Down, but not out

National | Even with technology stocks taking it on the chin, chastened companies are forced to think longer-term | Chris Stamper

When will the bleeding stop? The Nasdaq hit another low-water mark last week, dipping below 2,000 for the first time in two years. Now dot-com mania is dot-dead and serious high-tech companies are in a world of hurt.

Look at mighty Cisco. It became the biggest company in the world as stock traders shot its value up above General Electric and Microsoft. After that it lost about 70 percent of its value and chief executive John T. Chambers said the company's near-term outlook is grim. The networking megapower announced massive layoffs—5,000 of its full-time employees and up to 3,000 of its temporary and contract workers will be cut loose.

Other bellwether companies are warning like crazy. Intel announced that the economic slowdown had hurt the PC business and the pain is spreading to other parts of the tech world. Big names like Sun Microsystems, 3Com, and JDS Uniphase have also issued warnings in recent weeks. Even noncomputer areas are taking hits; Motorola is unloading 16,000 people.

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