Rockwell-Spins off Conexant (CNXT) Message Board

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Technology Stocks : Rockwell-Spins off Conexant (CNXT)

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To: David W. Taylor who wrote (1609)	9/21/2000 6:46:40 PM
From: The Ox	Read Replies (1) of 2013

Intel's the Final Straw for This Market By Brett D. Fromson Chief Markets Writer 9/21/00 6:35 PM ET You have undoubtedly heard the bad news from Intel (INTC:Nasdaq - news). As I write, Intel is down $13 to $50 a share -- or about 28% from where it was when the company made its announcement after the close in New York. For many investors, the question will be is it too late to get out? The stock could stabilize Friday, but with big-cap tech also falling in after-hours trading -- Dell (DELL:Nasdaq - news), Cisco (CSCO:Nasdaq - news), Applied Materials (AMAT:Nasdaq - news), and Oracle (ORCL:Nasdaq - news) are each off around $4 per share -- that's unlikely. There is a wild card here -- a suddenly depressed market psychology. Intel is supposed to be the greatest tech company on earth. It was touted just this week by the most influential semiconductor analyst on Wall Street. If Intel can disappoint, any company can. So expect all tech stocks to get hit hard. Many already are. For all these reasons, when the sun comes up Friday, the trading day will be ugly as hell: Stocks could also be down 20% from where they closed Thursday. In my column Wednesday I estimated that the S&P 500 was easily capable of dropping 10% or more. With so many major players in so deep into Intel (see table below), I may have to amend that.

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