Nasdaq’s Slide: 2% Today; 2.6% For The Week; 8.5% For The Year; 14.7% Since Peaking at 2859 On Halloween
U-G-L-Y.
That’s what the tech sector was today. The Nasdaq Composite fell 1.95%, or 48.58 points to 2439.94, increasing its loss to 2.6% for the week, 8.5% for the year, and 14.7% since peaking at 2859.12 on October 31. The basic issue is that the evidence of a recession continues to mount. Tech analysts are beginning to deal with the issue. Cowen cut estimates on e-commerce stocks, citing the downturn. For similar reasons, Canaccord Adams turned cautious on tech, and downgraded a bunch of stocks. Credit Suisse turned cautious on European semi stocks. Meanwhile, RF Micro (RFMD) issued a warning on Q4 results, citing weakness late in the quarter; and Infosys (INFY) said some customers had yet to finalize IT budgets for 2008.
Not good. Not good at all.
In today’s trading:
- Intel (INTC) fell 55 cents, or 2.4%, to $21.99.
- RF Micro (RFMD) fell $1.29, or 25.7%, to $3.73.
- Oracle (ORCL) fell 58 cents, or 2.7%, to $21.10.
- Apple (AAPL) fell $5.33, or 3%, to $172.69.
- Research In Motion (RIMM) fell $6.96, or 6.9%, to $93.70.
- Infosys (INFY) fell $2.70, or 6.3%, to $40.14.
- Cognizant (CTSH) fell $2.87, or 9.6%, to $27.11.
- Google (GOOG) fell $8.48, or 1.3%, to $638.25.
- Amazon (AMZN) fell $3.18, or 3.8%, to $81.08.
- VMware (VMW) fell $2.59, or 3.2%, to $77.71.
Apple will be tech’s savior in the next two weeks.
why cant it save itself???
Surprising that Apple drops off just before MacWorld.
AAPL already touched 75 days EMA, should hit 225 in 30 days. Lower around Mac world is just like last year. (I am long) Nice BB uptrend with healthy ups and down. Should hit 275 before end of the year.
225 in 30 days?Are you kidding me?This stock market is going to get worse in the coming months.Apple will get hit hard.
Earnings estimate $0.48 for Amazon.com Q4 likely to be TOO HIGH
We are living in a world of 3 different economy classes.
The lower income-POOR is in Depression.
The middle income-AVERAGE is in Inflation.
And the higher income-RICH is in Recession.
Wake up, we are in for a deep Depression brought on by Stagflation!
2008 PREDICTIONS
DOW-7500-8000
NASDAQ-1200-1500
S & P-500-750
GOLD WILL DROP TO 300
HOME PRICES WILL PLUMMET-40-50%
Mark my words, there is a major dark whole to be swallowed into this year.
It will be painful. But it will cause people to finally wakeup!
REALITY,GET A LIFE!YOU ARE A CLUELESS BOOB…..
I think that those bearish on the US tech sector are underestimating the solid boost Tech companies get from a record low dollar. Chip makers in particular sell globally. Intel’s CEO said in CNBC interview last week, it sells 75% overseas and there is no global recession. I would be worried about European and Indian techs; what hurts ST Micro and Infineon, helps Intel, TI and Broadcom. Example: A few chip analysts are bearish on TI expecting them to lose some Nokia business to Infineon in 2H08. That may not happen with a weak dollar; on the other hand, TI could win more.
that would be supported by the IBM pre/announcement, which posted ordinary 4% growth, but a big headline number in US$
Tech Trader Daily is a blog on technology investing written from Palo Alto, California by long-time Barron's West Coast Editor Eric J. Savitz. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields.
