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Jefferies' Hogan:Good Techs Are Getting Thrown Out With Bad
NEW YORK (Dow Jones)--In today's jittery market, some of the best established
technology companies are getting unfairly sold off along with the more volatile tech
stocks, said Arthur Hogan, market strategist at Jefferies & Co.
"We're seeing a mass selling of everything technology," he said in an interview with
CNBC Wednesday. "That's probably the wrong thing to do."
Hogan said that, even in the volatile Internet sector, the bellwether stocks, like Yahoo! Inc.
(YHOO) and America Online Inc. (AOL), are worth picking up - provided their prices
come down a bit.
Elsewhere in the tech sector, the strategist recommended well-established names, like
International Business Machines Corp. (IBM) and Compaq Computer Corp. (CPQ).
Regarding the market in general, Hogan said, there "is cash on the sidelines waiting to
buy the next idea," but investors still are wary of a market downturn.
If uncertainty were eased in one of several major events, including turmoil in Brazil and
China and the Impeachment trial in the U.S. Senate, investors could relax somewhat and
head back to market, he said. |
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