Word: cisco
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...Largely spared by the violent sell-offs of the past few months, fiber optics - which tends to overlap with networking companies like Cisco and Juniper Networks - was considered by NASDAQ types to be "one of the last bastions of strength in the market," in the words of one analyst. Not any more...
...sector (which has lately been a sometime bellwether for the rest of NASDAQ), dipped below $200 during Wednesday's bloodbath and kept on going, hitting $170 at noon Thursday. Corning (more than oven-safe dishes, folks!) is below $70 and off more than 30 percent on the week. Cisco is back down in the very low fifties...
Amid the frenzy, the market awarded astronomical valuations to dotcom companies that had never made a dime--and paid an unheard of 100 to 200 times earnings for true New Economy leaders like Cisco or Sun Microsystems or Dell Computer, whose stocks have since plunged some 50%. "The current growth rate of earnings won't support stocks with high valuations," says Hugh Johnson, chief investment officer for the investment firm First Albany. "That's why technology stocks are coming down so sharply...
...done well. But that's not where the money was. Popular techland has been a disaster. Last week the NASDAQ yo-yo busted its string and fell to a new low for the year, extending a slump in the most speculative stocks and grounding the likes of Intel, Dell, Cisco and Lucent...
...common measure of value compares a company's projected annual growth rate with its current price-earnings ratio. If the P/E is lower, the stock may be attractive. A lot of tech stocks will grow earnings 35% a year in coming years but have P/Es way above that. Cisco, for example, trades at 148 times trailing earnings even after the stock has sunk...