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Irrational Exuberance?

Tuesday morning Yellen said that rate hikes could come sooner than expected if the labor market keeps up its surprising strength. But what really caught investor attention was her own version of the famed "irrational exuberance" speech from Greenspan in 1996.

In this case she felt the overall market was not that far off from historical valuation levels. However, many smaller social media and biotech companies have stretched too far from reasonable prices.

Not surprisingly both of these groups saw massive haircuts after this speech...which is step 1 of about 20 needed to right size their prices. Meaning, I think she is 100% correct with her comments today and anyone who thinks otherwise is probably smoking a banned substance.

You can see what other Zacks experts and investors have to say about this topic in today's Real Time Insight post.

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Zacks Investment Research

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Company Symbol Reported Surprise %Price Chg
JB HUNT TRANSPORT SERV INC JBHT Jul 15 +0.79% +3.57%
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COMERICA INC CMA Jul 15 +0.80% +2.63%
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ALLEGIANT TRAVL ALGT 1.70 1.81 Jul 23 1 +6.47
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