Confidence, economic issues weigh down tech stocks

“Technology stocks put in a weak performance Tuesday as the sector dealt with broad market concerns about figures on consumer confidence and the U.S. economy,” Rex Crum reports for MarketWatch.

“The Conference Board released figures showed the consumer confidence index fell in August to 105 from 111.9 in July. The decline was the largest since shortly after Hurricane Katrina in September 2005,” Crum reports.

“The tech sector reacted negatively, with the tech-heavy Nasdaq Composite Index falling 23 points to 2,538,” Crum reports. “Bellwether tech stocks in the red included Apple Inc. (AAPL: 129.37, -2.88, -2.2%), Texas Instruments Inc. (TXN: 33.83, -0.63, -1.8%), IBM Corp. (IBM: 113.17, -0.27, -0.2%), Dell Inc. (DELL: 27.36, -0.23, -0.9%) and Microsoft Corp. (MSFT: 28.26, -0.23, -0.8%),” Crum reports.

Full article here.

13 Comments

  1. This has been predicted long ago.

    In a post real estate bubble economy, the cost of housing is high and wages haven’t come up. Therefore people curb spending of items they could do without in favor of things they need.

    Of course the high cost of fuel to deliver neccessities also contributes to the overall problem.

    Expect people to curb spending until the holidays and then a brief jump followed by a long resession.

    Somebody has got to pay the price for the real estate bubble.

    If you can sell your house, do so. Get into cash.

  2. Apple: From “beleaguered” to “bellwether”.

    Also, I notice that it is awfully early on Tuesday to summarize the day just yet.

    Further, Wall Street obviously still doesn’t “get” Apple. Of all the companies listed, Apple is the most likely to succeed, yet it was hit with the biggest percentage loss. Sigh.

  3. It’s odd I never get asked about my confidence in the American economy. I have supreme confidence in the economy.

    I lack confidence in myself to provide enough income to support continuous reckless conspicuous consumerism though.

    If only I was a good looking 22 year old chick with my brains.

  4. “If only I was a good looking 22 year old chick with my brains.”

    Flashback to late nite reruns of 50s sci-fi classics.

    There she is hot 50s chick, tight sweater, long skirt, your brains in a jar….

  5. Sit or buy when everyone else panics…be cautious when everyone is throwing their money into the wind. AAPL has more duck in a row with a ton of cash, a high PE ratio(yes,along with high expectations), great yearly results, and wise, recognizable leadership. These are the ingredients for a great long-term investment. No one expects the idiots to do their homework, but, for some reason, I do expect investors to do their homework. AAPL
    is almost too good to be true…what a shame confidence dips seem to affect them greatly. Buncha short-term sheep.

  6. Look out, the sky is falling!!!

    While people are at it, why don’t they also sell their, cars, clothing, children, etc. It’s good to be into cash right, except when inflation picks up, then you should be into gold. Except that is down almost 20% this year too.

  7. AAPL is continues its slide downward on the Gateway + Acer merger news. Gateway’s quality combined with Acer’s innovation makes for a force to be reckoned with. Add Microsoft’s fabulous Windows Vista to a ‘Gacer’ and Apple doesn’t have a chance. Apple’s going down like a Republican Senator in a men’s restroom. Buh-bye Apple.

    The IT guys here at work are really excited. Who knows, maybe they’ll replace the Dell in my cubicle with a ‘Gacer’.

    Your potential. Our passion.™

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