Just some quick thoughts on what started out as a brutal morning, but is "coming back" a little thanks to the Fed's must-do move minutes ago:
I heard from many of you over the weekend, and the tone was a little surprising. Seems with tech, a lot of you are looking for opportunities. And the pro investors among you will be in a shopping kind of "buy-low" mood.
The equity sell-off is tremendously magnified in tech this morning: the bigger they are, the harder they're falling. It seems we're looking at 10 percent moves to the downside at best; double that at worst. Apple was down as much as $18 a share; Google $36 a share, after sharp declines last week.
Over the weekend, almost everyone I spoke to said they'd wait to see the carnage from today -- into tomorrow, and then start selectively getting back in. In other words, this isn't capitulation in tech shares; it'll be bargain-hunting once the panic passes by. I thought that was interesting. An optimistic tune certainly worth mentioning today.
The most likely bounce-backs: those tech leaders with large cash on the balance sheet, no debt, and top names in the sector. Apple's earnings today will be key. Same with Texas Instruments.Intel,Cisco,Microsoft and Hewlett-Packard also came up a lot as the first ones to see share-price recovery.
Pacific Crest, as an example, issued a $42 target onMicrosoftthis morning, making Thursday's earnings that much more important to watch.
This won't happen overnight. But with an aggressive Fed and tech fundamentals still strong, it will happen.
Anyhow, that's the early view from Silicon Valley. And don't forget, with Apple's earnings out after the bell today, I'll be live-blogging the company's conference call. A key window into tech just when investors might need it most.
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