With the stock currently changing hands at around $619, the heavy selling, which has been persistent for weeks in Google, just hasn't done much to move the stock lower. Shares of Google have sold off around 30 points from its
of $642 since the news hit the tape that Schmidt was stepping down as the company's CEO. But the stock is still trading above the 50-day moving average of $598, and as long as it stays above that price, I think the bulls can stay with it.
Google is a holding of
Julian Robertson at Tiger Management
, comprising 6.7% of the portfolio as of the most recent reporting period, as well as
. With a
B buy rating
from TheStreet Ratings, it's one of the
top-rated Internet software and services stocks
As for Hewlett-Packard, the stock has been in a bullish uptrend for awhile now, but the shares approaching some previous overhead resistance at around $48 a share. Market players should watch this level closely because back in June and July of 2010 the stock sold off sharply after it hit that price level.
Hewlett-Packard is a top holding of
David Tepper at Appaloosa Management
, and according to Jake Lynch, it's one of the
10 best Dow dividend stocks for 2011
Other top tech names that saw heavy selling for this report include
(AAPL - Get Report)
(MSFT - Get Report)
Apple's senior vice president, Bertrand Serlet, sold 10,000 shares, or $3.6 million worth of stock, at an average price of $339.41. With this sale, Serlet decreased his total holdings in Apple stock by around 8% to 121,314 shares from around 131,310. This seems to me like nothing more than a little profit-taking and shouldn't really concern long-term holders of Apple. From a technical standpoint, Apple has recently found some support at around $326 a share, and the stock looks like it's gearing up to make another challenge at its 52-week high of around $348.60 a share. If the stock does take out that 52-week high in the near future, then I think it's not a big stretch to say the stock should continue to trend higher and make a run at $400 a share.
Apple comprises 5.4% of
Blue Ridge Capital's portfolio
, and it was one of
Goldman's 10 best stock picks for 2011