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Tech selloff: Did someone's iPod break or something?

Posted Oct 11 2007, 03:44 PM by Kim Peterson
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Tech stocks are no longer the darling of Wall Street today, taking a tumble after going up-up-up all week.

It's about time. VMware's valuation has been ridiculously high for a while now. The stock quadrupled in two months and broke $100 this week, but today is down some 4%. Apple has been hitting a series of all-time highs, and got a nice price target increase from Goldman Sachs (to $190) before becoming the top drag today on the Nasdaq and S&P 500. Its shares closed at about $162.

Google shares have had a crazy day, hitting an all-time high today of $641.41 after getting a few price target increases from analysts like RBC Capital Markets' Jordan Rohan, who raised his target to $690 from $650. Shares had plunged to $621 by the end of the trading day.

So after weeks of partying, someone in the tech crowd headed for the exits and a stampede followed. The list of tech stocks that began dropping around 2 p.m. EST is long. Cisco, Nvidia, Baidu.com, Research in Motion....ay yi yi.

Tech stocks have been red-hot for months now. Maybe it was just time for a breather. 

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Comments

 

today's move in VMWare (high volume reversal) sets it up for further declines in the coming days but it has strong support between 90 - 95 at the upward trendline.

I'll be looking to catch it off that support area for another trade

SelfInvestors.com (Posted 10.12.07 3:59 AM)

LOL...who is this journalist?  MSN Moneyblog must be hard up for voices.  

Google shares "plunged" from $641 to $621?  I guess...if you call a price drop of 3/10ths of a 1%  a "plunge".  Talk about a Chicken Little syndrome....a little market correction and, according to Ms. Peterson, the sky is falling and investors are stampeding for the exit.  LOL!!!    

But, hey, that's okay....go ahead and blow it out of proportion.  As for me, I'll take this opportunity to boost the percentage of tech in my portfolio.  

Shane (Posted 10.12.07 10:10 AM)

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