We're Adding to Two of Our Tech Positions
It's a good time to take advantage of the recent dips to bolster our positions.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
AMAT | Buy | 76 | 206 | 536 | 2.4 |
QCOM | Buy | 89 | 174 | 1,034 | 3.9 |
After you receive this Alert the portfolio will make the following trades:
--Buy 76 shares of Applied Materials AMAT at or near $206. Following the trade, AMAT shares will account for roughly 2.4% of the portfolio.
-- Buy 89 shares of Qualcomm QCOM at or near $174. Following the trade, QCOM shares will account for roughly 3.9% of the portfolio.
With the news about easing restrictions on ASML Holding ASML shipping products from the U.S., it makes sense to add more Applied Materials with this decision. The recent pullback in the shares has also given us a nice opportunity to pick up the stock on the cheap. Earnings will be out in mid-August.
Qualcomm reports earnings Wednesday after the close and we expect to hear some positives about their business. Strong earnings and guidance last night from Advanced Micro Devices AMD are stoking a rally in semiconductor names and Qualcomm is a beneficiary. After falling about 25% it is time to add more shares. We will also drop our panic point on the "Big Q" to $148.
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(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long AMAT and QCOM.
