You have Taiwan Semi saying that future orders look weak and that's indicative of a lot of companies. You just had Sun Microsystems return to profitability, but then take it back for the next quarter. All these comments show that any tech recovery is probably pushed back until 2003.
What we're seeing with tech is consistent with the last few weeks and before. There's a lot of red out there and it doesn't seem to be any one sector in particular.
There's lots of across-the-board tech selling, but the moves are little. There's no big company news that is having an impact on any particular sector within techs.
Investors are looking at tech and saying that any gains in the industry will lag a broader recovery. That's true generally, and it's maybe especially prominent right now.
The general tech market has recalibrated their investment view that there's going to be very little tech recovery, very little pick-up in IT (information technology) spending in 2002; they're putting it off until at least 2003. So people figure, why buy these companies now?