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Stocks To Buy If The Tech Sector Melts Down By Mark Kolakowski | August 1, 2018 — 1:00 PM EDT
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FB
Facebook Inc
171.65 -0.54%
AMZN
Amazon.com Inc
1,797.17 +1.11%
NFLX
Netflix Inc
338.38 +0.28%
AAPL
Apple Inc
201.50 +5.89%
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Many big technology stocks have been in a tailspin recently and that poses a large threat to the market as a whole, given that the technology sector represents roughly 25% of the value of the S&P 500 Index (SPX). Larry McDonald, editor of the Bear Traps Report, advises investors to take cover. "These are stocks you want to run away from. I see potentially 30 percent to 40 percent downside on the FAANGs," he told CNBC. Already, big tech names such as Facebook Inc. (FB
FB
Facebook Inc
171.65
-0.54%
), Amazon.com Inc. (AMZN
AMZN
Amazon.com Inc
1,797.17
+1.11%
), Netflix Inc. (NFLX
NFLX
Netflix Inc
338.38
+0.28%
) have pulled back. Even if tech stocks stage rallies in the next few days, it may be premature to assume that the worst is over.
Big Tech Pullback
Stock Ticker Gain Since 7/25
Facebook Inc. FB
FB
Facebook Inc
171.65
-0.54%
(20.0%)
Amazon.com Inc. AMZN
AMZN
Amazon.com Inc
1,797.17
+1.11%
(4.3%)
Apple Inc. AAPL
AAPL
Apple Inc
201.50
+5.89%
2.2%
Netflix Inc. NFLX
NFLX
Netflix Inc
338.38
+0.28%
(7.4%)
Alphabet Inc. GOOGL
GOOGL
Alphabet Inc
1,232.99
+0.47%
(2.9%)
Microsoft Corp. MSFT
MSFT
Microsoft Corp
106.28
+0.19%
(4.3%)
S&P 500 Index (0.9%)
Apple Inc. (AAPL
AAPL
Apple Inc
201.50
+5.89%
) is one of the exceptions, its shares surging after a strong earnings report this week. But Apple's good news caused only a small bump in the broader Nasdaq 100 Index of big tech stocks as of 1pm in Wednesday trading.
Where to Run
The big question is how investors can protect themselves. Nicholas Colas, co-founder of DataTrek Research, says that financial and industrial stocks are the best place for investors to redeploy some of their money, per a note to clients quoted by CNBC. The S&P 500 Financials Sector Index is up by 5.2% since the end of June, per S&P Dow Jones Indices. Colas recommends financials on the basis of a steepening yield curve which is boosting profits, and an attractive valuation of 12.7 times 12-month forward earnings.
Colas observes that financials are among the few sectors that are still below their 2007 highs, and the fact that many value stock indices are overweight in financials. Should tech stocks plummet, he expects these factors to spur a rotation into financials.
Major Financial Stocks
Stock Ticker
JPMorgan Chase & Co. JPM
JPM
JPMorgan Chase & Co
115.66
+0.62%
Bank of America Corp. BAC
BAC
Bank of America Corp
31.25
+1.20%
Morgan Stanley MS
MS
Morgan Stanley
50.18
-0.75%
Citigroup Inc. C
C
Citigroup Inc
71.93
+0.06%
Goldman Sachs Group Inc. GS
GS
Goldman Sachs Group Inc
236.04
-0.58%
Wells Fargo & Co. WFC
WFC
Wells Fargo & Co
57.65
+0.63%
Colas also argues that industrial stocks are attractive even though they are relatively expensive with a forward P/E ratio of 16.5 times projected earnings. The good news is that share prices in the industrials sector have been advancing. The S&P 500 Industrials Index is up by a brisk 7.3% since the end of June, and by 1.3% for the year-to-date, per S&P Dow Jones Indices. Goldman Sachs recently issued a report indicating that industrials are among the sectors that look like bargains right now, based on valuations relative to the full S&P 500. (For more, see also: Where to Find Bargains in the S&P 500.)
Major Industrial Stocks
Stock Ticker
Boeing Co. BA
BA
Boeing Co
352.76
-0.99%
Caterpillar Inc. CAT
CAT
Caterpillar Inc
138.54
-3.66%
CSX Corp. CSX
CSX
CSX Corp
70.62
-0.09%
Deere & Co. DE
DE
Deere & Co
141.91
-1.99%
Honeywell International Inc. HON
HON
Honeywell International Inc
156.89
-1.73%
General Dynamics Corp. GD
GD
General Dynamics Corp
196.01
-1.88%
Industrials have posted recent gains despite the negative impact of trade tensions. Nonetheless, he says industrials "could really use some good news on the trade front (possible, if only because the president likely wants some wins to campaign with ahead of the midterm elections)." Larry Glazer of Mayflower Advisors is convinced that President Trump is "going to make a deal" prior to the elections, and that the news will give a big boost to shares of large-cap multinationals, as well as to financial stocks. (For more, see also: Trade War Threatens Small-Cap Stock Juggernaut.)
Read more: Stocks To Buy If The Tech Sector Melts Down | Investopedia https://www.investopedia.com/news/stocks-buy-if-tech-sector-melts-down/#ixzz5N0pjjTvu
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