Now They're a Little Less Red Hot

The closely watched index dropped 0.41 despite the valiant efforts of Juniper, which gained 10%.
Author:
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IBM's

(IBM) - Get Report

"ambitious microprocessor strategy" took a whack out of the semi Red Hots today, leaving the index down a tad, 0.41 to be exact.

Stocks like

Broadcom

and

Conexant

(CNXT) - Get Report

and

PMC-Sierra

(PMCS)

, which normally stand out when the SOX ramps as it did, got cracked for a field goal each.

Juniper's two touchdowns and a field goal (on the bid side) couldn't put the index in positive territory. (This index was made for sports analogies.) Although the buyers sure tried!

Welcome to

Harmonic

(HLIT) - Get Report

and

Internet Capital Group

(ICGE)

, our two rookies that YOU elected to the team. (About 2,500 people voted on this, so that's what I call democracy in action.) When you think of hot, you might have thought about lava, or boiling oil, or Fahrenheit 451. Now you must think HLIT and ICGE.

Gratz to you, hot toddies!!

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