Tech Firms and the Economic Storm: Nowhere to Hide
HP shares soared 14 percent Tuesday, leading a tech sector rally, after the No. 1 PC maker announced better-than-expected earnings six days early. However, technology analysts warned that the industry still might be slipping into its worst downturn since the dot-com bust of 2001. “Things are tough out there,” says equity analyst Brent Bracelin at Pacific Crest Securities. Cisco, Intel and Sun are among big tech suppliers who have trimmed revenue and earnings projections in anticipation of major cuts in corporate spending on tech infrastructure.
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Tech Firms and the Economic Storm: Nowhere to Hide
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