TheStreet.com's Jim Cramer says a comment by the Cisco CEO about systems spending caused more damage than it should have.Everyone thinks we lost tech. That's because everyone was hiding in tech. They thought it was "safe."
Perhaps we confused tech with Coke (NYSE: KO) (Cramer's Take) and Pepsi (NYSE: PEP) (Cramer's Take).
First, the root cause of all of this is the somewhat off-handed comment about how the financial services industry has cut back on spending for systems.
We never want to hear any company say anything about spending cuts by customers. It is intriguing that the only place where spending was hit was by these customers. It was enough to kill all tech, though.
Is it right? If tech hadn't been so hyped and if tech wasn't so linked to financial services, I don't know how much we would be down.
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