Assessing the Compaq Spillover Effect

Cramer doesn't think Compaq's woes should plague either Dell or Gateway.
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OK, so

Compaq

(CPQ)

sucks. And

Western Digital

(WDC) - Get Report

sucks. And

Exabyte

(EXBT)

sucks. Tell me something I don't know.

Yesterday I had to hear a raft of commentators speculate on whether the good news in

Oracle

(ORCL) - Get Report

will spill over to its competitors in the software business. Hello? The world doesn't work like that. Oracle's taking business from others.

Today we will hear about how Compaq's woes could hurt the industry at large. I am not buying it. And I am short Compaq. This company was run poorly -- very poorly -- and now it is coming to grips with the problems. But I would not short

Dell

(DELL) - Get Report

or

Gateway

(GTW)

off this. Those guys at least are executing.

I do hope that Compaq, Western Digital and Exabyte spill over to telco tech, to which they have

no relationship whatsoever

. I am hoping that someone sells

Cisco

(CSCO) - Get Report

off of this because Cisco is tech. Maybe they will sell

IBM

(IBM) - Get Report

off of this because IBM is tech.

I am currently bidding for tech stocks below the market. Hit me, please.

Random musings:

Hats off to Don Young at

PaineWebber

for giving the Street a big heads-up yesterday about how poorly Compaq is doing. It was a very tough call to make when the market was screaming, and it was much appreciated.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco and IBM and short Compaq. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.