Word: cisco
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Dates: during 2000-2000
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Amid the frenzy, the market awarded astronomical valuations to dotcom companies that had never made a dime--and paid an unheard of 100 to 200 times earnings for true New Economy leaders like Cisco or Sun Microsystems or Dell Computer, whose stocks have since plunged some 50%. "The current growth rate of earnings won't support stocks with high valuations," says Hugh Johnson, chief investment officer for the investment firm First Albany. "That's why technology stocks are coming down so sharply...
...done well. But that's not where the money was. Popular techland has been a disaster. Last week the NASDAQ yo-yo busted its string and fell to a new low for the year, extending a slump in the most speculative stocks and grounding the likes of Intel, Dell, Cisco and Lucent...
...made the last month so hellish have already been fired. If there was really bad news out there, goes the reasoning, they would have warned us like Intel did. The bad scenario is that, well, they didn't. And that six months after those high-flyers like Yahoo, Amazon, Cisco, AOL got shot down in April and for the most part stayed down, there's still a whole lot of shakin...
...This sounds like a Cisco router issue, either software or hardware gone haywire," he said...
...where the overall high-tech winds are blowing. It's a member of the Dow, NASDAQ and the S&P, which is the practical reason why Wall Street's trio of indexes all tanked on the news. But the spiritual malaise is just as contagious; Microsoft, Dell and Cisco all took overnight hits as well. Intel's announcement also comes early in a third-quarter earnings season that investors are nervous enough about already. Bad earnings news revives fears that Greenspan's soft landing may be a rocky one for corporations...