Tech stocks join broad market decline on U.S. unemployment rate rise

“Technology joined in a broad-market decline in early trading Friday that was spurred on by the U.S. unemployment rate rising to 5% in December. Semiconductor giant Intel Corp. (INTC: 23.23, -1.44, -5.8%) was one of the big losers, as its shares fell $1.27, or more than 5%, to $23.40 after J.P. Morgan cut its rating on the stock to neutral from overweight. It was the second time Intel’s stock had been downgraded this week,” Rex Crum reports for MarketWatch.

“Other decliners included Dell Inc. (DELL: 22.44, -1.27, -5.4%) , Apple Inc. (AAPL: 190.02, -4.91, -2.5%) , Texas Instruments Inc. (TXN: 30.91, -0.73, -2.3%) and Microsoft Corp. (MSFT: 34.99, -0.38, -1.1%) . The tech-heavy Nasdaq Composite Index fell more than 45 points to 2,556,” Crum reports.

Full article with updating quotes here.

24 Comments

  1. Sit on AAPL while the emotional idiots take their profits and pay their capital gains tax. Either believe the negative headlines or believe in the company track record and their ever increasing versatile and diverse product line. Go visit a retail store if you are not sure about your investment in AAPL. WHY does oil and jobs always affect AAPL so much? Bunch of emotional short-term idiots.

  2. Since I haven’t joined the pool, I see this as an opportunity to buy into the hype. I will be buying next week so long as it doesn’t do a dead cat bounce all the way through the $200 closing ceiling of late… or is that a scared cat pounce?

  3. “WHY does oil and jobs always affect AAPL”

    Um, I’ll try this one…

    Because if people have less money from higher costs of things they NEED, or have NO money because they dont have a job, then they cannot buy things that AAPL makes.

    Just a shot in the dark.

  4. 1US$ sunk to be almost equal to 1 Swiss Franc. 1 Euro is now about 1 and a half $… If any country goes selling too many american tresury bills, 2008 could get pretty bad for economy…

  5. This is great! I hope AAPL collapses. Because, in a few days, it’s going to charge right through that 200 barrier on the way to 600.

    Just wait until you see the array of gadgetry his Steveness rolls out! Then, don’t go near any Apple retail store or you will get crushed by hordes waving their plastic in an absolute frenzy.

    Then, when they get home and find out that these new and improved toys just bore the hell out of them, hit that speed dial for your broker and sell, sell, sell.

    Unless, that is, we get the big surprise and Steve announces a significant improvement in Macs and secures a long term future and fortunes for AAPL holders.

    My bet: it ain’t going to happen. We are well into the Apple Age of Gadgetry and no end in sight. Damn.

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