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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read UPDATE 1-Geithner says Congress will pass debt limit increase 13 Apr 2011 Senate panel slams Goldman in scathing crisis report 13 Apr 2011 Senate panel slams Goldman in scathing crisis report 9:15am EDT Q+A-Risks at each reactor of Japan's stricken plant 6:48am EDT Air strikes hit Tripoli, TV reports casualties | 11:38am EDT Discussed 161 China tells U.S. to quit as human rights judge 141 Reid says Republicans want shutdown to close clinics 117 Obama, Congress struggle to find budget deal Watched South Korean "super gun" packs hi-tech killing power Mon, Feb 14 2011 Chinese porn: coming to you in 3D Wed, Apr 13 2011 X-47B - the future of autonomous aerial warfare Fri, Feb 11 2011 Fund managers shop for tech bargains Tweet Share this By Noel Randewich SAN FRANCISCO (Reuters) - Top technology companies warrant a fresh look as earnings season hits full swing next week after their shares were hard hit by sputtering PC sales and supply issues following Japan's largest-ever... Email Print Related News Wall Street encouraged by tech, less so by JPMorgan Wed, Apr 13 2011 JPMorgan making fewer loans but profit still surges Wed, Apr 13 2011 Instant view: JPMorgan quarterly profit beats estimates Wed, Apr 13 2011 Nikkei slips as autos sag; seen rangebound before earnings Mon, Apr 11 2011 Market falls in late sell-off, volume light Fri, Apr 8 2011 Analysis & Opinion Crisis winner tag does little for JPMorgan value Lower profits, uneasy market Related Topics Technology » Personal Finance » Media » Japan » iPad » Stocks By Noel Randewich SAN FRANCISCO | Thu Apr 14, 2011 10:44am EDT SAN FRANCISCO (Reuters) - Top technology companies warrant a fresh look as earnings season hits full swing next week after their shares were hard hit by sputtering PC sales and supply issues following Japan's largest-ever earthquake. Fund managers have sold down sector bellwethers since the March 11 disaster, fearing worse-than-expected damage to margins as they battle to secure critical components from a country that supplies 14 percent of the world's electronics. Plus sliding PC sales -- blamed on an explosion in powerful tablet computers like Apple Inc's iPad and smartphones -- have triggered a shift away from entrenched PC players. Now, some argue major players such as Intel, Cisco and Hewlett-Packard present attractive bargains despite uncertainty about how much the sector will be affected by Japan over the next few months. Intel, HP, Dell and Microsoft Corp are trading at less than 10 times forward earnings versus the market's 13.5 average. All have underperformed the market in past weeks. "Tech in general, especially things related to the PC, has not had strong a strong bid to it as of late," said Pat Becker Jr., a portfolio manager at Becker Capital Management. But "if you look at corporate profits, these companies are putting up peak margins or close to it and are printing cash." Since the quake, Intel's stock has lost 5 percent, HP is off 1 percent, and Microsoft has added just 1 percent. That compares with a 1.5 percent gain for the S&P 500 Index. Even Apple -- hurt by a rebalancing of the Nasdaq 100 and fears of supply hiccups for components like memory chips and touchscreen glass -- has shed 3 percent and now trades at 13 times forward earnings. Analysts say the Cupertino, California, company remains a bargain despite gaining 38 percent over the past 12 months, with the highest projected earnings growth among major tech stocks yet still valued lower than Google Inc. For a table comparing Big Tech, please click link.reuters.com/jyh98r. QUAKE FALLOUT Overall, the U.S. technology sector trades at about 13.5 times expected earnings, about the same as the S&P 500 Index, according to StarMine SmartEstimates, which places more weight on recent forecasts by top-rated analysts. Google Inc reports on Thursday, kicking off a quarterly results season that will be picked apart by investors anxious about the fallout from Japan. World PC sales unexpectedly dipped 1.1 percent in the first quarter, according to research house Gartner -- the first drop in two years. 1 2 Next Technology Personal Finance Media Japan iPad Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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