I would characterize this as a correction long in coming. We're coming off of this tremendous run, plus you've got oil prices near all-time highs and the prospect of higher interest rates through the end of the year, and so you're seeing some profit taking.
For some reason, today we're painting the whole picture with a broad brush and a few profit warnings are really damaging that landscape for the companies that are good (performers).
Profit taking will be key words today (Thursday) and over the next couple of weeks. The Fed's rate cut yesterday bodes well for the longer term but near term it is an excuse to take profits. Cisco's story is another excuse to take profits in technology.
This is the expected outcome. We have run up to this. I wouldn't be surprised to see some profit taking.
It is profit warnings and it's taking down more of the market than it probably should. The profit warnings are very specific to stocks that have not been performing well anyway.
I don't want to be too dramatic about the drop ? it's more or less profit taking. It's not severe in relation to the magnitude of the rise.
The dreaded whisper number -- that's Wall Street for you. This is day-to-day noise. Normal profit taking in the technology area can be considered to be 20 percent to 30 percent moves.