Wall Street Crash

Tech Stocks Plummet

Amid the financial markets unease, technology giants suffered along with rest of the market.

After this weeks stock bloodbath caused by the downgrade of the United States from a AAA to a AA+ credit rating by S&P (NYTimes), every market has soared into the negative. Oil is at its lowest since September. Dow Jones was down nearly 6% while Nasdaq and S&P have suffered greatly too.

The tech market, experienced the pitfall too. Even companies with the best financial results like Apple and Google took it hard.

Kara Swisher at AllThingsD:

Apple, down 5.5 percent today and 11 percent in the last five days.

Google, down 5.7 percent today and 10 percent in the last five days.

Microsoft, down 4.7 percent today and 10.2 percent in the last five days.

EBay, down eight percent today and 18.4 percent in the last five days.

Amazon, down 4.4 percent today and 12.9 percent in the last five days.

Yahoo, down 5.5 percent today and 15.3 percent in the last five days. (Special note: Yahoo’s shares dove below $11 a share in after-hours trading, closing in on its late 2008 low of $9.39 and making it an even tastier takeover bait.)

AOL, down 6.5 percent today and 11 percent in the last five days. (These are also historic lows for the Internet company, which reports its second-quarter earnings tomorrow.)

Demand Media, down 9.7 percent and 17.6 percent in the last five days. (The online content company will also be reporting its Q2 results tomorrow — its stock is off 63.1 percent since its January IPO.)

Pandora, down 7.6 percent today and 17.2 percent in the last five days.

And, worst of all, LinkedIn, down 17.4 percent today and 27.5 percent in the last five days.

Guess, having more money than the US financial reserves isn’t enough to calm the Wall Street panic! Although, the market seems to have rebounded after the Fed announced to keep rates exceptionally low, up till around 2013 (Bloomberg).

Authored by Zaid Rahman on August 10, 2011 under News § Tweet Like