Tech stocks swoon on oil price fears; Apple off 2-percent

“Technology stocks mostly gave up early session gains Wednesday as broad-market concerns over oil prices and the nation’s manufacturing levels offset gains from Amazon.com Inc. and Broadcom Corp,” Rex Crum reports for MarketWatch.

“The tech-heavy Nasdaq Composite Index ($COMPQ: 2,603.87, -48.41, -1.8%) fell 33 points to 2,619, while the Morgan Stanley High Tech 35 Index (MSH: 610.29, -12.21, -2.0%) and the Philadelphia Semiconductor Index ($SOX: 394.52, -13.52, -3.3%) also lost ground,” Crum reports. “Leading the decline was a spike in crude-oil prices, which sent prices up almost $2 a barrel.”

Crum reports, “Bellwether tech stocks in the red included Apple Inc. (AAPL: 193.77, -4.31, -2.2%) , Microsoft Corp. (MSFT: 35.14, -0.46, -1.3%) , Hewlett-Packard Co. (HPQ: 49.81, -0.67, -1.3%) and Cisco Systems Inc. (CSCO: 26.24, -0.83, -3.1%) . IBM Corp. (IBM: 104.74, -3.36, -3.1%) shares fell $3.12, or almost 3%, to $104.98 after the company said it would acquire XIV, a privately held storage technology company based in Tel Aviv.”

More in the full article here.

MacDailyNews Take: The gifts just keep coming!

17 Comments

  1. Complaining about MDN’s views is like going to church and insisting that the minister give views from a different religion.

    We are talking religions here you know.

    Windows is like ISLAM: Big, zillions of followers, scary, and really good at bombing and making things crash. Windows users are not typically Windows users out of choice, they were forcefully indoctrinated through harsh cultural aspects and fear. The Imams (aka IT execs) are notoriously intolerant of anything non-Windows and seek to kill off anything non-Windows. Rumor has it at a certain time each day they do kneel down in the direction of Redmond, Washington and pray. And, as I indicated, it [Windows/ISLAM] must be “dealt with.”

    Macintosh is very Zen. It’s beautiful and peaceful and inspirational. Some Mac users do cross the line into a more Scientology like state of mind which scares others away. (cough MDN cough).

    LINUX – Christianity. Anti-commerce, big on recruitment, HIGHLY intolerant of the others, countless denominations that separate into different houses of worship, borrows heavily from the others.

  2. I’d expect Apple stock to go up as soon as it hints at its Xmas season sales. 20 million? 30 million ipods sold? 2 million macs? Millions of iPhones? Can’t wait.

    Plus, after MacWorld it will go up again.

    MacDailyNews is just pointing out the obvious, that Apple Stock is undervalued today, and if you play stocks, it would be good to get some before it breaks $200 forever.

  3. I am just curious how many of us reading (and posting on) MDN have shares of AAPL. The point of the question is, how many of us find this news tidbit relevant and valuable to the core content of the site.

    I must say that by the time I saw the news on MDN, I already knew it for a while (watching my ticker go red big time).

    AAPL is still solidly above $190, which was stratospheric altitude two months ago. We are so used to seeing AAPL rocket up that dips such as today’s end up as news on MDN.

    While the overall market trends could be a bit worrisome, AAPL is today in the best position. It would take some major disruptions in US and global economy to prevent AAPL from gaining at least another 10-15% over the next ten days, and then doing it again in the following 10 days leading up to the ER for Q1/08.

    It’s great to be AAPL stock holder!

  4. Oh, and by the way, while AAPL is down less than 2%, Berkshire-Hathaway is down almost 3% (i.e. its shares are down some $3,500 per share!). Looks like their volume is rather heavy (430 shares changed hands so far…!).

  5. AAPL is totally dependent on the US-business, a good part the products they sell are consumer-luxury-type stuff (iPhone, iPod, the iMacs can be seen as such, too).
    If the US-economy tanks, AAPL is in big trouble.
    Well, actually, they’re already in big trouble anyway, together with the rest of the US-economy – it’s just that everybody tries to ignore it.
    Why?
    The foreign-trade deficit!
    The way the US-economy works today is that the US has a very big deficit:
    http://en.wikipedia.org/wiki/Balance_of_trade
    Some people say, this only currently works because China buys US-bonds in return for the US gobbling up all the stuff we let produce in China (“Developed by Apple in California, Made in China”).
    The question I always ask myself is: how long can this go on?
    One factor in the ability to sustain this scheme is the oil-price (which has no natural upper limit, but certainly a limit at which point the global economy as we know would not work anymore, see:
    http://en.wikipedia.org/wiki/Peak_oil#Possible_effects_and_consequences_of_Peak_Oil)

    Of course, there’s also a limit on how much debt the US can make…
    Rest assured that, if this “balance” is going out of balance, the world as such will be shaken in it’s grounds.
    Not being able to buy the latest iPod would really be the very least concern you and me will have at that point.

  6. @@Macaday:

    ‘Cause Christians hunt down and kill anyone who so much as thinks of disagreeing with them. Aha.

    Get a grip. Thelonius’ comment was indicative of shallow understanding of religion and its various aspects. Yours demonstrates sitcom-level inanity. I’m sure you’re not this dumb on any other topic you talk about.

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