Apple leads big tech downturn
Posted
Sep 29 2008, 02:32 PM
by
Kim Peterson
Rating:
Tech stocks are getting killed today, with Apple falling a shocking 16% to $107.17. That's because there's a lot of talk going around about how the current economic turmoil might squash demand for electronics, both at the consumer and the big business level.
On the business side, analysts are worried that Hewlett-Packard and Dell could suffer as companies rein in spending. H-P shares are down 5% today to $45.50 and Dell shares have dropped 4% to $16.28. On the consumer side, Google hit a two-year low and is down 9% to $392.99.
Apple fell to a 52-week low after analysts downgraded the stock. A Morgan Stanley analyst thinks that people will shift to the sub-$1,000 price range for computer purchases, and Apple only has one computer in that range. And over at RBC Capital, an analyst said his surveys show a big drop in the number of people intending to buy a Mac.
Apple had already given a forecast for the quarter that missed analyst estimates.
