The Fall of Tech
What a difference a quarter makes. Apple (AAPL) and Google (GOOG), which together accounted for around 70% of the Nasdaq 100's performance in the third quarter, have both been under pressure in the current one. Apple shares have lost some 10% since peaking at just above $700. Google had its own debacle Thursday when a glitch caused earnings to be released in the middle of the trading day. To add insult to injury, the company missed on the top and the bottom lines. The stock plunged some 60 points for the day.
These come on top of significant misses and poor guidance from IBM (IBM) and Intel (INTC). Microsoft (MSFT) is unlikely to do anything to help the market, either, after its postbell earnings report Thursday. In short, large-cap tech is not doing anything right now to impress investors, and money is rotating out of the sector....332 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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