Wall Street has a clear message for CEOs: start spending all that cash.
Nearly three-quarters of financial industry professionals think companies have “too much cash” or “way too much cash” rotting in the bank, according to the Convergex Corporate Cash Survey obtained Tuesday by CNBC.com.
The technology sector was singled out as the most in need of additional spending. Some 73 percent of investment professionals said tech companies are holding too much dough, followed by the financial sector (43 percent), industrials (26 percent) and consumer staples (18 percent), according to Convergex.
“Our survey shows that investors want corporate leaders to open up the checkbook,” Nicholas Colas, Convergex chief market strategist, said in a statement.