Below is the transcript of Pat Fitzgibbons' Feb. 24 chat on Yahoo! As with all chats, this transcript is unedited.
Hi, everyone! Pretty crazy day here in the old stock market -- especially with the Dow -- hopefully we can make a little sense of it all.
Pat...any thoughts on corr?
Well, in the Dow, we appear to be in a pretty good-sized correction. But the Nasdaq seems to be humming right along.
Are we in danger of a 1929 style collapse, given all these dot.com companies with no intrinsic value and red ink as far as the eye can see?
The beauty of a disaster is that no one ever sees it coming, if they did, people would stop it. I think though, that the answer is no.
There were a lot of horrible things that happened at the same time in 1929. Right now, one thing we certainly have going for us is that the economy is strong and there is also a lot more regulation now compared to then.
Know anything about IMDS?
Well, I can't really recommend certain stocks. However, the company today did receive an important approval from the FDA. On what appears to be a new technology in the detection of Breast Cancer.
Are utilities undervalued or overvalued?
Well, I think that when investors are looking at sectors, they need to take a long look at the many different names in the sector. In each sector there are certainly names that are pushing the envelope either way.
How much lower will it go?
Hmmm....I'll tell you, if I was honestly able to answer that question I'd be really, really rich. Other than that, I guess I'm not sure.
Pat what is your opinion on City Groups exec heading to the priceline?
Well, it's certainly a pretty neat development. I think that it lends a lot of credibility to what priceline.com is trying to do and does suggest that there are some pretty powerful companies in the Internet world -- just like TheStreet.com!!
Thanks for all the great questions. See you back at TheStreet.com!!