That component is a resistor. Judging by its size, I'd say one rated for considerable wattage. The problem is that their resistance values are given by colored bands or in the case of large ones, printed on the exterior. Yours is obviously kaput and un-decipher-able. You'd need a good one to decipher it's value, which if you had a good one, you wouldn't need to ask. Your best bet is to find a junkyard part and note it's values before installing it in case the new one goes up in smoke too.

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90 300TE 4-M
Turbo 103, T3/T04E 50 trim
T04B cover .60 AR
Stage 3 turbine .63 AR
A2W I/C, 40 LB/HR
MS2E, 60-2 Direct Coil Control
3" Exh, AEM W/B O2
Underdrive Alt. and P/S Pulleys,
Vented Rear Discs, .034 Booster.
3.07 diffs 1st Gear Start

90 300CE 104.980
Milled & ported head, 10.3:1 compression
197° intake cam w/20° advancer
Tuned CIS ECU
4° ignition advance
PCS TCM2000, built 722.6
600W networked suction fan
Sportline sway bars
V8 rear subframe, Quaife ATB 3.06 diff