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January 23, 2008
The Tech Wreck: Some Survivors
Tech is generally a wreck today. Major companies' stocks are going through the floor, with some lowlights below:
- Google: -7.9%
- Amazon: -7.0%
- Apple: -15.0%
- Corning: -7.1%
- Palm: -10.1%
- VMware: -6.1%
- Citrix: -6.9%
All is not lost, however. As I said last night on CNBC, the Apple weakness is broader than gaming guidance, with it being a function of weak consumers and poor iPod performance. Apple needs to show another leg to the business, something needs to tick over in new geographies with iPhone, or Apple TV 2 needs to connect. Something.
At the same time, however, not all sectors are the same. semiconductors have been strong in here, analog and signal processing in particular. Consider the following semi sector market map, which is surprising green on a day full of declining stocks:
On a related note, it's awfully hard to turn up a nose at Google in here. Sure, the quarter will likely be squirrelly, but unless you're a stock-flipper, buying it for 1-2 years at today's prices looks awfully interesting.
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Yes, I'd like the answer as well to the above question.
Regarding GOOG, I sold the puts I put on when it was trading at $725 today near the lows. I even did a quick flip on the calls.
I still think that if the quarter is at all squirelly, we could see a big downside reaction in this market, but I'm not willing to place any bets in front of the quarter now. I'll wait and see where it stands afterwards.
I think we could see a bit of a rally in GOOG into earnings, but I have no position at this time.
What application is this screenshot from?