PC-maker

Apple's

post-close bombshell was taking apart the box makers in early trading and the rest of the market.

Last night after the close, PC giant

Apple

said it expects to miss fourth-quarter earnings estimates by a substantial margin. Investors dragged the company's shares into the mud during after-hours trading, cutting the company's value almost in half.

TheStreet.com

took a closer look at the

plunge in a piece last night.

Apple's warning was certainly having its effect on the

Dow Jones Industrial Average. PC-making components

Hewlett-Packard

(HWP)

and

IBM

(IBM) - Get Report

were weighing most heavily on the blue-chip index, with H-P slashing some 44 points and IBM knocking off around 20 points.

Other big downers for the Dow were

Intel

(INTC) - Get Report

and

Boeing

(BA) - Get Report

.

In fact, the PC maker may not be the only "bad apple" in the patch today. An article on

CNET News.com

reported that shipments of

Intel's

(INTC) - Get Report

long-awaited Pentium 4 processors are going to be delayed.

Citing PC manufacturers, the story says that the Pentium 4 is not expected until the week of November 20 and possibly later. The processor had been expected to arrive around the end of October.

Intel

(INTC) - Get Report

, which issued a

profit warning last week, was lately down $1.94, or 4.41.94%, to $42.50.

Boeing was suffering from disappointment over

Singapore Airlines'

decision to purchase airplanes from its competitor

Airbus

. Boeing had been hoping to win the contract.

From the close of composite trading, H-P was off 6.3%, IBM was down 2.0% and Boeing was off 3.7%.

Gateway

(GTW)

was getting hit hardest among the PC-makers because it, like Apple, is consumer-centric. Oh, and it was downgraded by

Morgan Stanley Dean Witter

. Gateway was lately trading down 14.8%. Other PC-makers, like

TheStreet Recommends

Compaq

(CPQ)

and

Dell

(DELL) - Get Report

were off 2.0% and 7.5%, respectively.

Elsewhere on the Nasdaq,

Research in Motion

(RIMM)

was surging this morning, lately up 19%.

On the NYSE, the largest independent cement-maker in the U.S.,

Southdown

(SDW)

was flying following news it would be acquired by Mexico's biggest cement-maker,

Cemex

(CMX)

, for $2.6 billion.

United Airlines

(UAL) - Get Report

was taking a beating following its own earnings warning this morning. United said it expects to report a loss for the third quarter and possibly in the fourth, due to operational "disruptions." The airline was plagued by labor problems over the summer. United was lately down 6.3%.

Back to top

Sector Watch

Internet stocks were in the hole again, following a little rally yesterday on some positive comments from

J.P. Morgan

.

eBay

(EBAY) - Get Report

and

Yahoo!

(YHOO)

were falling 2.4% and 1.1%.

Despite a drop-off in crude oil prices, energy stocks were faring well today. Crude-oil prices tumbled $1.12 to $30.33 a barrel after Saudi Arabia said the country is prepared to supply the world with as much oil as necessary to help deflate price pressure. The

American Stock Exchange Oil & Gas Index

was off 1.0%.

As investors scrambled to draw their money out of tech, other defensive stocks continued to show strength as well, with the

Amex Tobacco Index

up 1.0%, the

Dow Jones Utility Average

3.4% higher and the

American Stock Exchange Pharmaceutical Index

0.9% higher.

Financials were also rising, with the

American Stock Exchange Broker/Dealer Index

up 1.8% and the

S&P Insurance Index

1.5% higher.

Back to top

Bonds/Economy

The benchmark 10-year Treasury note was lately 6/32 higher at 99 20/32, and yielding 5.799%.

Back to top