The major indices are mixed and flat today, following another active but two-faced morning session on Wall Street. The giants of the tech sector have been enjoying strong inflows for the second day in a row, with a few names, such as Apple (AAPL, +3.2%) Amazon (AMZN, +2.5%), and Facebook (FB, +2%) propping up the broader market in the face of the weakness among cyclicals and small-caps. The new administration's immediate plans and President Biden's focus on the vaccination push, in particular, have been making headlines, but the bullish momentum of the vaccine rally seems to be losing its steam a bit.
Stock Pick Summary:
With our last small cap pick soaring up 25%, and been volatile, today we tap a veteran stock to add some stability to our high flying portfolio. We add a big name in the Application software segment, that we expect to grow its revenue by at least 15% annually. Over the years, the company has expanded from being a core customer management application to an extensive portfolio of cloud-based suites. The visionary CEO has taken bold moves by making some expensive acquisitions that are likely to lay the foundation for the next wave of growth for the company. The market has valuation concerns, but we believe there is a longer runway ahead and welcome this juggernaut in our portfolio today!
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