, 23 Apr 2014 | 4:10 AM ET
Fraser Howie, director at Newedge Singapore, says the PMI data reveals China is "in a bit of a rut" and that the government has a "horrible problem" as it can't bring out too much stimulus.