Tech Stocks — Even Those With Strong Results — Tank Hard With the Market Today
Despite mostly strong results recently, public tech stocks were not spared the red ink that spilled all over yesterday, as the Dow Jones Industrial Average slid 5.5 percent.
The result of Standard & Poor’s downgrading of the federal government’s credit rating late Friday, the markets were in turmoil, as investors fled from stocks and presumably were busy stuffing gold doubloons under their mattresses.
Most tech stocks took it especially hard, even those — such as Google and Apple — whose recent financial results were stellar. That’s because investors are waiting for the next quarter shoe to drop with the unwelcome influence of the current economic crisis.
Thus, the carnage, even worse than last week:
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 8 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 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 — Demand’s 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.
Tanked, in fact, does not nearly describe it.