Technology stocks are down. Way down.
That's hardly a news flash, but nonetheless, we ran a quick screen of the worst-performing S&P 500 stocks so far this year just to confirm who the biggest losers were.
As you'd probably expect, it read like a who's who of the high-tech industry. Lucent Technologies , Sun Microsystems , and Nortel Networks all rank near the bottom in total returns thus far in 2001. In fact, among the S&P 500's worst performers for the year to date, the only nontech, non-Internet name to crack the top 20 was California energy provider PG&E (PCG), which came in at No. 14. And that company's big utility arm is in bankruptcy!
But just because these tech companies are down, it doesn't mean they're out. In fact, for bargain hunters willing to weather some volatility, a few represent bargains. Here's a look at five of the worst performers along with their total return so far this year.
Palm , -80%: If you invested in this maker of handheld devices and software, you may be slapping your own palm against your forehead and asking yourself, "Why me?"
Applied Micro Circuits , -76%: Once the telecom industry starts to recover, so will this semiconductor maker.
Corning (GLW), -64%: With a backlog of orders in the optical-fiber business and international demand picking up the slack for weak domestic sales, this stock is looking attractive.
Broadcom , -60%: Though it's stock is still pricey, this dominant maker of cable-modem chips could deliver good long-term growth.
JDS Uniphase (JDSU), -60%: Investors in this company are probably in for a bumpy ride, but a massive restructuring should get help get JDS Uniphase back on track.