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Rough economic weather, underscored by a weaker-than-expected fourth-quarter GDP reading, failed to dissuade Fort Pitt Capital's Charlie Smith from some carefully-chosen stock selections.
He wasn't surprised by the sharp downward revision, and feels the original numbers were not realistic.
"We didn't have a real good handle on what inventories were doing on the initial estimate," he told CNBC. "The inventory cuts have been pretty aggressive, right through the first half of the first quarter of this year as well."
Recommendations:
He recommends two stocks in a special niche of the technology sector: CA [CA
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], once known as Computer Associates, and IBM [IBM
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].
"We want to own businesses that have long-term contracts, where the service or the product is really vital for the core business operations," he said.
"We don't want to have a company that's subject to as much of the cycle."
Disclosures:
Disclosure information for Charlie Smith was not immediately available.
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