People got rocked yesterday by QLogic's (QLGC) gaffe of a buy of Ancor (ANCR) and Computer Associates' (CA) - Get Report delayed earnings.

These two items, on top of the


(CSCO) - Get Report

hatchet job, reverberated through the market like shrapnel from antipersonnel bombs.

Until yesterday QLogic had pretty much done everything right, while Ancor had consistently done everything wrong. Ancor was a walking Blow-up. So the combination felled QLogic the way an earnings shortfall would have pole-axed the darn thing. What a stupid move.

Computer Associates decision to delay the quarter got greeted with a total shoot-first-ask-questions-later response. Frightening. This company is huge and its exec is the highest-paid chieftain in the world. So nobody was too into this lil' delay.

If the market were strong, it could have shaken off the Cisco piece. In fact, I thought Cisco would rally from down 5, but with the quarter about to be announced, it was too difficult. But QLogic and Computer Associates were serious hits. They had staying power. They contributed to

a truly crummy day.

For more information on QLogic, I urge you to read

Herb Greenberg

this morning. For Cisco,




filled in best.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Cisco. 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