“Technology stocks made a strong rebound Tuesday as Apple Inc. and VMware Inc. shares led a broad rally across the sector,” Rex Crum and Dan Gallagher report for MarketWatch. “The rally came after four straight days of selling that pushed the entire sector down.”
“Several of the year’s hot performers in the tech sector saw their valuations take a notable correction in the last week of trading,” Crum and Gallagher report. “Shares of Apple Inc. (AAPL: 169.06, +15.28, +9.9%) , Google Inc. (GOOG: 654.61, +22.54, +3.6%) and Research in Motion (RIMM: 109.62, +7.02, +6.8%) had all surged to new all-time highs by the close of the market on Tuesday, Nov 6. By Monday’s closing bell, those three stocks had given up an average of nearly 19% since peaking.”
“Apple led the recovery, with its shares jumping [nearly 10%, to $169.06]. The action came amid reports of strong initial sales of the iPhone in the U.K. Some of the reports said that Apple sold as many as 70,000 iPhones on the first weekend of sales in Britain,” Crum and Gallagher report.
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