Brenda Vingiello, CIO, Sand Hill Global Advisors

She trimmed, taking profits late last week. Nothing is wrong with the company fundamentals, but a lot of good news has been baked in. It's amazing how Meta has refocused on margins which beat by 7% in Q4. Phenomenal. Its PE has moved up huge, though deserved given how Meta has refocused on its core business.

She trimmed, taking profits late last week. Nothing is wrong with the company fundamentals, but a lot of good news has been baked in.

This is a buying opportunity. The AI hype was driving this stock, but that hype is getting flushed out today. They are a leader in their industry, and the costs are too high for a client company to leave Adobe and adopt another company's creative software. Adobe fundamentals remain strong and they will benefit from AI, but not as big as the market was expecting.

Prefers this to GS, which is recovering. She hopes to see a pick-up in M&A deals of small-mid-sized companies this year to benefit JPM and the other banks. Also, the IPO pipeline is full but has been seeing little activity; this too could pick up.

It's hard to admit this, but this is right. There's been nothing but bad news with Boeing. She will stick with Boeing, because demand for planes will continue, but clearly Boeing has a lot of work to do in terms of control of production needing to be brought in-house more. Needs work to restore confidence and need to focus on detail.

Their popular obesity drug is like AI--a lot is already priced in, though the obesity drug may be applicable to other ailments.

She missed the trade, but would get in on a pullback. Certainly, there is a market (and growth) for obesity drugs like NVO's.

They benefit from their core consumers and customers looking for a bargain at a time when consumers are upset in paying more for things. TJX says quality inventory and their results have been good. A brick-and-mortar retail success.

We could see a pick up in volatility or hedging, which would benefit CME.

In October, she expects earnings to be strong and to turn the market around. It would be the first quarter of earnings growth after quarters of weakening earnings. Energy should have a much better quarter, due to rising oil prices. September has brought the market back to reality after the June/July rally. Though, the economy remains strong, despite the Fed likely staying higher for longer. At the core are earnings next month. Megatech: One way they benefit is that their huge cash flows earn on high interest rates by doing nothing, and they could make acquisitions to grow. Also, their PEs are reasonable.

The Chinese consumer saved more than Americans during Covid, saved a lot, so there's a lot of cash sitting on the sidelines. Also, China has been exporting deflationary goods (cheaper) which benefits American consumers, because of the weaker Chinese economy. But a risk for the global consumer are high and higher oil prices which would inflate prices.

Operating margins came in 3x better than expectations. There were strong results in this report and investors have been waiting a long time for that. Earnings have been suppressed by all their reinvestments and this will continue. Amazon won't be greatly impacted by moves in interest rates, though the sector has. This will rebound when we end the rate-hiking cycle--and we're near that. Amazon has more growth potential than Apple. Despite its size, Amazon still has only a small portion of global sales. Apple still has growth in services, emerging markets, but the installed base of users is enormous at 2 billion. Apple is more of a maturing company, and that's okay; Apple is predictable. Apple trades at a high PE of 30x, but that isn't sustainable for the next several years.

Operating margins came in 3x better than expectations. There were strong results in this report and investors have been waiting a long time for that. Earnings have been suppressed by all their reinvestments and this will continue. Amazon won't be greatly impacted by moves in interest rates, though the sector has. This will rebound when we end the rate-hiking cycle--and we're near that. Amazon has more growth potential than Apple. Despite its size, Amazon still has only a small portion of global sales. Apple still has growth in services, emerging markets, but the installed base of users is already enormous at 2 billion. Apple is more of a maturing company, and that's okay; Apple is predictable. Apple trades at a high PE of 30x, but that isn't sustainable for the next several years.

Shares are popping 9% on earnings. They have a lot more international exposure than Expedia. Also good was that their US business was up nearly 10%. Also, there's no sign of slowing in travel. She's sticking with her position and make take profits later.

You need some exposure to energy, so she's sticking with this.