THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DEBORAH MARCHINI, CNN ANCHOR: Well, we're looking at markets that are mixed around the world this morning. U.S. futures, though, indicate a higher open. My featured guest this morning is Hugh Johnson, chief investment officer at First Albany, who makes it his business to follow stocks and look for investment opportunities. And you recently found one in the telecom sector?</s>HUGH JOHNSON, CHIEF INVESTMENT OFFICER, FIRST ALBANY: Well, you know, this is such a tough market, Deborah. The last six weeks, the market's been changed .7 percent, less than 1 percent, so it's tough to find stuff that works in this market. Strangely, puzzlingly, telecommunication stocks are starting to act better. Their relative performance is starting to perk up or look a little bit better so that's one of say two or three sectors where you can probably find something to do in a market environment that's extraordinarily difficult.</s>MARCHINI: Heavily indebted companies, though.</s>JOHNSON: Yes, very indebted and you have to be very worried. So I'm not sure that it's going to be a sustained move. I'm hoping it is.</s>MARCHINI: All right. Hugh Johnson, we'll be back to you shortly. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Hugh Johnson on Telecom Sector