Market Recovery?
After a two-day trip to Boston to represent three of the four US gold medalists in beach volleyball from the 2008 Olympic Games in Beijing in their efforts to reform the governance structure of USA Volleyball (I know, not exactly a Silicon Valley technology deal, but nonetheless an very enjoyable and, in my opinion, worthwhile endeavor), I am back in the heart of Silicon Valley. The most recent installment of the monthly technology newsletter from Morgan Joseph & Co (a middle market technology investment banking firm) monthly technology newsletter was sitting in my inbox upon my return. Of course, virtually everyone doing business these days, particularly companies and investors considering funding events or acquisitions, is extremely aware of what is happening in the markets, so I thought this may prove to be a good read for those interested. The "Market Highlights" introduction sums up Morgan Joseph's current view (at least, as of printing) of the market, as follows:
All eyes were on U.S. third quarter corporate earnings as investors anxiously waited to see a return of top-line revenue growth, demonstrating that the economy has turned and that a recovery is well in place. The reports of Google (GOOG: $551.72),Microsoft (MSFT: $26.37) and Amazon (AMZN: 94.98) as well as many others exceeding third quarter revenue and earnings expectations provided some additional momentum to the current equity market rally and provided further signs that the economy is indeed recovering.
I sure hope so.
