Has tech had it?
Apple (NASDQ: AAPL) (Cramer's Take) simply didn't do that well. Google's (NASDQ: GOOG) (Cramer's Take) stock is floundering even if Google isn't. Garmin's (NASDQ: GRMN) (Cramer's Take) been pretty much destroyed. Microsoft's (NASDQ: MSFT) (Cramer's Take) in the same place it started after that great quarter. Texas Instruments (NYSE: TXN) (Cramer's Take) surprises to the upside and does nothing; same with Corning (NYSE: GLW) (Cramer's Take). VMWare's (NYSE: VMW) (Cramer's Take) simply awful, dragging down EMC (NYSE: EMC) (Cramer's Take), which I unfortunately own for
Which leads me to conclude that, yes, tech has indeed become pretty much irrelevant. The big growth drivers, exciting product cycles, big innovations, don't exist. eBay (NASDQ: EBAY) (Cramer's Take), IAC/Interactive (NASDQ: IACI) (Cramer's Take) and Yahoo! (NASDQ: YHOO) (Cramer's Take) are just pathetic, all without leadership and declining earnings. Nobody cares about new kinds of cell phones or music or movie deliveries. It is all just too darned competitive.
Regardless of what companies say about the excitement of new PCs filled with new features and hardware, nobody likes them as stocks for certain. Remember Dell (NASDQ: DELL) (Cramer's Take)? Now that homebuilders and banks are moving along with retailers, this is the worst group to own. Apple? We had thought that Macs would be the icing on the iPod cake, but we never even got to it because the cake was so disappointing.
I wish I had good answers for this. I wish I could say "Ignore it, Western Dig (NYSE: WDC) (Cramer's Take) just reported a great number and so did Corning." But I tried that with IBM, and it didn't work.
Reluctantly I have to conclude that this is a group that on strength has to be sold. Anything I own that has tech has been killing me for
Now, there will be people who will say "OK, Cramer's throwing in the towel on tech, buy tech." To which I say, "I hope you are right, because I can't get out of most of the tech I own anyway, and I sure hope I am wrong."
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Cramer is long EMC and Corning.