Technology and dot-com stocks looked liked an upstate New York minor league hockey game from 1967, back when chickenwire laced the boards and players wore sweaters instead of padding. Think bloody, bruised and battered, with few goals and lots of penalties.
Pretty cool, eh?
Ok, maybe not.
Nasdaq Composite Index, the Comp for the slang-inclined, was down 92.3 to 2279.8, not at session lows, but still down enough to keep with its weeklong "everything must go" theme. Since last Friday, the Comp has dropped about 280 points, led lower by a wide cross section of New Economy names. From semiconductors to dot-coms, the beatings have continued and morale still hasn't improved.
Philadelphia Stock Exchange Semiconductor Index
dropped 3.1%, led lower by
Morgan Stanley High-Tech 35
dropped 1.98%, led lower by
, which then combined to torpedo
TheStreet.com Internet Sector
, which was off 35.71 to 595.73. And if you just look at those widely help big-caps, then
Here's a bright spot. The
Philadelphia Stock Exchange Box Maker Index
was edging up 0.10%, led marginally higher by blue-chips
Okay. Time for some news. Good news first.
Don't cry for
, Steve Fortuna. The
analyst kept his eyes dry and reiterated his buy rating and $36 price target, standing strong in the wake of Wednesday evening's earnings warning from the PC maker. Investors killed Dell in the wake of that
warning, dropping it 10.6% yesterday, sending it to 52-week lows. Dell was fractionally higher this afternoon to $25.25.
Other analysts weren't so nice, however.
fell $1.88 to $26.94 after
Solomon Smith Barney
analyst Jack Grubman downgraded it to outperform from buy and hacked its price target to $37 from $65. Fiscal 2000 earnings were cut as well. Grubman now expects 2000 earnings to come in at $1.65 per share from $1.73. Grubman also slashed the company's 2001estimate to $1.55 from $1.97 per share.