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Overseas Weakening -- But U.S. Tech is Hot

Andrew Fisher
Monday, 7 Jul 2008 | 10:22 AM ET

It may be time to stop going offshore, but where are the opportunities in America?

"The emerging markets are slowing down," Noah Blackstein of Dynamic Mutual Funds told CNBC.

"Everyone here keeps talking about the strong growth in China and India, but...those stock markets...India's down 40-plus percent this year, China's down 60 off the high, so I think those markets are slowing down," he said. "The key to the market is oil prices...it's very difficult to see the market growing with $145 oil."

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But Blackstein still sees an upside in technology stocks.

"I think there's some secular growth in technology," he said. "Google is obviously one; the closing of the DoubleClick acquisition...obviously doubles their market potential."

There's another tech stock that he likes even more.

"I like Apple here a lot," he said. "Apple really got hammered here in January; it's come back to the $170 mark, and I think you're just gearing up for this next platform, this next leg of growth, really globally with the iPhone."

Disclosure:

Blackstein owns shares of Google; disclosure information about Apple was not immediately available.

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