“After the worst quarter for stocks in more than two years and another decline at the beginning of a new quarter Monday, nearly a fifth of the S&P 500’s tech sector has slipped into bear territory, led by Facebook Inc.’s decline of more than 20%,” Wallace Witkowski writes for MarketWatch.
“About 70% of the sector, including Apple Inc. is in correction territory, with big names like Microsoft Corp. flirting with correction levels,” Witkowski writes. “Some big tech companies, like Google parent Alphabet Inc. are already there and approaching bear levels.”
“A bear market is defined as 20% or more off the stock’s 52-week high, while a correction is 10% or more off the 52-week high,” Witkowski writes. “On Monday, 13 out of the tech 69 stocks on the S&P 500 index were 20% or more off their 52-week high, or at bear levels.”
Read more in the full article here.
MacDailyNews Take: A little correction never hurt anybody (as long as you’re not cashing out today) and Faceplant deserves every bit of destruction it gets and then some.
FB is in FEAR territory!
Its no correction.. its Trump correcting the few good he has done.
Facebook isn’t going anywhere. It will remain an untouchable FANG stock. Despite the data breach scandal, the big investors will remain bullish on the stock. They don’t believe Facebook will face regulation or any huge fines. The analysts will continue to pump Facebook as a STRONG BUY and boldly claim now is the time to buy back into Facebook because it’s relatively cheap.
I honestly don’t think consumers care very much about keeping their personal data private and not very many Facebook users will delete their accounts. Advertisers don’t seem to be leaving Facebook because they also believe Facebook will continue to harvest users’ personal data after this scandal blows over. I’m not sure why big investors put so much trust in Mark Zuckerberg but I suppose he has a good understanding of human nature and how weak-minded consumers are when it comes to free services.
It’s really amazing how the FANG stocks seem to stay afloat even when scandals hit them. I suppose there are so many wealthy hedge funds invested in them, they can’t possibly sink, no matter how bad the situation gets. The hedge funds can easily pay stock pumpers to keep the FANG stocks from getting below a certain level.
Meanwhile, Apple is still sputtering with that lowly P/E of 17. I’m wondering when Apple will be claiming all that overseas cash to freely use. Wall Street says that repatriated cash is already priced in, so maybe that won’t necessarily help shareholders.
No one is untouchable.
You may choose to believe otherwise, with your messianic faith in the power of markets to plow over everything, relying only upon the quintessence of human greed. But in the long run, everyone’s dead, and since corporations are people, my friend, they too die.
Some die of ossification, senility, or through gathering irrelevance or market disruption. So be it.
But some (like the Mafiosa and like certain devious tech firms) are nimble, alert, highly relevant and are themselves disruptive, and this describes Facebook, who hook users on the friendly social equivalent of crack cocaine and then sell their profiles to anyone at all without conditions or even a background check. This is unacceptable to anyone possessing a conscience.
Apparently sociopaths are more numerous than anyone had suspected, before social networks amplified their influence. It’s high time to stop paying them “protection” money.
Just a few years ago, in Europe and UK, diesel was king. Now look how diesel car sales are falling rapidly.
Once the average guy gets an idea that something is bad, it doesn’t take much to sway their options.
I think the same for FB.
i can’t with the author and readers of this site. y’all delulu af, i never knew heads could be so far up an ass like this.
i can’t with the author and readers of this site. y’all delulu af, i never knew heads could be so far up an ass like this. just enjoy the technology it aint that deep. charts and numbers are useless.
Say it again…say it ONE more time!!
I’m a warnin’ ya…..
It’s Obama’s fault.
AAPL’s low cost iPad with Pencil drives a stake through the heart of MSFT and clones high end laptop line. The investors are missing the story… ads dropping in 3 2 1
Facebook: Deserves it. No sympathy.
But this concept of ‘correction’ is hiding the fact that we have a loudmouth blithering ignoramus in the White House who can’t stop trumping up nonsense as knowledge and confabulated crap as wisdom.
Most specifically, the impeding trade wars with the USA have freaked out the Wallnut Street herd. How sad to watch politicized news sources avoid pointing their fingers AT politics as the corroding catalyst. 😛