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

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),, 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: CNBC FANG Paul Meeks tech stocks Technology StocksAnalyst Color Tech Media Best of Benzinga


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