These 3 beaten-down tech stocks are so bad, they're good, says expert (via tradingnation)
But parts of the tech space have now gotten so bad that they actually look good on an investment basis, Matt Maley, equity strategist and managing director at Miller Tabak, said Tuesday on CNBC's"Some of them look quite good here and really washed out, and I think there's a good chance that they'll bounce," he said.
"Here's a stock that, in the last couple of days, has tested its 200-week moving average. That line provided excellent support back in December and the stock ... [is] incredibly oversold," Maley said, citing the low levels on its momentum-focused relative strength index indicator. "I think it's going to bounce back quite strongly over the next few days, or even the next couple of weeks.", which recently tested a trend line from 2015 and also appeared to be oversold.
But, he said, "if they can get a good earnings report out, it should snap right back," a prediction that played out afterIf the breakout is meaningful, it will give Salesforce shares "another 10% [of] upside," Maley said. "So that one's a little bit more dicey ... but the other ones I think are so washed out that the rally that we'll see in these names will last them more than just a day or two.
"As we look at the big picture, the global growth perspective [is] that many of these growth stocks are going to underperform over the next three to six months. So, we would actually advise investors to look towards large-cap value at this point in the market cycle," he said in the same "Trading Nation" interview.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple, Amazon, Google and Facebook shares tumble on antitrust concernsA new reported agreement between the Federal Trade Commission and the Department of Justice brings the threat of antitrust action a bit closer to reality.
Read more »
Tech selloff spreads to European stocks, carmakers upEuropean shares fell on Tuesday as U.S. antitrust action against Google and othe...
Read more »
Canada Goose shares plunge 26% as revenue growth slowsCanada Goose Holdings Inc posted its slowest revenue growth in eight quarters an...
Read more »
Joanna Gaines shares a sweet message to Chip on 16th anniversary
Read more »
Dany Garcia's Hollywood Secrets To SuccessDany Garcia shares her life and leadership secrets that have helped shape her success.
Read more »
Girls Scouts CEO Shares Three Ways To Advance Young Women In TechIn 2019 Girl Guides released the report Decoding the Digital Girl: Defining and Supporting Girls’ Digital Leadership, here CEO Sylvia Acevedo addresses the report’s key findings and shares three ways all of us can advance young women in technology. LikeABoss
Read more »
Thyssenkrupp shares fall near 16-year lowThyssenkrupp shares extended their losses on Monday and fell to their lowest lev...
Read more »
Cypress Semiconductor shares jump 27% following sale to InfineonInfineon has agreed to buy Cypress Semiconductors in a deal valuing the U.S. chipmaker at 9 billion euros ($10.06 billion), including debt, the German company said on Monday.
Read more »
Genocea Biosciences shares rocket 101% after biotech announces positive data from early-stage trial of cancer vaccineShares of Genocea Biosciences Inc. surged 101% in premarket trade Monday after the biotech announced promising data from an early-stage clinical trial of its...
Read more »
Alphabet shares slide 7% on possible DoJ antitrust probeAlphabet Inc's shares fell as much as 7% on Monday following reports that t...
Read more »