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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: Michael Sphar who wrote (8098)	9/24/1999 1:50:00 PM
From: geoffrey Wren	Read Replies (1) \| Respond to of 10921

Part of a news story negative on high tech, with mention of the Taiwan earthquake. There's more to the paege, but this is the crux on high-tech cbs.marketwatch.com Comments from a senior Microsoft official and an influential semiconductor analyst riddled the technology sector with fat losses Thursday, leading to widespread carnage in the broader U.S. stock market.. The Dow Jones Industrial Average was whipped for a 205.48-point loss, or 2.0 percent, to 10,318.59. Since printing a record high of 11,334.59 during Aug. 25's session, the barometer has pulled back 9 percent. The Nasdaq Composite was shackled, losing 108.33 points, or 3.8 percent, to 2,749.83 for its fourth-worst point-loss ever. On a percentage basis, the mauling didn't rank among the ten worst. The Standard & Poor's 500 Index fell 2.3 percent. The Russell 2000 Index of small-capitalization stocks sank 1.7 percent. "What Ballmer and the Cowen analyst had to say pretty much did it to stocks today," said Todd Clark, head of listed trading at Volpe Brown Whelan. "The Nasdaq was basically unchanged right before the remarks came out." Microsoft President Steve Ballmer remarked that he thought the technology sector was overvalued, along with the price of his company's stock. "There's such an overvaluation of tech stocks it's absurd," he told a conference of the Society of American Business Editors and Writers. Referring to the speculative sentiment that's pushed tech stocks higher, he said: "In a way, it's a bad thing for the long-term health of the economy." Microsoft (MSFT: news, msgs) shares decayed 4 15/16 to 91 1/8. The comments, along with cautionary words from SG Cowen semiconductor analyst Drew Peck, nailed computer-related names with plump markdowns. Peck, in a research note, said he doubts fourth-quarter results will show the potency that he'd anticipated for Intel (INTC: news, msgs) or other PC-related companies; this because of the effects of the Taiwan earthquake. Peck said: "I did not cut my numbers on Intel . . . but I expect that I'll have to because any of this production [shortfall] has to come off of Intel and for that matter the PC retailers, the PC manufacturers, the chipset makers...you know everyone who sells in this business is going to feel this." Peck's wary words creased the semiconductor group, in particular. Chip-making titan Intel depreciated 5 5/16, or 6 percent, to 77 1/2, while semiconductor equipment heavy Applied Materials (AMAT: news, msgs) surrendered 4 13/16, or 6 percent, to 78 7/8. Also, Advanced Micro Devices (AMD: news, msgs) skidded 1 11/16, or 9 percent, to 17 1/4; Linear Technology (LLTC: news, msgs) 4 15/16, or 7 percent, to 64; Lattice Semiconductor (LSCC: news, msgs) 2 1/2, or 8 percent, to 28 15/16.