November 12, 2008

More Hard Times for Technology Industry

In the wake of Circuit City's announcement that the company was filing for bankruptcy protection under Chapter 11, more bad economic news from The New York Times:

Best Buy Cuts Outlook for 2009
"Best Buy, the electronics retailer, cut its fiscal 2009 earnings outlook on Wednesday and said it was being hammered by the worst retail environment in its 42-year history."

Led by Intel, Chip Makers Cut Outlook
Intel, the world’s largest producer of computer chips, warned on Wednesday that its sales could fall as much as 19 percent in the fourth quarter. Other major players in the chip industry, including Applied Materials and National Semiconductor, offered their own bleak outlooks.

Together, the gloomy forecasts suggest that the technology industry is about to enter a slump that will rival or possibly exceed the dot-com bust of 2001.”

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