Sign In
SHARE
Email Confirmation
Oct 6 2008
3:23PM
EDT
Tech's Getting Beat Up, Too
The Dow isn't the only index taking a hit today. The tech-stuffed Nasdaq fell more than 8 percent by mid-afternoon, with big losses by SAP, Ebay, and Netflix, among others.
Henning Kagermann, SAP's co-C.E.O., issued a statement earlier in the day, pointing not to a slow-down in corporate demand for enterprise software but to the financial meltdown impacting every sector: "Throughout the third quarter we felt quite positive about our ability to meet our expectations. Unfortunately, SAP was not immune from the economic and financial crisis that has enveloped the markets in the second half of September, causing us to report numbers below our expectations." SAP fell 13.5 percent.
Enterprise business had been seen as a cause of slowing tech growth, but the sector was viewed as largely immune from the market turmoil because most tech companies are less leveraged and more cash rich. But now they're all feeling the heat.
Apple, which saw its stock reel Friday after a bogus rumor that C.E.O. Steve Jobs suffered a heart-attack, is down at a drop of 3 percent and trading at a little over $94. Microsoft is currently taking a hit of six percent, for $24.74 a share. Google is down nearly six percent, at $366.08--its lowest point in two years. Yahoo is trading a little under $15 dollars a share, down seven percent. Even news of eBay's shopping couldn't pop stocks up; the online auctioneer's stock is down little over five percent to $17.96. Netflix fell almost 12 percent, trading at $25.66.
With the passage of the bailout bringing little relief to the markets, it seems that tech is no safe haven for investors either.
--Andrea Chalupa
Henning Kagermann, SAP's co-C.E.O., issued a statement earlier in the day, pointing not to a slow-down in corporate demand for enterprise software but to the financial meltdown impacting every sector: "Throughout the third quarter we felt quite positive about our ability to meet our expectations. Unfortunately, SAP was not immune from the economic and financial crisis that has enveloped the markets in the second half of September, causing us to report numbers below our expectations." SAP fell 13.5 percent.
Enterprise business had been seen as a cause of slowing tech growth, but the sector was viewed as largely immune from the market turmoil because most tech companies are less leveraged and more cash rich. But now they're all feeling the heat.
Apple, which saw its stock reel Friday after a bogus rumor that C.E.O. Steve Jobs suffered a heart-attack, is down at a drop of 3 percent and trading at a little over $94. Microsoft is currently taking a hit of six percent, for $24.74 a share. Google is down nearly six percent, at $366.08--its lowest point in two years. Yahoo is trading a little under $15 dollars a share, down seven percent. Even news of eBay's shopping couldn't pop stocks up; the online auctioneer's stock is down little over five percent to $17.96. Netflix fell almost 12 percent, trading at $25.66.
With the passage of the bailout bringing little relief to the markets, it seems that tech is no safe haven for investors either.
--Andrea Chalupa
Loading...
Thank you for registering as a Portfolio.com Insider. Your comment has been added.
Create Your Public Profile
Recent Blog Posts
- First Bytes: SEC Eyes Tweets, Waiting on a Verizon iPhone
- Apr 27 2009 9:10AM EDT
- Last Bytes: A New MySpaceFace, Technological Necessities
- Apr 24 2009 5:22PM EDT
- What the One Billionth Downloader Won
- Apr 24 2009 2:37PM EDT
- The End of Innocence at Apple
- Apr 24 2009 11:25AM EDT
- First Bytes: Social Videos, 1 Billion Apps, Mt. Everest Calls
- Apr 24 2009 10:23AM EDT
- Last Bytes: Microsoft and Amazon, Two Tales of the Economy
- Apr 23 2009 5:40PM EDT
- Dell's Plastic Surgery
- Apr 23 2009 3:12PM EDT
- Why High Tech Needs the Wall Street Quants
- Apr 23 2009 11:20AM EDT
- First Bytes: New Blood at MySpace, Steve Jobs Testimony
- Apr 23 2009 9:05AM EDT
- Last Bytes: Apple Profit Soars; eBay Profit Falls
- Apr 22 2009 5:04PM EDT
- Earth Day Special: Gadgets to Green Your Lifestyle
- Apr 22 2009 1:52PM EDT
- First Bytes: Cyberspies and Belgian Bots
- Apr 22 2009 9:55AM EDT
- Last Bytes: Is Texting Passé? Not Yet.
- Apr 21 2009 5:52PM EDT
- Happy 20th Birthday, Game Boy
- Apr 21 2009 4:11PM EDT
- Gaming Geeks (and Curt Schilling) Unite!
- Apr 21 2009 12:43PM EDT
Archive
Jul
2009
Categories
Links
- Kevin Maney's site
- TechCrunch
- GigaOM
- Engadget
- USA TODAY Tech
- Romenesko
- BuzzTracker Tech
- Roger McGuinn's Folk Den
- Maney's band on MySpace
- Spiedies, mmmm
- Somewhat Frank's tech conference list
- Marc Andreessen
- Mark Cuban's blog
- Tom Foremski
- Fred Wilson
- Pandora
- SciTech Daily
- Todd Bishop's Microsoft Blog
- Steven Johnson
- The Long Tail
- paidContent
- John Battelle's SearchBlog
