The 21st century’s version of the new economy is facing a tech meltdown. Or is it? Two experts weighed in on technology stocks for “Power Lunch.”
Joseph Parnes, president of TechnoMart Investment Advisors, sees opportunity in market danger. He told CNBC’s Bill Griffeth that “institutions, pension funds” that took a beating on the oil price slide are fleeing petroleum companies – and are heading to tech stocks.
Parnes avers that “derivative problems” like alleged CEO option-dating scandals - bedeviling major players like Apple – do not affect the real value or concrete fundamentals of firms with solid production. Demand will continue, he notes, because consumers and businesses alike “all use technology.”