“Stocks found their bottom by mid-afternoon Wednesday amid losses in the tech sector,” Keris Alison Lahiff reports for TheStreet. “The S&P 500 fell 1.1%, and the Dow Jones Industrial Average was down 0.74%. The Nasdaq slid 1.8%. Stocks had declined sharply earlier in the day to sit at current levels.”
“Apple weighed on the tech sector, falling more than 2% after reportedly suspending plans to launch an online TV service, according to Bloomberg,” Lahiff reports. “The tech giant will refocus its energy into filling its App Store with content from media companies. Apple reportedly ran into difficulties with programming costs.”
“The tech sector was the worst performer on markets Wednesday as tech giants including Amazon (AMZN), Alphabet (GOOGL) and Facebook (FB) dropped,” Lahiff reports. “The Technology Select Sector SPDR ETF (XLK) fell 1.6%.”
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MacDailyNews Take: Why a severely undervalued stock would fall because an unannounced service is “delayed” is beyond reason.