With the NASDAQ soaring today, Dennis Kneale just pointed out on Power Lunch that there are many tech stocks that have been beaten up in the past few months but still have significant growth forecasts. The S&P 500 Information Technology Sector is down ~13% YTD and is the second worst performing sector overall. Within the sector, the Internet Software and Services Group is down ~22% while the Semiconductors Group is the only sub-sector up for the year.
Here is a screen of some tech stocks that may be on the cheap, down over 15% in the past three months but with double digit earnings growth forecasts for the next fiscal year.
Dennis also mentioned Convergys , down 6% but with a forecast of 16% growth. Our guests, Rob Sanderson and Roger Kay, pointed out RIMM and Microsoft as potential opportunities.