Join the Club: Tech News Also a Horror

Includes: GOOG, INTC
by: Kevin Maney

Tech news is like a house of horrors these days. Everywhere you turn, you see something else frightening.

Like Thursday morning - you could be trying to digest the outlook from Intel (NASDAQ:INTC), which late yesterday slashed its revenue forecast for the fourth quarter from $10 billion or so to $9 billion. The company says there is "significantly weaker" demand for PCs in every part of the globe. While absolutely nothing is wrong with Intel as a business -- it still supplies chips for 80% of the world's PCs -- its stock is at a 12-year low.

Scared, you turn toward the usually-comforting Google (NASDAQ:GOOG), and find that its stock has dropped below $300 a share for the first time since 2005. Mark Mahaney, who follows Google for Citigroup, dropped his price target for Google from $590 to $450.

Where else are you going to turn? H-P (NYSE:HPQ), Dell (NASDAQ:DELL), Cisco (NASDAQ:CSCO) -- their stocks are all down and their forecasts look bleak. Even high-flying Apple (NASDAQ:AAPL) has seen its stock drop by half from a year ago.

And to think tech is in better shape than a lot of American industries. Yikes.