Omega Chairman Leon Cooperman comments on CNBC; says market is fully valued here (303.21 -1.00)
- Doesn't believe we break the lows of March (2192), lows for the year are in.
- Won't exceed Feb. high of 3393 anytime this year.
- High-quality fixed income securities are unattractive.
- High yield ex-energy yields about 6.2% (about 15-16x multiple vs 20x in S&P500).
- Many attractive high yield bonds that make more sense than equities at current time.
- Sees S&P 500 at about 20x normalized earnings is fully valued.
- Not an environment to be fully invested, and not an environment to be invested on margin.
- Cautious on Robinhood (brokerage), calls out Hertz (HTZ).
- Positive on JPMorgan Chase (JPM), Citigroup (C), CIGNA (CI), Centene (CNC), Mr. Cooper Group (COOP), Energy Transfer (ET).
- Thinks a Joe Biden presidency could take $15 off of S&P 500 earnings.