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Markets & Stocks
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Noted Wall St. bear bails
graphic February 14, 2002: 10:04 a.m. ET

A bear among bulls, J.P. Morgan's chief equity strategist Doug Cliggott resigns.
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  • J.P. Morgan faces Tyco risk - Feb. 14, 2002
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    NEW YORK (CNN/Money) - J.P. Morgan's chief equity strategist and notable Wall Street bear Douglas Cliggott will leave the firm at the end of the month to head up the first U.S. office of Swedish asset management firm Brummers & Partners, a J.P. Morgan client.

    A bear in a time of bulls, Cliggott's calls have become all too prescient in recent months of stock declines.

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    Douglas Cliggott
    Questioning the capacity for the tapped-out consumer to revive the economy this year, Cliggott predicted zero-percent growth in earnings in 2002.

    "Earnings are supposed to be up 10 percent by the second quarter of 2002 if you look at the consensus numbers," he told CNN/Money in a recent interview. "But our guess is that they'll be down about 10 percent by the second quarter of 2002."

    Cliggott also said the Standard & Poor's 500 index will finish the year at 950, a sharp decline from its current level of 1,118.51.

    As was first reported in the Wall Street Journal, Cliggott will establish and run the New York research office for Brummer, a Stockholm-based firm that manages $2 billion in assets. The office will be the company's first presence in the United States.

    "My decision to leave J.P. Morgan was a personal one and not an easy one," Cliggott said in a statement released by J.P. Morgan early Thursday. The firm said it was sorry to see him leave, but respected his decision to spend more time with his family. Cliggott has three children under the age of 12. graphic

      RELATED STORIES

    J.P. Morgan faces Tyco risk - Feb. 14, 2002

    Can burned-out consumers revive 2002? - Jan. 16, 2002

    Great expectations - Jan. 2, 2002

    Targeting stocks in 2002 - Dec. 31, 2001

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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