Note: The Skinny blog is written by Rick Smith, editor and co-founder of Local Tech Wire and business editor of

RESEARCH TRIANGLE PARK, N.C. – Just when you might have felt comfortable about your 401-K plan and your stock portfolio – especially in the tech sector – along came Thursday’s 1,000 point Wall Street panic.

Technology didn’t escape the bearish stampede, as a look at Triangle area firm’s daily stock report clearly indicates.

Especially Cree. LED lightning revolution? For some time in late after noon just before 3, Cree shares were dumped to the tune of 15 percent before buyers swooped in, sending Cree back up sharply.

What’s most scary about this is that technology growth is a primary, if not the most important, driver of the stock market’s recovery over the past year.

But just as bulls run up together, bears run down in packs, taking everything in value down with them.

AP put it succinctly and well:

"In one of the most dizzying half-hours in stock market history, the Dow Jones industrial plunged nearly 1,000 points amid worries about European debt. Stocks fell as worries grew that Greece’s debt woes could hinder a global economic recovery and there were reports that a technical glitch hastened the selling that led to the dramatic drop."

Here’s a snapshot:


Opened at $126.29, hits a high of $1.27.93.

Panic begins – Big Blue drops to a daily low of $116.

By the close, bargain hunters drive the stop back up to $123.92.

Still, a $2.37 loss for the day.

CREE (Nasdaq: CREE)

Cree opened at $71.10 and hit a daily high of $73.43.

The panic sends its shares plunging more than $11 from the open to $59.86.

But the lure of LED sales brings buyers back, and at the close Cree recovers to $69.40.


The Hatter holders, too, took a hit.

Red Hat opened at $29.34, hit a daily high of $30, then fell to $26.81.

At the close, RHT finished off $1.14 at $28.20.


Tekelec’s shares opened down $1.50 after disclosing earnings, two acquisitions and a revenue forecast that investors apparently didn’t like.

After the $15.97 open, shares hit a high of $16.

Then came a daily low of $13.75.

By the close, TKLC rose to $14.10.

Still, the stock took a 20 percent hit.


Cisco (Nasdaq: CSCO) opened at $26.40, plunged to a low of $23.23 then rallied to end the day at $25.49.

And here’s a recap from AP about some of the best tech stocks:

"Shares of the world’s largest software maker, Microsoft Corp., fell 87 cents, or 2.9 percent, to $28.98, while shares of Macintosh computer and iPhone maker Apple Inc. dropped $9.74, or 3.8 percent, to $246.25. Shares of online search leader Google Inc. fell $11.09, or 2.2 percent, to $498.67."

Wow, what a day. Black Friday ahead?

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