Tech is going lower. Forget all that BS about the market turning 6 months ahead of the economy (not your BS, but others). Tech is toast. It's a bear mkt rally and we are heading back to the lows. The only train leaving this station is cash!
Yea! for BEA; Splat for AMAT
By James J. Cramer
5/15/01 7:16 PM ET
The surprise for tonight goes to BEA Systems
(BEAS:Nasdaq - news - boards) for reporting a very fine
quarter, and an acceleration in revenue for its key
licensing division. As many people expected that BEAS
might trip up this quarter, I would expect this stock
would retrace back to where it was before this recent selloff.
Ahh, but the disappointment for tonight goes to "Train leaving the station" Applied
Materials (AMAT:Nasdaq - news - boards). If Jay Deanha, the analyst from Morgan
Stanley who predicted a once-in-a-lifetime buying opportunity for AMAT last week,
hadn't hyped it to the moon, I think that the decline wouldn't be so pronounced. But
AMAT's train is very much in the station, and Deanha has some egg on his face. He,
like his colleague Chris Stix, who hyped Cisco (CSCO:Nasdaq - news - boards)
ahead of that not-so-great quarter, will now be looked upon a bit more critically by
people who formerly thought these analysts were "in the know." The fact that
AMAT's orders, originally reported as strong, but then clarified as not so great soon
after, disappointed the Street means that Deanha basically "had nothing" when he
made his pitch.
Very disappointing analyst work.
Brocade (BRCD:Nasdaq - news - boards) basically "did the number" -- nothing to
jump up and down about. Network Appliance (NTAP:Nasdaq - news - boards)
bored people. QLogic (QLCG:Nasdaq - news - boards) talked things down, and I left
here still trying to figure out whether it was a disaster or not, and Sycamore
(SCMR:Nasdaq - news - boards)? Nothing there. Sorry.
More analysis on these tomorrow. |
