Tech Was Driven By Advertising That Is Now Cyclical & Producing Layoffs

<p>"I like ServiceNow (NOW), but the recent run higher has stretched valuation. Adobe (ADBE) is a leader in the cloud space with a large addressable market," says Ed Butowsky. "The tech sector that led the last bull market rally will not lead the next one. Secular stocks are becoming cyclical. Tech was driven by advertising and advertising is cyclical and is now producing layoffs. Growth and sales are down for big companies," says Kevin Barry.</p>