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Have Tech Titans Come Too Far Too Fast?
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Investors are wondering whether technology is about to break out or break down.
The conventional wisdom is that when the economy begins to recover, technology companies will be the first to benefit because early spending will go into IT.
However it’s difficult not to be cautious considering over the last three weeks the sector has climbed a whopping 20%.
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Have the tech titans come too far, too fast? In a word, yes -- at least according to Piper Jaffray analyst Gene Munster.
He tells Fast Money the tech rally is probably going to take a pause. “I think tech firms will either meet or fall slightly below expectations when they report earnings," and that’s not a reason to believe we'll see more aggressive buying in the near term.
However if you’re looking for a play from the long-side Munster does have a suggestion; he likes Yahoo! [YHOO
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] – that’s right Yahoo!
With newspapers going out of business he thinks Yahoo! wins advertising dollars. “Also CEO Carol Bartz has been in there 2 months and she’s a real pit bull,” says Munster. (He means that in the nicest way.) “I think she sells the search business to Microsoft [MSFT
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]. The combination of Yahoo's Asian assets combined with their search business could get the stock to $25. Yahoo! should go higher over the next 6 months,” he tells that traders. Munster has a buy rating on Yahoo stock.
And in case you’re wondering, he also has a buy on Apple [AAPL
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] , Google [GOOG
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], and Amazon [AMZN
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You can see our entire interview with Gene Munster at the end of the Word on the Street video to your left.
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Trader disclosure: On Mar. 27th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (AAPL), (POT), (WMT), (SDS), (GE), (GS); Macke Is Short (BRK.B); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (FXI), (EEM), (TTM), (RIO), (TSO), (WFC); Finerman's Firm Is Short (IJR), (MDY), (SPY), (USO), (IWM); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Short (BPO)
For Gene Munster:
Piper Jaffray Makes A Market In Securities of (AAPL)
Piper Jaffray Makes A Market In Securities of (AMZN)
Piper Jaffray Makes A Market In Securities of (GOOG)
Piper Jaffray Makes A Market In Securities of (YHOO)
Piper Jaffray Makes A Market In Securities of (BIDU)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
