When it comes to the cloud, though, Stephen Weiss says it is a legitimate concern: There are too many players making it a commoditized market. That's what investors are worried about today and that's what the trading in cloud stocks showed on Wednesday.
Brian Kelly says the real story with Oracle is that it's a bellwether for the whole economy, not just tech, and that should make investors concerned. With CEOs telling Oracle they will hold back on spending, it's a negative for the economy, because these aren't tech CEOs, but S&P 500 CEOs. In that sense, the Oracle report was a negative for everyone, but it was incredibly positive that the market shrugged it off, Kelly says.
Steve Grasso says that among the tech selloff, Intel (INTC) is a top pick. Grasso says he has fought against investing in Intel for a long time as it's been dead money and that makes his call all the more important.
"I talked to guys in the space, and it wasn't a growth play, but a dividend play, but now it looks like a top pick for the first quarter of 2012, among many." Adami adds that back down at $23, there are few knocks on the stock, and if the tape cooperates, "Intel's a good bet."Also, there's plenty of bullishness on Apple (AAPL) from analyst Gene Munster of Piper Jaffray, who sets a $607 price target on Apple and places it among the 12 top picks of Piper Jaffray in 2012. Munster says it's the best of the 12, across all sectors; this big year for Apple will be driven by new product rollouts. Munster says that 2011 had no hardware updates; 2012 will be the year of hardware updates, and Apple TV at the end of the year. Ron Insana seems to doubt that Apple can really offer something with its TV that Sony and others can't, but Munster says that from cable to Internet to gaming, it's going to be a seamless experience that no one can do, and it being an Apple product, "will look good, too."
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