Stocks pared earlier losses on Monday, as investors scoop up shares of beaten down stocks. At one point, the Dow Jones Industrial Average fell 1,089 points before settling to a loss of about 400 points. ‘These declines are healthy for us,’ said Kevin Kelly, chief investment officer of Recon Capital Partners, based in Greenwich, Conn. ‘If investors are looking to pick and choose stocks for the long-term, they can go into names like PayPal (PYPL).’ PayPal, which was recently spun-off from eBay (EBAY) gave up some of its earlier losses on Monday. ‘PayPal has zero debt, tons of cash on the balance sheet, they are growing in emerging markets and are the leader in their space,’ Kelly said. Other companies presenting great opportunities amid the global selloff include Apple (AAPL) and Disney (DIS), Kelly said. Apple shares lost 22 percent since its high on February 23, while Disney fell 21 percent since its peak on August 4. Both stocks gave up earlier losses on Monday. ‘There has been capitulation in these names,’ Kelly said. ‘Once we see the markets stabilize, those can be good over the long-term because they have grown their earnings and have solid balance sheets.’ TheStreet’s Scott Gamm speaks with Kelly and Nick Colas, the chief market strategist at Convergex.
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