You have undoubtedly heard the bad news from


(INTC) - Get Report

. As I write, Intel is down $13, to $50 a share -- or about 20% from where it was when the company made its announcement after the close in New York.

For many investors, the question will be whether it's too late to get out. The stock could stabilize Friday, but with big-cap tech also falling in after-hours trading --


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(CSCO) - Get Report


Applied Materials

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TST Recommends


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are each off around $4 per share -- that's unlikely.

There is a wild card here -- a suddenly depressed market psychology. Intel is supposed to be the greatest tech company on earth. It was touted just this week by the most influential semiconductor analyst on Wall Street. If Intel can disappoint, any company can. So expect all tech stocks to get hit hard. Many already are.

For all these reasons, when the sun comes up Friday, the trading day will be ugly as hell: Stocks could also be down from where they closed Thursday.

In my

column Wednesday I estimated that the

S&P 500

was easily capable of dropping 10% or more. The

Nasdaq Composite

is an even more volatile index so you should expect that it could fall even more than the S&P before bottoming and then rallying.

With so many major players heavily invested in Intel (see table below), you can expect to see some significant losses Friday.

Brett Fromson writes daily for In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in He also doesn't invest in hedge funds or other private investment partnerships. He invites you to send your feedback to