Stephanie Link, Chief investment strategist, Hightower

She just added to her shares. Good free cash flow in energy stocks as capex declines. SLB beat earnings and revenues last quarter. Their digital and integation margins were up 380 basis points sequentially. Yes, the stock isn't cheap, but it enjoys the best momentum and international activity.

At 13x PE, slower sales are already built into shares. Semis could bottom in Q2, so maybe getting into semis is early, but the second half of 2023 will be too late to but these.

Broadcomm delivered the best quarter among semis last quarter. AI is important for them, and their enterprise business remains big for them and strong. Trades at 14x. Their data centre amounts to 35% of their revenues, and their AI is also important.

She welcomes the new activist investors. Cloud spending is slowing. EBITDA is 31x. There are a lot of cloud companies now and there are cheaper stocks in terms of risk/reward.

They have a best in class pharma business. They will spin out their consumer business. Careful with their quarter tomorrow because the strong USD will hit them, but this is temporary.

Paid a 10% dividend last year and more like 6-08% this year. Strong free cash flow.

Not cheap at 21x forward PE. It was defensive last year, adding 1% in 2022. Well-run. Likes it long term, but sees better opportunities elsewhere.

Trades at 9x earnings. Have been paying down debt. Housing stocks have bottomed, and housing looks good this year and in 2024. It's a blue chip in housing, despite its higher beta. Last year, you had to be defensive, but you need to be more offensive this year.

She can't believe it trades at 11.6x earnings and pays a 3.5% dividend and yet is down 35% this year. It has not been spared. She likes their mix of AI, cloud computing and data centre. Likes this mix of revenues which will help margins. She doesn't see excess inventory from them. They generate $16 billion of free cash flow a year, so they can buyback shares, raise their dividend and buy companies.

Their core business is real, has quality, size and scale with 2-3 billion daily and monthly active users have. They probably will fix Reels, though it's a show-me story. Balance sheet is strong with $20 billion in free cash. Cost-cutting amounts to $6 billion. They have many levers to pull. She expects solid earnings through revenues could be lower because digital ads are slowing, plus they face competition. Their base business alone is worth more than the current 11x PE.

It can go higher and has had a great run from its lows. It's the #1 services company in the industry. It's a hidden technology play. They have pricing power, so margins will expand by 200 basis points this year. Wait till the international recovery next year--that'll be the sweet spot. Now, shares are on sale.

It's down 40% YTD, but she likes its pricing power of 5%, great portfolio, revenues are growing, and boasts high-single digit earnings. Likes it long term.

She wished she had bought this. She's been deterred because it always trades at a pricey 26x forward PE. They beat and raise no matter what over the past DECADE. Total organic growth by 16% let by Frit0 Lay North America (up 20%). Why? They have the products and pricing power. This is definitely a buy on pullback.

It is discretionary and staples, so a bit defensive. 80% of revenues are consumables, so will benefit as consumers trade down. Business has been steady due to pricing. Not cheap at 23x PE, but defensive and steady.

beat earnings today Likes it for its diversified end market and very strong execution. Superb managers and their quarter proved it. Semi total revenue grew 32% YOY, and it 78% of company revenues. Software grew 5% YOY and gross margins were nearly 76%. Their backlog also grew. Guidance was also encouraging with semis to grow 22% and software grow around 5%. She ecpects in Q4 they will raise their dividend by 20% because they have $12 billion free cash flow.