Stocks opened lower Friday after the US government said the economy grew in the second quarter but at a slower pace than some had anticipated. Arthur "Art" Hogan, director of global equity product at Jefferies, shared his market outlook.
“This is going to be one of those days where we’re in a tug of war between economic data stream and earnings,” Hogan told CNBC.
“So when that gets focused, the market seems to be under pressure—we’re certainly seeing that today.”
Hogan said that while the economy may be slowing down, he doesn’t see a double-dip recession ahead.
“Right now, you look at the point of the cycle we’re in, so you want to play the recovery—industrials, basic materials, energy and technology,” he suggested.
Hogan recommended investors buy Deere .
“We can easily see this go to $75 in the next 12 months,” he said of the shares. “You get great exposure outside of the US as well.”
Scorecard—What He Said:
- Hogan's Previous Appearance on CNBC (Jul. 26, 2010)
Market Views—Across the Board:
- Market Analysis: Will Hot July Trend Stick Around?
- 'Good Environment' for Stocks, Economy: Manager
- Second Recession Will Be Avoided 'Easily': Schwab's Sonders
CNBC Data Pages:
CNBC's Companies in the News:
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No immediate information was available for Hogan or his firm.