If you held this stock and you saw it start to drop with its sector a play to use is shorting the box. It does have tax repercussions but it locks the loss until you see a bottom. I thought 15 1/2 was cheap but at 15 I shorted my holding and I will cover to start back up soon. It isn't exciting as a play but it covers the loss control and takes things like margin call out of the equation. All it cost you is the fees and the first amount of increase the stock sees from the bottom.
Some have been concerned about the outlook for PC related products and their potential impact on SPLS. FWIW, I believe there is reason to be optimistic. One indicator is the very good results TECD reported last night. In addition, there's a very good article ("Thursday June 8, 9:00 am Eastern Time, Individual Investor, Computer: Why PC Stocks Will Get Hot this Summer") that outlines a host of other reasons why one might be bullish. Here's the Yahoo! news link for reference: http://biz.yahoo.com/ii/000608/industry_000608.html