Can Tech Take You Higher?
The list goes on and on...Google (GOOG), Amazon (AMZN), Hewlett Packard (HPQ), Cisco (CSCO)... they all reached new 52-week highs Wednesday as the tech breakout marches on. Should you buy these new tech highs tomorrow or has this powerful rally gone too far?
CNBC Silicon Valley Bureau Chief Jim Goldman joins the panel for this conversation.
Goldman explains that Halo 3 racked up $170 million in first day sales and Microsoft says 1 million users played Halo 3 online in first 20 hours. The data suggests to him that there’s a healthy appetite for interactive play and there could be an X-Box upgrade cycle going into the Holiday shopping cycle.
Jeff Macke loves this trend.
Also Goldman says a Senate panel will hear Google’s $3.1 billion purchase of online ad firm, DoubleClick on Thursday. The purchase has raised antitrust concerns in the United States, where the Federal Trade Commission is scrutinizing the deal. The transaction is also being reviewed by the European Union and Australian authorities.
Goldman doesn’t think the government will step in and put the kybosh on competition.
In closing Goldman feels many tech stocks still have room to grow despite the fact some are at 52-weeks highs.
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