Word: intel
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SOUND AND FURRY Staid and serious chipmaker Intel has branched out into frivolity with a line of high-tech toys called Intel Play. The latest is the Computer Sound Morpher ($49), which looks a lot like a personal communicator from a '50s sci-fi flick. Armed with Intel's Morpher, kids can record voices and other sounds and then edit, distort, remix and generally transmogrify them on their PCs. Warning: parental commands may lose some authority when played back in "chipmunk" mode...
...Which brings us to Al Gore. If corporate earnings are indeed as flat this quarter as indicator Intel is indicating, the markets could be in for a nervous October. Uncertainty - over earnings, over oil prices, over the dollar, over Greenspan's landing and over the election itself - could keep the Dow in the dumps till November. And the Dow, as the New York Times was good enough to point out Friday, is 22-3 as an election prognosticator this century. Dow goes up in fall, economy looks good, incumbent wins. Dow goes down in fall, people worry, new guy wins...
...Then there's the culprits. Intel blamed sagging European demand - this to go with news that the European Central Bank is intervening on behalf of the euro, a real sign of desperation in E.U.-land - and the bane of both continents, rising oil prices...
...morning, the free-fall was leveling off. Selling Intel - down 13 points at 10:30 - in the middle of a bloodbath may be good business for the pros, but American investors are well schooled in the buy-and-hold. And they know that a brief run of bad sessions in September - or the one-time underperformance of a stock up 49 percent for the year when the news hit - do not an incumbent-ousting recession make. A few sprightly earnings numbers from the tech sector in October, and the current gloom could be a distant memory...
...Which is not to say that somewhere deep inside, Al Gore isn't wondering if the government couldn't take a few million chips off Intel's hands, just to nip this thing...