First American News LLC, Raleigh, NC: The decline in technology shares after the Federal Reserve’s hawkish pivot provides a chance for investors to pick up some bargains, said Sarah Hunt, portfolio manager at Alpine Woods Capital Investors.
“There’s a lot of opportunity in some of the tech stocks that have gotten hit,” Hunt told Bloomberg TV’s Surveillance on Monday. “You saw that rally in the Nasdaq on Friday. Part of that was Apple saying that part of their supply chains have eased. I think that gave people comfort that some of the issues they were concerned about are getting a little better.”
Apple Inc., the most-valuable company in the world with a market capitalization near $2.8 trillion, on Thursday reported record quarterly sales in a sign the maker of iPhones made headway against a supply-chain crunch fueled by the pandemic and chip shortages. The company’s shares led a rally on Friday, but like most tech stocks are down so far in January.