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3 top post-shutdown stocks to buy: Pro

Wednesday, 16 Oct 2013 | 6:28 PM ET
3 top stocks to buy post-shutdown: Pro
Wednesday, 16 Oct 2013 | 5:32 PM ET
These companies stand to do well over the next year, Dave Rovelli of Canaccord Genuity says.

Beyond a resolution of the budget fight in Congress, three companies stand to do well over the next year, Canaccord Genuity Managing Director of U.S. Equity Trading Dave Rovelli said Wednesday.

His top pick, Qualcomm, would benefit from strong performance from Apple, Samsung and Google, he said.

"You have about $4 billion into the buyback so far," he said. "You have the new rollout of the 5s and 5c are going to be in last quarter's earnings, and also you have the iPad upgrade coming Oct. 22 from Apple. Plus, you have all the royalties on top of that from Android, Samsung and so on."

(Read more: Top 3 tech stocks not 'yesteryear' names: Paul Meeks)

On CNBC's "Fast Money," Rovelli said that he also liked Gulfport Energy and Laredo Oil.

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Gulfport, he added, would be "the next Pioneer, the next PXD" and would likely see a 150 percent increase in production next year.

(Read more: Err on the side of market gains: Steve Grasso)

Following news of a deal in Washington to end the partial government shutdown and raise the debt ceiling, Rovelli said that he had not expected the United States to default on its debt obligations.

"In my view, there's no way Congress could ever let that happen just because if it did happen it would be so catastrophic, none of them would ever get re-elected again—and that's all they care about—not to mention what it would do to our society as a whole," he said.

(Read more: Tesla's stock valuation a speed bump: Analyst)

Rovelli also said that he was bullish on stocks, noting that the 100-day moving average in the S&P 500 had served as an important support level over the past 11 months.

"Every time we come close to it, the most we stay below it is two days and we have anywhere from a 3 to 15 percent rally afterward, and I say stay long it," he said. "If we don't go through 1,725, you buy as you gradually come in. As long as we hold the 100-day, I'm bullish on the market."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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QCOM
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AAPL
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593
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GOOGL
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GPOR
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LRDC
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PXD
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