Futures are mixed after yesterday’s big tech-fueled selloff. Futures for the tech-heavy Nasdaq Composite are down more than 150 points after shedding 5% in yesterday’s session. The Dow is recovering some of its 800 point loss from yesterday. Some of the notable losers in yesterday’s session were AAPL -8%, NVDA -9%, TSLA -9%. Losses continue for large-cap tech names in pre-market trading.
Some analysts are calling it a healthy pullback – profit taking after a meteoric rise in big tech. The latest moves in the market could mean it’s time to take money out of momentum and move into some of the cyclical laggards.
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One such stock is ViacomCBS (VIAC). VIAC is in a healthy financial position with assets exceeding liabilities. Fitch Ratings recently assigned VIAC stock a BBB rating, with a stable outlook on the stock.
ViacomCBS has been slow to move into the ad-supported video on demand (AVOD) party, but progress is being made. In March, the company completed the acquisition of Pluto TV, which already had 22 million regular viewers. From here, ViacomCBS has plenty of runway to create and improve its own ad-supported business.
Value stocks enjoy more stable and slower growth trends, but can create massive returns over time. VIAC shares are attractively priced and the company is signaling progress which could make VIAC a winner for years to come.