Tags: George Soros | TheStreet | stocks | Kamish

TheStreet: Soros's 5 Tech Stock Picks May Be Due for Pullback

TheStreet: Soros's 5 Tech Stock Picks May Be Due for Pullback
(Stock Photo Secrets)

By    |   Monday, 23 May 2016 12:29 PM

George Soros has a well established reputation as an astute hedge-fund manager and market timer, making his stock holdings a must-study for investors seeking a money-making edge.

His fund cut its exposure to U.S. stocks during the first three months of the year but had significant stakes in five technology companies, according to filings with the U.S. Securities and Exchange Commission.

Bruce Kamish, a chartist at TheStreet.com, looks at the price movements of these companies for signs of future direction. Here’s what he found:
  1. Polycom (PLCM):Polycom is likely to pull back to $10 or so in the weeks ahead. A double bottom at $9 is not out of the question,” Kamish says. Polycom was trading at about $11.16 on May 23, below its 50-day moving average of $11.45 and 200-day moving average of $11.53 a share.
  2. eBay (EBAY):eBay will need to close above $26 to improve the chart picture, but in the meantime a drift down to $22 is more likely.” The online marketplace traded at about $23.56 on May 23, below its 50-day average of $24.18 and 200-day average of $25.79 a share.
  3. Viavi Solutions (VIAV): “Prices are more likely to have a shallow correction to $5.50 or so while a strong move above $7 would be needed to inspire the bulls,” Kamish says. Viavi, a spin-off of fiber-optic technology company JDS Uniphase Corp., rose 4.2 percent to $6.45 a share by mid-day on May 23, below its 50-day average of $6.58 but above its 200-day moving average of $6.03 a share.
  4. PayPal Holdings (PYPL): “Prices have become stalled in the past three months. We are below the 50-day moving average, and it looks like we will retest the 200-day average.” PayPal, an online transaction processing company that was spun off from eBay last July, traded at $37.93 on May 23, below its 50-day moving average of $39.26.
  5. Facebook (FB): “Facebook tested its 200-day moving average in January. We could be due for another test in the weeks ahead,” Kamish says. Facebook traded at $116.35 on May 23, above its 200-day moving average of $103.51. It reached a 52-week high of $121.08 on May 11.
Soros cut investments in U.S. stocks by 37 percent by the end of March while he bought a $264 million stake in the world’s biggest gold miner Barrick Gold Corp.

Barrick became the biggest U.S.-listed holding for Soros’s firm. He also owned call options on 1.05 million shares in the SPDR Gold Trust, an exchange-traded fund that holds bullion.

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George Soros has a well established reputation as an astute hedge-fund manager and market timer, making his stock holdings a must-study for investors seeking a money-making edge.
George Soros, TheStreet, stocks, Kamish
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2016-29-23
Monday, 23 May 2016 12:29 PM
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