Large U.S.-listed technology stocks were hurt in a late-afternoon selloff on Wednesday. Even though the Nasdaq declined less than 1% and the Nasdaq Internet Index rose slightly, a small group of Internet, software and hardware companies with large market capitalizations saw significant declines. Yahoo and IBM both lost more than 5% after negative analyst commentary. Google also continued its downward trajectory, closing below $340. Microsoft was down nearly 1%.
However, there were a few bright spots: eBay climbed more than 3% after an analyst's upgrade. Intel rose nearly 1.5%, and Apple also gained back some ground, although not enough to break the $90 mark.
Source: Google Finance
Comments
Over the last 30 days alone, the NASDAQ has shed over 500 points. Over the last year, losses total to around 1,050 points. We're now at levels we haven't seen since mid-2003.
Layoffs at big tech companies seem inevitable under this kind of pressure. EBay announced 1,600 job cuts yesterday. It seems logical to think more are on the way from other tech firms as investments continue to contract.
If only I had $10M (real US$), I would be on a buying spree :(
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