2009 Top Performer: Tech
It seems the recent rally in tech has some pretty impressive coat tails. Even Microsoft is higher!
That’s right, lugubrious Mister Softee is making a move to the upside. Over the past five days the stock has climbed about 5% -- that’s like a rocket taking off to Microsoft investors.
Don’t believe us? Consider these numbers -- from January 1st the stock lost 8% -- and over the past 52-weeks its down 39%. See what we mean by rocket?
And we’re not the only one’s who've noticed that this long sleeping giant has finally woken . So has UBS analyst Heather Bellini. But she thinks the move has more to do with short covering than anything else.
“Investors sold everything hard and I think (Microsoft's) catching a bounce because the shorts are being caught off guard,” she says.
However there could be a fundamental reason to become bullish. Bellini also says if there are signs of stabilization in the PC market then Microsoft could catch a tailwind. She rates Microsoft stock as a ‘buy.’
And as for other stocks in the sector, Bellini told our producers ahead of the show she likes Intuit , Oracle and SAP .
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Trader disclosure: On Mar. 25th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (AAPL), (POT), (WMT), (MOS), (GE), (SDS); Macke Is Short (BRK.b); Seymour Owns (AAPL), (BAC), (FXI), (TTM), (AUO), (WBD); Najarian Owns (C) Call Spread;Najarian Owns (AGN) Call Spread; Najarian Owns (AAPL) Call Spread: Najarian Owns (BX) Call Spread: Najarian Owns (GD) Call Spread: Najarian Owns (MS) Call Spread: Najarian Owns (PALM) Calls; Najarian Owns (RHT) Calls; Najarian Owns (XHB) Call Spread; Najarian Owns (SWY) Calls; Najarian Owns (XLI); Najarian Owns (STX) Calls; Najarian Owns (WDC) Call Spread