Leon Cooperman 'Optimistic' About Stock Market Reaching a Bottom
On Friday, Omega Advisors family office leader Leon Cooperman (Trades, Portfolio) said on CNBC's Squawk Box that he is "optimistic" that the stock market might have bottomed on Covid-19 fears.
Cooperman, who converted his Omega hedge fund into a family office at the end of 2018, said that if he is "right on the virus call," which he warned is "a big if," the Standard & Poor's 500 Index at the recent low is "close enough to the bottom to be called a bottom."
The Omega chairman warned that if the economic shutdown "goes beyond April into the third quarter," he will be less optimistic. Despite this, Cooperman said he added to some of his top holdings like Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG) during the past few weeks. Additionally, he also mentioned how Omega is "looking to add to Facebook Inc. (NASDAQ:FB) and Adobe Inc. (NASDAQ:ADBE)" as well as Amazon.com Inc. (NASDAQ:AMZN) on weakness.
Cooperman's comments come during a morning where the Dow Jones Industrial Average sank to an intraday low of 21,469.27, down 1,082.90 points from Thursday's close of 22,552.17. Stocks were pressured on the heels of U.S. consumer sentiment levels tumbling close to a three-year low of 89.1 in March and the number of confirmed Covid-19 cases in the U.S. reaching nearly 86,000 according to John Hopkins University, eclipsing the number of confirmed cases in China or Italy.
Watch Cooperman's segment on CNBC below.
Disclosure: No positions.
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This article first appeared on GuruFocus.
