Tech stocks fail to rebound as NYSE recovers
by Brian Turner
Technology stocks continue to take a beating while other major sectors slowly but surely recover themselves on the New York Stock Exchange (NYSE).
Google (GOOG), Apple (AAPL), and Yahoo! (YHOO) shares are all down significantly relative the rest of the NYSE, at between 3.5% to 4.0%.
Meanwhile, the Dow Jones industrial average is currently lower by 1.6% and the Nasdaq down by 2.3% on opening trade.
Yahoo! saw the company’s share price briefly rally as news came in that the company was to shed jobs in an effort to streamline profits. However, YHOO stock is currently trading 4% down at less than $20.
Google has also seen big falls, with GOOG stock currently down just less than 3%, with a clear $15 wiped out from their share price already in today’s trading.
Apple stock is also down over 3% as confidence and investor expectations remain low.
While Apple is poised to top its first-quarter profit forecast, investors demand to be surprised by bigger margins than Apple is expected to deliver.
Slowing iPod sales are a particular concern, and AAPL stock is currently trading down over $5, and AAPL shares are already down nearly 25% since December.
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