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High P/Es on Big Tech Stocks Suggest More Pain

A look at the Morgan Stanley High Tech 35 reveals still lofty price tags.

We know big tech stocks are tumbling down, the big question is: Have we hit bottom?

By using the

price-to-earnings multiples as a guide, it seems many big-name stocks still have a ways to go. Using the

Morgan Stanley High-Technology 35

index as a sample of the industry and the market, we compiled data on both the stock price and P/E multiples of the index's holdings, between March 10 -- when the Nasdaq peaked at 5048.62 -- and Nov. 29 (see chart below).

Out of 34 companies in the index with calculable P/E multiples, only 12 have P/Es below 30 -- which is still well above the historical average of 15 to 20. That leaves nearly two-thirds of the tech index in line for more potential pain. Nearly a quarter of the index is still riding P/Es north of 100.

Of the companies in the index, only five have witnessed stock-price gains since March 10. Of those, two companies --

EMC Corp.

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-- have current P/Es above 100. Who's still highest in the stratosphere?

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. Report

, with a P/E a stone's throw from 400.