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Garnry: Buy Facebook, sell Twitter

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Buy Facebook, sell Twitter. That’s the suggestion from Saxo’s Peter Garnry on the social media stocks. Facebook’s third quarter earnings are out later on Tuesday and there are great expectations.

Garnry says the market expects earnings per share of 40 cents which would take profits up 140% from last year. "That's amazing growth," he says with 50% increase expected in revenue alone. But he thinks there is a chance that Facebook could beat even these estimates and that the share price will go higher.

Garnry is not so positive about Twitter which he says is not seeing the same sort of aggressive user growth. He points out that Facebook has a 20% market share in desktop and mobile, unlike Twitter. His advice? Short Twitter.

Overall US tech stocks look favourable says Garnry especially Microsoft and Google. But he warns about Amazon and IBM both of which have disappointed on sales.