Thursday, 25 September 2008

Jim Awad Makes a Complete Fool of Himself

I doubt by now that anyone needs to another reason to doubt the opinions of so-called experts when it comes to the stockmarket. But just in case you were beginning to think that you need some guidance, here is a reason to think again.

Stocks Watch Washington, Pt. 2
Stocks Watch Washington, Pt. 2

Jim Awad appeared on Kudlow & Company on Wednesday night and let out this pearl of wisdom when asked about one stock market pick for investors:

“One pick, well you want long term international growth and a current dividend and exposure to a turnaround in financials I gotta tell ya, if GE doesn’t work nothing works.”

Then less than 12 hours later GE drops this little bombshell.

GE Cuts Forecast, Suspends Buyback on Market Weakness
Sept. 25 (Bloomberg) -- General Electric Co. reduced its annual profit forecast for the second time this year and suspended its stock buyback because of ``unprecedented weakness and volatility'' in financial markets.

Full-year earnings will be $1.95 to $2.10 a share instead of the earlier projection of $2.20 to $2.30, Fairfield, Connecticut- based GE said today in a statement. The world's fourth-largest company by market value fell in early New York trading.

So I guess Jim Awad is now thinking nothing will work. Nice one Jim, made a fool of yourself on national TV. However, in anindustry with no accountability, he will be invited back next week to espouse more of his 'expert' views.