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Power Play: Big-cap growth with Thermo Fisher Scientific

An employee uses a Thermo Fisher Scientific Inc. X Series 2 inductively coupled plasma mass spectrometry machine to analyze copper concentrate samples inside the Central Geological Laboratory in Ulaanbaatar, Mongolia.
Brent Lewin | Bloomberg | Getty Images

Stocks are turning higher, as the major averages try to avoid a second day of losses.

Bruce McCain, chief investment strategist at Key Private Bank, tells CNBC's "Power Lunch" on Wednesday he expects the markets to be in a trading range, with modest upside for much of this year.

In this environment, McCain still prefers stocks to bonds and one of his top picks is a big-cap name.

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"Thermo Fisher Scientific provides broad exposure to the economy's research spending [and] offers solid organic growth, plus a proven ability to make effective acquisitions, " McCain said.

He believes the outlook is bright for the scientific instruments manufacturer. "Favorable tailwinds in its government, pharma, environmental & industrial segments make this a particularly good time to own this growth stock," McCain said.

Thermo Fisher Scientific is higher during trading and is up more than 4 percent this year.