As the tech-heavy Nasdaq Composite Index continues to plummet — recording a 2.6% slide on Friday, its worst day since early February, and its worst two-week decline since 2012 — traders seem to be dumping cyclical stocks in favor of defensive plays in the utilities and consumer staples sectors.
While the move has come on the back of an intense selloff in once high-flying technology names, Stifel Nicolaus’Jordan Rohan believes now is the time to hit the tech bids. In a research note published on Tuesday, Rohan recommends investors buy Facebook (FB), Netflix (NFLX), Yahoo (YHOO) and RetailMeNot (SALE).
Price action: In early trading, Facebook is up 2.6% to $58.05. The stock is down nearly 17% since March 10.
Netflix climbed 2.46% to $346.30. The stock is down 23% since March 10.
Yahoo is up 2.87% to $34.025. The stock is down nearly 13% since March 10.
RetailMeNot is up 5.54% to $33.92. The stock is down 23% since March 10.
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