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Who Is Paul Meeks, And Why Should You Care That He's Bullish On The FANG Stocks?

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Who Is Paul Meeks, And Why Should You Care That He's Bullish On The FANG Stocks?
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Paul Meeks ran the largest technology-focused fund during the dot-com era and didn't shy away from expressing his concerns over technology stocks back in June. At that time he said the "FANG" stocks are overvalued — a group of the hottest tech companies including Facebook Inc (NASDAQ: FB), Amazon.com, Inc. (NASDAQ: AMZN), Netflix Inc. (NASDAQ: NFLX) and Google/Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL).

But that was in June, and since then the Nasdaq 100 index lost 1.5 percent and the "FANG" stocks lost momentum for the most part. During a recent CNBC "Trading Nation" segment, Meeks turned incrementally bullish on the group, saying that while the tech stocks aren't a "screaming buy," investors should consider initiating new positions or adding slightly to existing positions.

The "FANG" groups represents "leadership names," a status that remains unchanged despite Alphabet's 7-percent decline since June. Amazon dipped 5 percent and Netflix's stock is roughly unchanged. Facebook is a standout in the group, as the social media company's stock is higher by 9 percent.

Meeks' improved stance on the "FANG" group also extends to "troubled companies" like Fitbit Inc (NYSE: FIT), Centurylink Inc (NYSE: CTL) and Akamai Technologies, Inc. (NASDAQ: AKAM). These three beaten-up stocks could see a "big, big bounce" if "anything ever slightly positive" were to happen to these companies, Meeks said.

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Posted-In: FANG Paul Meeks tech stocks Technology StocksAnalyst Color CNBC Tech Media Best of Benzinga

 

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