One Tech Stock That's A Safe Haven
With tech stocks coming under pressure, investors are scouring the landscape for low-risk winners. Enter Automatic Data Processing (AUD), the No. 1 independent computing service company, whose stock has recovered from the spring decline. Trading at 55 in mid-March, the stock dropped to 46 in early April. It has rallied since, closing at 54 9/16 on Aug. 9. AUD is a "safe-haven tech investment," says Jennifer King of Merrill Lynch--"somewhat contra-cyclical to higher-beta (risk) tech stocks." It has, she adds, a "spectacularly consistent record of over 35 years of quarterly double-digit earnings gains."
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