“Apple is far from a sell at this juncture, said Michael Bapis, managing director with Vios Advisors at Rockefeller Capital Management,” reports CNBC. “He said investors likely ‘panicked’ around Apple’s earnings report, and he would stick with the name in the long term.”
Apple and Microsoft combine for over 37% of XLK’s weight. XLK provides “exposure to companies from technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electronic equipment, instruments and components,” according to State Street.
“Bapis added that he also sees opportunity in shares of Microsoft because of the company’s cloud business,” reports CNBC.
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