About a month ago, I ran a Tech stock screen for a story Dennis Kneale was doing on air looking at companies that had been beaten up but had high earnings forecasts. Now with Apple and Amazon reporting today, I thought it would be interesting to see how these stock have performed.
The screen looked at the S&P Tech Sector stocks that had fallen more than 15% in the preceding 3 months but had double-digit earnings forecasts for the forward fiscal year. 17 companies made the list. In the past month 12 of the 17 have outperformed the tech heavy Nasdaq Composite which is up about 5.5% MTD. The top 5 stocks on the list all have outperformed the Nasdaq.
Running the same screen today yields a much smaller list: Tellabs is new to the list while Autodesk and Jabil remain.