Is the ride back on thanks to Japan? Why would people keep MSFT which writes code but really could be replaced by thousands of other companies in the long run but sell TXN which is creating the next generation of technology. I freeze water for a living but am I wrong for believing in TXN?
TXN is undervalued at this time, and has been beaten down much farther than it should've been. It may go lower, but the downside is very limited right now. Buy now, and buy more if it heads into the 80's, in order to average down your share cost. A year from now you will be very happy with the results.
The entire semi sector has been creamed the last couple of months -- I'd also recommend looking at AMAT (Applied Materials) and KLAC (KLA-Tencor). The bottom is not far away, and I firmly believe we'll see a strong Dec-Jan rally.
I also own TXN and I believe it will be o.k. long term, but the next several weeks and months could be very, very volatile thanks to the perception (and I do mean PERCEPTION) of the so-called "Asian currency crisis". I have come to see the typical American investor as a fickle, illogical, and frantci paranoid, who is driven by fear and greed more than sound analysis and reasoning. My confidence in the paranoia of the wall street community convinces me that TXN will probably drop until the paranoids start to get back into the "greed" mode, which will surely happen sooner or later (hopefully sooner). All we can do is wait, but don't count on fundamentals; just look at Dell's announcement today, and then look at what their stock did after hours (it dropped). Totally illogical? Yes. Predictable? Yes. Just look at the type pf people who work on Wall Street: frantic, fear driven, paranoids.