Veteran fund manager buys 4 stocks during market tumble.
Chris Versace, whose recommendations provide the foundation for TheStreet's Pro Portfolio, has decided to take time by the forelock and make hay while the sun shines.
The veteran trader detailed his latest stock buying plan in a recent TheStreet Pro column.
This includes picking up shares of financial heavyweight American Express (AXP) , cloud computing platform company ServiceNow (NOW) , organic light emitting diode maker Universal Display (OLED) and United Rentals (URI) , the largest equipment rental company in the world.
"Following the weaker-than-expected December Producer Price Index (PPI) readings for both the headline and core figures, we are taking advantage of the recent market pullback and other factors to scoop up more shares of the AXP, NOW, OLED and URI," Versace said.
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Catalysts drive optimism in ServiceNow and Universal Display sharesRegarding ServiceNow, Versace said he has used retreats in the shares to build out TheStreet Pro Portfolio’s position size and "we see this move as doing more of that. "
"What we’re looking to capture with NOW shares is the rising shift in AI spending in the enterprise, which should drive favorable pricing, margins and earnings for ServiceNow," he said.
ServiceNow, slated to report fourth-quarter results on Jan. 29, has seen its shares rise 40.4% in the last year.
Chairman and CEO Bill McDermott told Investors Business Daily that he expects the company to be the "control tower for AI business transformation."
With Universal Display, Versace said that the smartphone market gained in the December quarter and noted that Samsung (SSNLF) will begin mass production of the world’s first rollable organic light-emitting diode display for laptops in April.
Due to their high-quality color reproduction and thin profile, organic light-emitting diodes are typically used in displays for devices like smartphones and TVs.
Samsung will launch this product in June with its ThinkBook Plus G6 Rollable laptop, which it showed at CES last week.
Related: Analyst revisits Apple stock price target ahead of Q1 earnings update
"This application is another example of connected device manufacturers expanding the screen size to drive a richer consumer experience," Versace said.
"Much like we are starting to see in smartphones and tablets, we are likely to see other device companies follow, making this another growth avenue for organic light-emitting diodes and Universal Display," he added.
Shares of Universal Display, which will report earnings on Feb. 27, are down 18.5% from a year ago.
The buys lift ServiceNow and Universal Display's weights in the portfolio to 3% and 3.85%, respectively.
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