Tech Stocks Hammered
UPDATED at noon with analyst's comment at the bottom:
As of about 11:30 a.m. today, the tech-heavy Nasdaq is down nearly 4 percent, compared to the Dow's 2.5 percent decline and the S&P 500's 3.5 percent decline.
Some notable Nasdaq casualties so far today:
- Apple is down 13 percent, its biggest drop in eight months.
- Google is down 6 percent.
- Microsoft is off 2.5 percent.
Oracle, Sun Microsystems and Cisco are all down, as well.
With Apple, the computer/gizmo company got a downgrade from analysts today, who say Steve Jobs's company will have to slash product prices for the holiday season.
"The reason the Nasdaq is being hit particularly hard is that its constituents are generally technology and consumer-oriented companies such as retailers," Motley Fool senior analyst Tim Hanson wrote in an e-mail to The Post. "These tend to be more sensitive to consumer shocks than things like utilities, heavy manufacturers and companies that make consumer staples, such as Procter & Gamble."
He adds: "But all stocks are getting hit hard today due to deteriorating confidence in the near-term fundamentals of our economy."
-- Frank Ahrens
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