Florida Congressman Ditches Big Tech for Consumer Goods
Congressman Scott Franklin of Florida has made his first stock trades since February, and they show a significant shift in his investment strategy. Franklin sold between $1,000 to $15,000 worth of Apple Inc (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOG) stocks on August 20th.
The congressman's trading history reveals that he has made 290 stock trades totaling $80.9 million since 2021. In recent years, Franklin has been selling more than buying, which could indicate profit-taking or bearishness.
Franklin bought shares of McDonald's Corp (NYSE:MCD) and PepsiCo (NASDAQ:PEP) on August 26th, marking a departure from the 'Magnificent Seven' stocks he previously held. The move may be a bet that these consumer goods companies will perform well in an economy with rising inflation.
The congressman also sold JPMorgan (NYSE:JPM) stock and bought shares of Accenture (NYSE:ACN) and Novo Nordisk (NYSE:NVO).