Stocks Plummet, But Tech Shares Fall Even Faster

Dan Frommer | September 29, 2008 4:39 PM

After today we are hard-pressed for silver linings, but we'll try anyway: At least we can stop pretending that the financial meltdown won't scorch the tech industry.

The NASDAQ did worse than the Dow, and tech stocks -- the NASDAQ computer and telecom indices -- did even worse, losing about 10% each. Specifically:

Akamai (AKAM) dropped $1.50, or 9.2%
Amazon (AMZN) dropped $7.35, or 10.4%
Apple (AAPL) dropped $22.98, or 17.9%, after two downgrades
Cisco (CSCO) dropped $2.03, or 8.5%
Dell (DELL) dropped $1.59, or 9.4%
eBay (EBAY) dropped $2.62, or 11.6%
Google (GOOG) dropped $50.04, or 11.6%, to $381 -- its first trip below $400 in two years
HP (HPQ) dropped $1.59, or 9.4%
IBM (IBM) dropped $4.96, or 4.2%
Intel (INTC) dropped $1.93, or 10.0%
Microsoft (MSFT) dropped $2.39, or 8.7%
Oracle (ORCL) dropped $1.85, or 9.0%
Yahoo (YHOO) dropped $2.04, or 10.8%

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20 Comments

bernie lomax said:

Sep. 29, 4:51 PM

this blows. that about sums it up.

dig said:

Sep. 29, 5:03 PM

well put, no need to be wordy ;-)

cd said:

Sep. 29, 5:10 PM

also...ibm down 4.96 (4.15%)

pillaged. ouch.

el cartaro said:

Sep. 29, 5:20 PM

tomorrow is sept 30th - the final day the redemption window is open - ton of funds will continue to unload positions to raise cash and meet redemption requests

happyhappy said:

Sep. 29, 5:21 PM

when pelosi should have led she lectured. made it easy for the house gop to listen to their constituents instead of their own common sense. her speech is on cspan...

Sean said:

Sep. 29, 5:26 PM

Your INTC number is wrong (copy-and-paste error from the MSFT number):
It's down 1.93 (10.05%)

Dan Frommer (URL) said:

Sep. 29, 5:29 PM

@cd, thanks, added.
@Sean, thanks, fixed.

Dave Kellogg (URL) said:

Sep. 29, 6:38 PM

Facts of the story aside, I think you're over-using the image of the crashed United plane. I get the whole metaphor thing, but when you're reading a feed fast, it's quite confusing as you use it seemingly over and over for different disasters.

bill gates said:

Sep. 29, 8:19 PM

Well, Well, Well!

I told you months ago why I decided to retire!

Tech is dead, dead, dead!

I want and need the hungry masses to remember me as the avuncular guy in the PC ads, not the rapacious capitalist of my youth. If you are in any way related to "capitalist" you'd better rebrand yourself in a hurry!

BTW, get your money into gold and euros. The dollar will not survive the hyperinflation.

Alex Schleber (URL) said:

Sep. 30, 1:04 AM

Anyone else find it interesting that IBM only dropped about half as much as everyone else?

Go Big Blue...?

Getty said:

Oct. 02, 4:56 AM

Try 5.8%, nobody can hide. Finance sector is IBM's biggest cashcow. And it seems that they dont have any at moment as all the banks are currently desperate to get bailed out by our goverments. I agree with Bill Gates comment get your money into Gold or Euros. The crunch has only just started.

mina70737 said:

Oct. 04, 8:17 AM