Well, I'll be. Can you believe these guys from

Compaq

(CPQ)

? Can you believe it? Why didn't they wait even longer? Why didn't they do it at 6:30 p.m.? Or maybe during

Millennium

? Or how about after the

Yankees

home opener? During the

Masters Finals

on Sunday?

And give me a break. You miss by 15 cents and you just discover it? You just tell us now? What were you waiting for? We had so many signs, but these guys really held out, didn't they? Talk about no credibility. This defines no credibility.

OK, enough with the outrage, especially because I have some out-of-the-money puts that might turn out to be in the money when this debacle is finished. But my small put position in Compaq won't make up for the collateral damage that I will be hit with in

Intel

(INTC) - Get Report

and

Microsoft

(MSFT) - Get Report

, and some of the higher-end PC plays Monday.

Does this incident ever remind us how tough computers have gotten? These stocks look like quicksand to the Web's asphalt. (Don't forget Compaq is saying demand is sluggish and competition is brutal, both awful for the industry.)

As I write this I am seeing bids in

Instinet

for Intel at 127 1/2 and Microsoft at 91. Maybe I am a sucker, but I am not hitting them. That's too low. Any lower and I would be bidding instead of talking. However, two points higher and I would be tempted to cut back because this news will dominate the tape and the papers on Monday.

Compaq's terrible execution can bring the sector down, no doubt about it, even though its imprimatur is definitely tarnished. In fact, its gloomy guidance will prevail until someone says something different. (Perhaps on Tuesday, April 13, when Intel reports? Or is that wishful thinking?)

As there will be no Compaq conference call, I'm going home. We will deal with the mess that Compaq just delivered on Monday, when it will smell just as bad, as these things tend to get more fetid as over the weekend.

Stinko.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel, Microsoft and has Compaq puts, although positions can 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

letters@thestreet.com.