Word: intel
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...millionaires--ha!--thousandaires squirm as their cyberpriced stocks came screaming back to earth and their dotcoms disappeared overnight. But then something else dawned. It wasn't just kids from Stanford taking it on the chin. It was us. Suddenly, warning lights are flashing. In recent weeks, everyone from mighty Intel--whose microchips power 80% of the world's computers--to lumber and housewares seller Home Depot has signaled a sharp drop in profits, leading nervous investors to pummel their stocks...
...stocks have 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...
...practically a rock in these troubled times. On staggering volume of 2 million shares (this by 2:30), the tech index took a smaller version of the Dow's early dive but steadily regained ground throughout the day and by late afternoon was into the black. Credit Intel, Sun Microsystems (which flubbed and spit out a good earnings report a few hours early) and Microsoft for leading the charge...
...good scenario is that the waiting is the hardest part; that all the corporate warning shots that have made the last month so hellish have already been fired. If there was really bad news out there, goes the reasoning, they would have warned us like Intel did. The bad scenario is that, well, they didn't. And that six months after those high-flyers like Yahoo, Amazon, Cisco, AOL got shot down in April and for the most part stayed down, there's still a whole lot of shakin...
Last week Kodak warned that the weak euro, coupled with higher energy prices, will mean disappointing earnings this quarter. Its stock plunged 25%. The previous week Intel issued a euro-related warning, and its stock crashed 22%. McDonald's, Gillette and Goodyear have all cited the slumping euro as cause for a diminished-profit outlook. Others will follow...