Amid recent volatility in the FAANG names, Virtus Investment Partners' Joe Terranova is shaking up his portfolio.
What To Know: He sold out of Meta Platforms Inc (NASDAQ:FB) and bought Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN).
"I feel really good about what was liquidated from the portfolio. I feel really good about what we added to the portfolio," Terranova said Monday on CNBC's "Fast Money Halftime Report."
Meta shares are down nearly 40% just this year, according to data from Benzinga Pro.
"I don't stay with losers very long," Terranova said.
He also tries to lock in profits when given the opportunity, he said, adding that he sold his Apple stock in January above $170 per share. Terranova told CNBC his reentry was based on the recent pullback and strong momentum from the previous quarter.
He traded Amazon similarly. Terranova exited his Amazon position around $3,300 per share, but sharp declines following the company's quarterly results created a reentry opportunity, he explained.
From Last Week: Amazon Q1 Takeaways: Mixed Earnings, Lower Guidance Sends Stock Falling
"Believe it or not, Amazon has actually improved on the quality factor in terms of its balance sheet, so glad to enter Amazon here," Terranova said.
FB, AAPL, AMZN Price Action: At time of publication, Meta was up 2.16% at $204.77, while Apple was down 1.59% at $155.14 and Amazon was down 3.02% at $2,410.61.
Photo: rupixen from Pixabay.
