Tech stocks lose significant ground in midday trading; Apple off 23% since July 27th

“Technology stocks lost significant ground by midday Thursday,” Dan Gallagher reports for MarketWatch.

“In midday action, the tech-heavy Nasdaq Composite Index fell 65 points, or 2.7%, to 2,393. The Morgan Stanley High Tech 35 Index slipped 16 points, or 2.6%, and the Philadelphia Semiconductor Index was down nearly 2%,” Gallagher reports.

“The losses mirrored those in the broader market, which retreated Thursday due to further worries of weakness in the mortgage and housing sectors,” Gallagher reports.

“PC makers Apple Inc. (AAPL: 113.78, -6.12, -5.1%) , Dell Inc. (DELL: 25.31, -0.99, -3.8%) and Hewlett-Packard Co. (HPQ: 44.20, -1.95, -4.2%) all lost ground,” Gallagher reports. “H-P is slated to report quarterly financial results after the closing bell.”

Full article here.

MacDailyNews Note: Since setting an all-time high of $148.92 on July 27th, 2007, Apple shares have been severely punished, losing $34.87, or 23.42%, to trade at $114.05 currently.

52 Comments

  1. I have been Dollar Cost Averaging the past five months, and just slipped into a loss position. It’s times like this I’m reminded of that famous stock buyers expression, “Know what type of investor you are. Buy & Hold, Momentum, or Day.”

    AAPL’s fundamentals are very strong. They will rebound. ‘probably buy more shares today.

    Or as the cynic said, “If it was a good deal at $145, it’s a steal at $115!”

    Not sure how I feel about that one.

  2. YUMMY: more AAPL now in my portfolio.

    Juiciest opportunity today. Glad I waited: was tempted buying even yesterday.

    Still way up in the profit with highest price paid so far for AAPLs is below $80.

    $115 is good for some 25% profit by end of year (again!)

    Love this, LOVE IT.

  3. Didn’t President Bush claim the increase in home-purchases was a signal of the economies strength? Oh wait, that was because of fraudulent loans? And yet there are people think GW is a good president.

    Amazing.

  4. People in search of liquidity are selling off stocks. AAPL has been a source of great profits for many and it makes sense that they would sell their most profitable stocks to get some money.

    That said, once things settle down, AAPL will rise– though things may be tempered a bit for investors, in general. Apple is strong. Nothing has changed for Apple except people selling on fear.

  5. G Spank,

    Unemployment under GW is lower than it was under Clinton, as is inflation, yet people think Clinton was a good president.
    What’s your point in bringing politics into this thread?

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