Investors dumping tech stocks after their dismal earnings results this past week are going back to old economy names for the hottest stock picks. Disappointing quarterly reports from mega-cap tech stocks signified lower growth ahead from the once darling tech sector. Shares of Amazon tumbled nearly 15% last week through Friday after the online retail giant reported quarterly revenue that missed estimates. Meta dropped 25% for the week, Alphabet declined nearly 6%, and Microsoft was about 3.5% lower. Apple was the rare "bright spot" among big tech earnings, according to Wells Fargo's Aaron Rakers. Those results split the market, with the Dow and S & P 500 advancing 5.5% and 3.6%, respectively. The tech-heavy Nasdaq Composite trailed the other two indexes, though it also ended the week higher. In order to capitalize on this emerging trend, CNBC Pro searched for familiar old-economy names that are once again in vogue. The S & P 500 stocks that surfaced in our screen exclude tech, and have been around for 100 years or more. They have buy ratings from a majority of analysts, or more than 55%, that cover the stock. And, they're expected to surge 20% or more from here. Here are six names. EQT , which was founded in 1888, is the oldest stock on our list. The energy company is beloved by a majority of analysts, about 77%, who expect the stock will surge 56% from here. Morgan Stanley analysts said in a note last month that EQT has the "best risk-reward" setup among its peers heading into the winter months. General Motors started in 1908, and has a buy rating from 62.5% of analysts. According to consensus estimates on FactSet, shares are expected to advance 25.7% from here. Last week, General Motors reported earnings that handily surpassed earnings expectations , though it slightly missed revenue forecasts, and maintained its full-year guidance. Boeing , which was founded in 1916, is considered a buying opportunity from roughly 65% of analysts. They expect the airline stock will jump 38%. After Boeing's latest quarterly report, Goldman Sachs said the airline stock can soar more than 80% as it improves its fundamentals. Founded in 1892, Assurant has a buy rating from nearly 78% of analysts. They expect roughly 35% upside from here. Other stocks on this list are Halliburton and CBRE Group .
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Fri, Mar 24 2023 - 12:15pm