Charles' Takeaway: Amazon stock doesn't wow, but Snapchat may impress
Snapchat is finally getting 'its act together'
FOX Business' Charles Payne gives his take on big tech stocks like Amazon and Snapchat. The 'Making Money' host explains why investors may want to hold on buying the former, and why the latter might surprise those looking to invest.
CHARLES PAYNE: Now, after they [Amazon] missed and got it lower in the prior quarter there was already angst here, right, that’s been brought up. Moreover, there are serious questions, the degree of the supply chain issues, labor force issues. We know that’s impacted their business and normally you would say, well, bad news is probably built into the stock which has been an under performer for more than a year, but, as we know right now, a miss could ...see a big hit to the stock. On that note, it’s a name that I would not sell. If it’s in my long-term account, I keep it in my long-term account. If you want to be a buyer, you probably could wait until tomorrow.
Then there’s, of course, Snapchat. After years of being a drip - there was a series of mistakes the CEO made - the company’s finally got its act together, and the stock became an absolute juggernaut over the past five quarters… everyone jumped on the bandwagon, but it ran dry September 24th, the stock hit 83. What killed the stock was that growth slowed to its slowest pace since the third quarter of 2020, but it was up 50%. That’s how much it’s expected. Listen, we think the company will be impressive at $25…
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