Franklin Ditches Tech for Consumer Staples
Congressman Scott Franklin (R-Fla.) recently made his first stock trades since February, swapping some of the 'Magnificent Seven' stocks for consumer staples. The trades were disclosed on the Benzinga Government Trades page and show a significant shift in Franklin's investment portfolio.
On August 20, Franklin sold $1,000 to $15,000 worth of Apple Inc (NASDAQ:AAPL) stock, Alphabet (NASDAQ:GOOG) stock, and Alphabet stock. Just six days later, he bought $1,000 to $15,000 in McDonald's Corp (NYSE:MCD) stock and PepsiCo (NASDAQ:PEP) stock.
This move may be a bold one, given the rising inflation and higher consumer costs at companies like McDonald's and PepsiCo. However, Franklin's timing could indicate that he believes the worst of inflation is behind consumers, making these companies potential winners moving forward.