Tech hits bottom, 3Com on ass!
ready to bounce, they say.
Technology Sector Has Hit Its Lows, Loomis' Schettewi Says
Dow Jones Newswires
NEW YORK -- The technology sector has hit its lows, according to Phil Schettewi, a managing partner at asset manager Loomis Sayles & Co.
"We've seen the lows for technology and for the market," Schettewi told CNBC Wednesday.
The sector will continue to strengthen on the back of Microsoft Corp.'s (MSFT) and International Business Machines Corp.'s (IBM) better-than-expected earnings, he said.
The dollar's weakness is also a "positive" for the sector because it makes goods from overseas cheaper, he said.
Investors should take advantage of the sector's recent lows and "buy the dips," as well as choose stocks that represent different areas within the technology sector, Schettewi said.
Schettewi recommends Hewlett-Packard Co. (HWP), Gateway Inc. (GTW), 3Com Corp. (COMS), Compaq Computer Corp. (CPQ) and Computer Associates International Inc. (CA).
-Jessica Madore Fitch; 201-938-5172
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