Stock Picker Likes 'Financial Technology'
Robert Napoli, managing director at Piper Jaffray, has found a calm corner in the stormy financial sector.
"We've been pointing clients away from the volatility of the credit risk and troubled assets to an area where we call 'financial technology,'" Napoli told CNBC. "These are names that are generally global in nature, but payment-processing oriented."
At the top of his list is Western Union.
"It's number one by far in the money-transfer area," he noted.
He also likes Nasdaq OMX.
"It's down 35 percent from its highs...doesn't have credit risk; it's a long-term play on global trading," he said. "Their technology is powering over 60 exchanges; we think they have big fixed-cost leverage over the long term."
- Here Come The Tech Stock Buybacks
Also on his list are American Express and Wright Express.
Napoli's firm makes a market in shares of Western Union, Nasdaq OMX, American Express and Wright Express.