The major indices are all trading lower at midday following a morning session dominated by the developments in the bond market. Treasury yields pushed higher for the third day in a row and the 10-year yield hit a fresh 14-month high, putting renewed pressure on the tech sector and the Nasdaq. While the ripples of the collapse of the media-focused hedge fund, Archegos are still being felt in the financial sector, cyclical issues have been showing renewed relative strength today.
Stock Pick Summary:
We are in a tough market, as there is an intense rotation of money out of the growth and tech stocks into the value stocks. However, we remain confident in our long term strategy and continue to capitalize the trend.
Today, we look at a leading developer of peripheral and cardiac intervention products. Its earnings are expected to improve 13% over the next five years. It has continued to gain significant momentum on the back of new products and is optimistic about the product pipeline going forward, including radio and electrophysiology products. With 50% of its business coming from international markets, it continues to build its global pipeline in Europe and Asia.
Medical products industry is a very crowded and competitive space and it continues to see intense competition from Cardinal Health and such. While we are betting on its long term success, we may convert it into a short term play to navigate the complex market forces in play!
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