The Nasdaq Composite might still be down big for the year, but there are good opportunities now in some of the “tech-ish” stocks, said Paul Meeks this morning on CNBC’s “Squawk Box”.
Why is he bullish on IBM Corp?
A name that particularly pops out to him is IBM Corp (NYSE: IBM) that’s now recovered back to the price at which it started 2022. Explaining why in an interview with CNBC’s Brian Sullivan, the ISWM expert said:
Here’s the situation. I think IBM under a relatively new CEO is showing at least some semblance; not rocketship revenue growth, but growth nonetheless. It has big cash flows and also big dividend.
In April, IBM reported solid results for its fiscal Q1 and offered upbeat guidance for the full year. It recently partnered with McDonald’s as well to automate drive-thru orders, which could be a long-term catalyst for the stock.
Meeks also likes AT&T Inc stock
Another yesteryear stock that Meeks dubs a “buy” at present is AT&T Inc (NYSE: T). Making a case for the telecom company that’s up more than 10% year-to-date, Meeks said on the CNBC interview:
It also has a relatively new CEO. AT&T has dumped its dumb Hollywood assets. Big cash flows, going back to the bread and butter, let’s be a wireless telecom company and pay a 5% to 6% dividend.
The Dallas-headquartered company also posted strong results for its latest reported quarter. Last week, Captrust’s Christian Ledoux also said AT&T was a good pick for the current environment.
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