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Technology sector retreats as broader market falls; Apple sheds 5%

Friday, April 11, 2008 · 4:06 pm · 24 Comments

“Technology stocks declined further along with the broader market Friday afternoon after General Electric Co. reported a drop in quarterly profit,” Benjamin Pimentel reports for MarketWatch.

“The major players in the tech sector all declined, including Apple Inc. (AAPL: 146.82, -7.73, -5.0%) , Google Inc. (GOOG: 455.98, -13.10, -2.8%) , IBM Corp. (IBM: 116.02, -2.76, -2.3%) and Microsoft Corp. (MSFT: 28.23, -0.88, -3.0%). Internet giants Amazon.com Inc. (AMZN: 71.76, -3.07, -4.1%) , Yahoo Inc. (YHOO: 28.18, -0.41, -1.4%) and eBay Inc. (EBAY: 30.79, -1.17, -3.7%) also fell. In the chip sector, Intel Corp. (INTC: 21.19, -0.89, -4.0%) and rival Advanced Micro Devices Inc. (AMD: 6.00, -0.27, -4.3%) were both off more than 3%,” Pimentel reports.

Full article here.

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Comment Feed

24 Comments

1 2 Next »

Jimbo von Winskinheimer

Friday, April 11, 2008 - 4:22 pm · Reply

Timestamp on this story says 5:07pm EDT, which is 3:07pm MDT. I look at my clock and see that won’t occur for another 47 minutes. Something wrong with your internal clocks, MDN?
JadisOne

Friday, April 11, 2008 - 4:34 pm · Reply

Yeah, it was an ugly day out there.
ron

Friday, April 11, 2008 - 4:49 pm · Reply

The stock market is one big scam. IMO. These guys screaming and jumping on the floor of the exchanges contribute nothing to the economy. Everything seems upside down. The people who make things are the lowest paid. The people who live off the workers backs are billionaires. Sad.
shen

Friday, April 11, 2008 - 5:30 pm · Reply

ron: welcome to america…..
Lurker_PC

Friday, April 11, 2008 - 5:50 pm · Reply

Woo Hoo! We declined more on a percentage basis than the other “major players in the tech sector”. I love roll coaster rides. Busch Gardens in Williamsburg, VA has some really fantastic roller coasters. Having grown up in Williamsburg though, I’m partial.

Peace.

Lurker_PC
DLMeyer

Friday, April 11, 2008 - 5:53 pm · Reply

I’m still up from where I recently bought. A dozen dollar$ a share plus.
ron, it’s all true. Check my message at Meyer for President for a possible solution. Not much chance, of course, but not impossible.
@ron & shen, et al

Friday, April 11, 2008 - 7:09 pm · Reply

The market is only a “scam” if you speculate in short-term trading. From year-to-year, however, it is a REMARKABLY accurate gauge of value. Regarding your other points about those who “make” things, you’re simply wrong. Those who make valuable things (e.g., popular songs) are well-compensated, generally far better than those in the market. Those who make shoes, on the other hand, not so much. If you don’t like it, your quarrel is with consumers. Unless of course, you just enjoy belly-aching and think it makes you superior to others (not true, but most likely).
Jake
@ron & shen, et al

Friday, April 11, 2008 - 7:09 pm · Reply

The market is only a “scam” if you speculate in short-term trading. From year-to-year, however, it is a REMARKABLY accurate gauge of value. Regarding your other points about those who “make” things, you’re simply wrong. Those who make valuable things (e.g., popular songs) are well-compensated, generally far better than those in the market. Those who make shoes, on the other hand, not so much. If you don’t like it, your quarrel is with consumers. Unless of course, you just enjoy belly-aching and think it makes you superior to others (not true, but most likely).
Jake
@ron & shen, et al

Friday, April 11, 2008 - 7:09 pm · Reply

The market is only a “scam” if you speculate in short-term trading. From year-to-year, however, it is a REMARKABLY accurate gauge of value. Regarding your other points about those who “make” things, you’re simply wrong. Those who make valuable things (e.g., popular songs) are well-compensated, generally far better than those in the market. Those who make shoes, on the other hand, not so much. If you don’t like it, your quarrel is with consumers. Unless of course, you just enjoy belly-aching and think it makes you superior to others (not true, but most likely).
Jake
@ron & shen, et al

Friday, April 11, 2008 - 7:09 pm · Reply

The market is only a “scam” if you speculate in short-term trading. From year-to-year, however, it is a REMARKABLY accurate gauge of value. Regarding your other points about those who “make” things, you’re simply wrong. Those who make valuable things (e.g., popular songs) are well-compensated, generally far better than those in the market. Those who make shoes, on the other hand, not so much. If you don’t like it, your quarrel is with consumers. Unless of course, you just enjoy belly-aching and think it makes you superior to others (not true, but most likely).
Jake
@ron & shen, et al

Friday, April 11, 2008 - 7:09 pm · Reply

The market is only a “scam” if you speculate in short-term trading. From year-to-year, however, it is a REMARKABLY accurate gauge of value. Regarding your other points about those who “make” things, you’re simply wrong. Those who make valuable things (e.g., popular songs) are well-compensated, generally far better than those in the market. Those who make shoes, on the other hand, not so much. If you don’t like it, your quarrel is with consumers. Unless of course, you just enjoy belly-aching and think it makes you superior to others (not true, but most likely).
Jake
@ron & shen, et al

Friday, April 11, 2008 - 7:09 pm · Reply

The market is only a “scam” if you speculate in short-term trading. From year-to-year, however, it is a REMARKABLY accurate gauge of value. Regarding your other points about those who “make” things, you’re simply wrong. Those who make valuable things (e.g., popular songs) are well-compensated, generally far better than those in the market. Those who make shoes, on the other hand, not so much. If you don’t like it, your quarrel is with consumers. Unless of course, you just enjoy belly-aching and think it makes you superior to others (not true, but most likely).
Jake
MacDoc

Friday, April 11, 2008 - 7:48 pm · Reply

I love it, GE has not one thing to do with Apple!! People are just Sheep and run around acting like chicken little…Apple Stock should be over $200, just wait until the 23 of april when they report their numbers for the quarter!!
Big Lebowski

Friday, April 11, 2008 - 8:18 pm · Reply

Two words: buying opportunity.
ron

Friday, April 11, 2008 - 8:24 pm · Reply

@@: @ron & shen, et al

Jake– So shoes are not valuable and songs are???

Give me a break. I’m not superior at all- except in art. God gave me superior talent, which I donate to others.
Big Al

Friday, April 11, 2008 - 8:46 pm · Reply

GE is very well diversified, so it is a bellwether for the economy in general.

The big mistake everyone is making, however, is that while the USA is circling the bowl, the rest of the industrialized world is doing fine. As soon as Bush is back on the ranch for good, the American economy will be magically back on the rails as well.

Funny how politics works.
Big Al

Friday, April 11, 2008 - 8:51 pm · Reply

A shoemaker who measures your foot, designs and hand makes a pair of shoes for you is very well paid.

A semi-literate laborer working on a mass production shoe line in a third world country makes enough to feed, clothe and shelter his family.

They are both doing OK.
vanfruniken

Saturday, April 12, 2008 - 2:28 am · Reply

@MacDoc
If Apple’s quarterly profits go through the roof, what do you expect? APPL will tank as usual, just like so many times in the past.
These guys screaming and jumping around on the stock echange’s floor will always find a rationale: if Apple did THIS well, they can’t continue to do so. They confuse the running of a company with politicians making up their budget, using one-time measures.
Walter Chillum

Saturday, April 12, 2008 - 3:19 am · Reply

A responsible government with half an ounce of economic would’ve seen this coming a mile off. The problems are:

1. A free-for-all economic system with a lack of government control over lending and,

2. A government that spends money like a drunken sailor and runs a deficit as a result. Compounding that there has been little return from the largest single expenditure…Iraq without the oil dividend to pay for the war.

In Australia where I come from most people consider President Bush an idiot. The lack of sound economic management and the resulting recession is proof positive.

Before you start flaming I’m not blaming this on Republicans just that idiot who should have been arrested for impersonating a President.

Mission accomplished…yeah right! Now you can flame all you want.
Not That Steve

Saturday, April 12, 2008 - 5:12 am · Reply

Walter for President. Wait, that won’t work. It’s cool, I hope you don’t get flamed too badly because I sort of agree that the people who claim our national debt is irrelevant are insane.