Tech stocks slump as Greek crisis weighs on market

“Tech stocks were in the red again Tuesday due to a broad-market retreat fueled by Greece’s plan to hold a referendum on its economic rescue package,” Rex Crum reports for MarketWatch.

“Among leading tech stocks, declines came from Google Inc. )GOOG -2.05%), Apple Inc. (AAPL -1.76%/), Cisco Systems Inc. (CSCO -4.22%) and Intel Corp. (INTC -1.87%),” Crum reports. “The Nasdaq Composite Index COMP -2.20% slumped by 64 points, or 2.4%, to 2,622.”

Read more in the full article here.


  1. So, the Greek referendum is a choice between A) the european banks own you, and they are willing to forgive you 50% of the money that you owe, or B) you want to bring Europe to a standstill, because you want the banks to forgive all your debt because you don’t plan to pay back anything, ever.

    1. You see, even when socialists run out of other people’s money, they don’t become responsible, they just see how much they can get away with.

      The same thing will be happening in the USA before too long. The US government isn’t too far behind greece in irresponsible spending.

  2. Idiot. “Tech stocks” AND ALL THE OTHER STOCKS AROUND THE WORLD are down today. Does this clueless idiot really think it is only about Greece and “Tech stocks”. Is he or she in high school yet?

  3. The “Greek crisis” would be solved instantly if Germany would stop being so intransigent and greedy and would simply agree to pay all Greek living expenses from now on. End of crisis. But the millionaires and billionaires of Germany are too selfish to do the right thing. I guess they will have to forced to be good.

    1. You’re obviously a non believer in moral hazard. Should a bailout fund be set up to settle all debts of defaulting countries then? In which case what kind of hole have you dug yourself? One that goes to the Earth’s core? What about debt contagion in Portugal, Spain, Italy, Ireland then?

      1. Well obviously your understanding of things is muddled. Clearly the millionaires and billionaires of Germany, and France for that matter, could just agree to pay all Greek expenses, including food, shelter and medical care. And vacations. These are things everyone is entitled to – not just the millionaires and billionaires. So they should do it, or the Greeks should “Occupy Germany!”.

        1. +10 – bonus 4 for keeping it going in the face of the nut.

          Plus and extra bonus 5 for “occupy germany”.

          Greece is the inevitable result of socialism. The occupy movement in the USA is just demanding that the government be more like greece. They’ll be just as petulant and demanding as the strikers in greece are, when the USA government has similarly destroyed the economy.

      2. In case you didn’t know Greece doesn’t owe SHIT to anyone… Banksters (the same fellows that are destroying USA and every other country for that matter) have set up toxic cds’s and have stopped the cash flow from Greece not because they want the Greek people’s money, but because they want TRUE WEALTH! Land, Oil, aluminum, gold, uranium… In case you didn’t know (the damn mainstream media NEVER MENTIONS THESE THINGS) Greece has all the above in HUGE quantities! So the Bansters have set up a fake debt for Greece in order to take their land for pennies on the dollar! The same is going to happen in Portugal, Spain, Italy, France, Germany (YES Germany their Debt is 1.2 Trillion Euros in case you didn’t know), and last but not least in the US! The only thing stopping those scumbags is US the people! So no the Greek MANUFACTURED crisis has nothing to do with the tech stocks… BANKSTER’S MANIPULATION IS!!!

  4. I guess the Socratic effect is in full swing.

    Obama should bring his Hope & Change message to Greece and become the next Greek president. Perhaps then even if there’s no hope at least there’s a prospect of small change, as in nickel & dime change. No Euros for you!

    1. The Greeks are proud people and can certainly afford iPhones. As long as the millionaires and billionaires in Germany pay for them. And they should spring for the 64GB models. It would be just like the greedy rich Germans to make the Greeks get along on 32GB.

    1. Must be having a “Geezer Moment”, which I guess is like a ‘Senior Moment’, but I’ll fix your post old timer…

      “I see the out-of-patience are out in force today.”

      “Here’s your sign!”

  5. Tenuous link between Greece and tech stocks. Are investors really that easily confused? US Tech stocks are much more highly correlated to corporate IT spending, which remains soft for reasons that originate much more close to home.

    Corporate gold hoarders have no incentive to revive the economies of their home countries, and every incentive to keep slashing manufacturing in mature markets (Americas, Europe) and relocate all company infrastructure to Asia, which obviously will the be the epicenter of economic growth as hundreds of millions of sustenance farmers aspire to be US-like consumers.

    Question is, how long will it take for Chinese manufacturers / IP thieves to just buy out western corporations? Western corporate leadership has no answer for this. It seems they haven’t even thought that far ahead. Not that they would care. They have no national pride and seem content to hand the economic reigns of the world from democratic nations to communistic ones, as long as they make a buck in the trade. Meanwhile, they blather away with degrading self-centered Limbaugh-esque insults about how evil liberals are ruining their country, and that they want to “take America back”. News flash, buddies: you’re the ones selling America out from under our feet. While multiple generations of US soldiers died fighting communism, Wall Street was contriving ways to outsource every US manufacturing job they could.

    Now sales are down, the middle class totally tapped out and up to their eyeballs in debt in their futile attempt to live the “American Dream” that was marketed to them in slick advertising … and yet some think Greek is the source of our present economic malaise???

    Greece’s impact on corporate earnings is NOTHING compared to the fundamentally poor economic foundational flaws we have allowed to persist in the USA. We no longer reward hard work and an honest wage. Corporations reward outsourcing, money “management”, and corporate rock-star lifestyles to their chosen few. Economic disparity near historic highs and getting worse. Unemployment not because of lack of work, but because the rich “job creators” think they can make more money elsewhere, while enjoying and inherited infrastructure here.

    You want tech stocks to improve? Start building products in the USA again, and stop giving away IP to communist and dictatorial regimes. Support small sustainable local business and spend your money where it will do the most good: in the community where you live.

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