On the heels of the Federal Reserve's decision to maintain low interest rates for an "extended period," Ken Heebner, portfolio manager at Capital Growth Management, and Bob Doll, vice chairman and chief equity strategist at BlackRock, shared thoughts on the economy, and their individual stock picks. (See their top picks below.)
"The uptrend in the American economy, I think, is strong," Heebner said.
"I think the consumer has shifted decisively in March, and I think consumer spending is going to surprise on the upside meaningfully."
"I think we're going to see rising demand against the background of abnormally low inventories creating an accelerated rise in industrial production."
- Ford — Pickup truck production, which provides a more than $10,000 per vehicle contribution, is set to rise 25 percent sequentially between the first and second quarters, he said.
Heebner also said he thinks US auto sales will jump from between 11 million and 12 million to between 12 million and 13 million "sooner rather than later."
"Those are going to be dramatic positives for Ford," he said.
- Freeport-McMoRan Copper & Gold
- International Business Machines
As a counterweight against negatives, Doll recommends UnitedHealth
"The economy's improving, there's no question about it," Doll said. "[But] we need some jobs."
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Disclosure information was not available for Heebner, Doll or their companies.