Wall Street is betting that the most popular U.S. technology and internet stocks...
Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, Georgia describes the group as the “Cadillacs” of the technology sector, and said they should keep providing an outsized boost to the S&P 500.
However with recent gains among most of the group far outstripping the broader market, general equity strategists say the market’s superstars may need to provide outsize positive surprises in their quarterly numbers and their forecasts for future growth. The S&P 500’s fourth-quarter earnings are expected to decline 0.8% and revenue is seen rising 4.4%, according the latest estimates gathered by Refinitiv.
On Jan. 30, Amazon.com is expected to report a revenue rise of 18.7% in the same timeframe, although earnings per share are seen declining more than 30% because it announced it would beef up investment in its package delivery business during the fourth quarter. Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh favors Microsoft because of its “great suite of products with no true replacement” but also cites a solid outlook for Facebook, Apple, Amazon and Alphabet.
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