Apple shares are gaining in early trading on Thursday as one tech analyst says that the selling pressure in tech stocks amid rising interest rates to offset rampant inflation is so brutal that an end has to be in sight.
Brian Sozzi for Yahoo Finance:
“Our conversations with institutional investors is clearly very negative [on Big tech stocks],” Piper Sandler tech analyst Brent Bracelin said on Yahoo Finance Live. “Folks continue to be very concerned around increasing global risk. That said, my personal view is, it feels like we’re kind of nearing peak bear sentiment.”
Overall, the Nasdaq Composite has shed 20% so far in 2022 — on Tuesday, the Nasdaq notched its worst session since September 2020 — and the S&P has declined 12% year to date.
Bracelin says sentiment is so negative on Big Tech that the point may be nearing where it makes sense to buy.
“Everyone is universally bearish,” Bracelin said. “Typically when you have all investors on one side of the boat, that is typically when the boat flips. There is probably more risk for the next two quarters around slight changes to the numbers, factoring in these increasing global risks. But from a sentiment perspective, it’s hard to see how things can get more bearish from here.”
MacDailyNews Take: From Brent Bracelin’s lips to Mr. Market’s ears.
We’ll have Apple’s results for you as soon as they are released, just check our homepage right around 1:30 p.m. PDT / 4:30 p.m. EDT on Thursday, April 28th. We will follow that with live notes from Apple’s’ conference call starting at 2:00 p.m. PDT / 5:00 p.m. EDT on the 28th.
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$100 bucks AAPL drops after record earnings announcement today. Forecast will be dour.
“one tech analyst says…an end has to be in sight.” No Brett, you or anyone else can’t see it.
“Records” note we haven’t been in such a place for over 40 yrs and President Num-num has no sense of inflation-causing spending and itches to spend more. 3 billion (more) proposed for Ukr and….
He cannot be the one driving the bus, but one has to wonder, who is? GDP actually drops and he is the only person with eyes and ears that denies a recession is likely.
whoopsie….x10+…$33 billion.
Just a move of the decimal, says the govt official in a Stephanie Kelton way.