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Is Tech Trade Still Intact?
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] has popped about 14% with some quarterly reports including one from IBM [IBM
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] suggesting the sector is on fire. At the same time the bulls were elated to hear from Intel [INTC
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] which issued an upbeat outlook attributed to strong consumer demand for PCs.However, more recent data supports the bears. On Thursday Microsoft [MSFT
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] said business continued to be hurt by the weak global PC and server markets. Earlier in the month Dell [DELL
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] said much the same about weak PC sales.
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The conflicting information about spending and outlook has left many investors confused. Is the tech trade in tact or not?
Many pundits believe network equipment makers offer the best "tell."
If so, what Juniper Networks [JNPR
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] had to say supports the bear case.
In their just released earnings report, the company showed a double-digit fall in revenue and a decline in gross margins as it struggled with weak technology spending.
To make matters worse, Juniper Chief Executive Kevin Johnson gave an outlook that disappointed investors looking for stronger signs of a recovery. "There are areas where visibility is improving, yet at the same time we realize that the macroeconomic recovery will take time," Johnson said.
However, "as Internet traffic doubles every two years service providers will have to make capital investments," Johnson added.
If you're looking to trade the stock, Fast Money trader Pete Najarian said he wouldn't chase it. "But if it sells off, then I’m a buyer."
Looking forward, analysts are now particularly keen to hear from Juniper’s rival, Cisco Systems [CSCO
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]. They say upbeat comments from Cisco Chief John Chambers could bolster investors' confidence, even if results do not.
Credit Suisse analyst Paul Silverstein on Monday raised his rating on Cisco to "outperform" from "neutral," hiking his share price target to $25 from $22, as he forecast greater visibility, particularly in North America.
"To be clear, we are not hearing about a significant, robust improvement; rather, our checks indicate that Cisco is seeing modest improvement in order trends." Silverstein said in the report.
What do you think? We want to know!
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Trader disclosure: On July 24th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Seymour Owns (TSL), (MSFT); Grasso Owns (ASTM), (BAC), (BA), (COST), (FAZ), (OXY), (V), (WMT), (XLF), (T); Terranova Owns (MSFT), (MCD), (GOOG), (AMZN), (AXP); Najarian Owns (CSCO) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MCD) And Is Short (MCD) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (YHOO) Call Spread; Najarian Owns (V) And Is Short (V) Calls; Najarian Owns (HIG) Calls
For Steve Grasso:
Stuart Frankel And Its Partners Own (ABT)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (MSFT)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NXST)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (ROK)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (XOM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
For Joe Terranova:
Terranova Works For (VRTS)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE)
Virtus Diversifier PHOLIO Owns (DBC)
Virtus Diversifier PHOLIO Owns (DBV)
Virtus Investment Partners Owns More Than 1% Of (ABD)
Virtus Investment Partners Owns More Than 1% Of (CBL)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (MEE)
Virtus Investment Partners Owns More Than 1% Of (DBC)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (DBA)
Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co
Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
Virtus Investment Partners Owns More Than 1% Of (SKT)
Virtus Investment Partners Owns More Than 1% Of (TNB)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (WBMD)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
