Nvidia Warning Shows That Tech is No Safe Haven in this Market

7/3 - "Nvidia (NVDA) is a name a few readers have nominated as we looked for some new names in the tech space - the stock was approaching a triple bottom in the $18s after starting the year in mid $30s (50% drop). However, last night after the bell we had some uninspiring news and the stock is down an additional 28% to near $13. And just like that someone can lose 2/3rds of their money in 7 months. But remember, "tech is safe" because it has no exposure to oil. This is a trecherous market - the indexes as bad as they are, are masking some of the carnage in individual names."

"The company blamed the worse-than-expected results on weak global demand, and delays in ramping its new integrated graphics chip...Goldman Sachs analyst James Schneider... cut his fiscal second-quarter gross margin forecast to 40 percent from about 46 percent, citing near-term pricing pressur...