The Nasdaq has risen over 40 percent year to date with the help of technology stocks. Bob Turner, chief investment officer and portfolio manager of Turner Investment Partners, said the sector is likely to lead the trend in 2010. He also shared his stock picks with CNBC.
“There are several drivers: We have the concept of global Internet where people have hand-held devices where they have Internet access and that’s going to drive a lot of technology spending,” Turner told CNBC.
“Secondly, enterprise hasn’t spent money in a long time and they’ll start spending as well.”
Additionally, Turner said hundreds of millions of consumers from the emerging markets will start buying automobiles, telephones and TVs for the first time, which will help boost the technology stocks.
“With cloud computing, it takes a lot of servers off companies’ premises and moves them out into the cloud. And with virtualization, you need fewer of them,” he said.
“So Hewlett-Packard is a great company and Dell is solid, but they’re facing headwinds in this move.”
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Turner’s firm owns shares of APPL, QCOM, FFIV, CSCO, JNPR, BRCM, NETL, CRM, MU and LFT.
Turner does not own shares of MSFT, VMW, HPQ, DELL.