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Will Tech Do The Trick?
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Might some tech companies be uniquely able to navigate the challenges of this economy?
That might seem like a ridiculous question until you take a hard look at IBM’s [IBM
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] quarterly results. Big Blue surprised the Street and said it was still prosperous in the third quarter despite the worsening economic climate.
IBM's profit beat Wall Street's forecast by 4 cents per share, and the company reaffirmed its full-year earnings guidance. Both were strong signs that IBM's core businesses are holding up well despite the economy and the crippled financial services industry.
The company released its results more than a week ahead of schedule to help stop a steep slide in its stock price and to offer some perspective to the broader market. (As you might remember, IBM is a Dow component.)
That sounds hopeful. And Gene Munster tells us there's another tech company that could also be well positioned.
Specfically, he thinks you should keep an eye on Apple [AAPL
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]. “The reality is that Apple is gaining market share. They’re a leader in a growing market and they have a phenomenal balance sheet. This storm will pass,” he says.
Munster is also bullish on Google [GOOG
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]. “I think Google is in a great position over the long-haul. Advertisers are going for more direct marketing and search is someplace where advertisers spend.”
The Bottom Line: You can’t go wrong in the long-term with Apple or Google, at least according to Gene Munster.
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Trader disclosure: On Oct.9, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns, (AAPL), (EOG), (EXM), (FTO), (FCX), (GS), (MA), (NOV), (POT), (X), (VLO); Jon Najarian Owns C preferred, WFC preferred, JPM preferred; Karabell Owns (MS), (JPM), (IBM), (AAPL), (GOOG), (FCX), (GLD), (CAT), (AGU); Seymour Owns (MER), (F), (BX) (GE)
CNBC.com with wires
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