Nas­daq to tum­ble below 3,800: Scott Miner

The Pak Banker - - COMPANIES/BOSS -

Tech­nol­ogy stocks will tum­ble fur­ther this year as in­vestors flee to safety and buy­ers stay on the side­lines, ac­cord­ing to Scott Min­erd, chief in­vest­ment of­fi­cer for Guggenheim Part­ners LLC.

The Nas­daq Com­pos­ite In­dex will prob­a­bly drop below 3,800, slid­ing an­other 13 per­cent, he said. The tech-heavy in­dex al­ready has fallen that much this year, clos­ing at 4,363 on Fri­day, its low­est since Oc­to­ber 2014. That's more than 16 per­cent below the all-time high it reached in July. "The mar­ket sen­ti­ment is so bad," Min­erd, who man­ages about $240 bil­lion, said Sun­day in a tele­phone in­ter­view from Los An­ge­les. "The mar­ket is repric­ing to ab­sorb and re­flect the un­cer­tainty around earn­ings and the econ­omy go­ing for­ward." Nas­daq growth stocks such as Ama­zon.com Inc. and Netflix Inc., the big­gest gain­ers in 2015 on the Stan­dard & Poor's 500 In­dex, face new scru­tiny amid doubts about their high price-earn­ings ra­tios and broader eco­nomic con­cerns, driven by China and oil.

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