Tech & Biz

Tech Stocks Drop as Market Plummets

by Terri Potratz | September 29, 2008 at 02:07 pm

153 views | 0 Recommendations | 1 comment

The US stock market took a beating today as the House of Commons rejected the $700 billion bailout bill, as the DOW closed with the biggest point-loss on record. Technology companies felt the pinch as it was anticipated that consumers would curb spending in the wake of this financial disaster.

Google stock fell to a 2-year low at less than $400 a share, and Apple shares slid significantly after analysts downgraded their ratings on the company, resulting in the lowest share levels the company has seen in 16 months.

By the time the market closed, Apple's shares had fallen $22.98, or almost 18%, closing at $105.26. The stock has plunged nearly 40% over the past month on worries about slowing demand, as well as the technical issues that have plagued the launch of its 3G iPhone.
(AAPL:

Before the opening bell, Kathryn Huberty of Morgan Stanley cut her rating on the stock to equal-weight from overweight. RBC Capital Markets analyst Mike Abramsky made a similar move, lowering his rating to sector perform from outperform.

Other declines today:

Sun Microsystems - 11.65%
Ebay - 11.61%
Google - 11.6%
Yahoo - 10.78%
Nokia - 10.57%
Intel - 10.05%
Dell - 9.35%
Microsoft - 8.72%
AT&T - 7.5%
Hewlett Packard - 6.82%

0 See all footage | View Slideshow

Share: email story | add to any | | facebook | stumbleupon

recommend This comment thread is now closed

jiahui

at 18:28 on September 29th, 2008

This is the Intel logo outside the company's Santa Clara campus.

The general trend for IT stocks seems to be optimistic, so it's probably not too much of a tragedy for most of these companies in the long run once the financial markets recover somewhat (and they have to, eventually, unless we descend into a Malthusian catastrophe).

jiahui has contributed a photo to this story.