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A quick look at some tech stories:
 

• Has this equity for TARP conversion news just made only Goldman Sachs (GS), Morgan Stanley (MS) and Berkshire Hathaway (BRK-A) the only financials that you can buy and hold?
  

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• I find it interesting that Goldman has sold off on this news, as it has already done what it needed to do: Avoid this whole situation. It probably should be rising on stress-test angst.
  
  
• Zions (ZION) stock is ugly, but I still think the regional banks hold some unique value. The problem is you have severe overnight risk…see today. However, over time, these massive net-interest margins will win the war - but we can't adopt the above plan (equity conversions), or all the work to shore up the system will have been for naught.
  
  
• Broadcom (BRCM) buying Emulex (ELX) is a big deal behind the scenes, and it could change landscapes in a few verticals. I will have more on this later - but I like this deal for BRCM, and this should illustrate the power that BRCM now has in the chip space. Bottom line: Anything below $18.50 on BRCM, and I'll add to an already stocked position.
  
  
• Does the BRCM deal make QLogic (QLGC) worth 35-50% more over time? Or does this make its leadership position much less tenable? Frankly, it could be both, as QLGC now has greater merger potential, but BRCM's entry also represents much greater (and dangerous) future competition.
  
  
• Lots of chatter about NetApp (NTAP); it could be a takeover target. I think Cisco (CSCO) for VMWare (VMW) or various names for Data Domain (DDUP) are more likely.