5 tech stocks getting pummeled
Apple falls below $400 for the first time since April, and other stocks in the sector are dropping as well.
The stock dropped to $398.05 at one point, but had recovered at midday to $401.14. That was still a 3% drop from Friday's close. And while a 3% loss might not qualify as a pummeling, exactly, the stock was continuing a prolonged slide from above $460 in May.
A few factors were bringing Apple down Monday, including one analyst's decision to cut his price target on the stock to $405 on what he guessed were decreased production levels for the iPhone coupled with strong inventories for rival devices.
Another analyst reported that morale is low at the company and employees are searching for new gigs, Barron's reports.
Other stocks were getting pulled down Monday as well. The Dow Jones industrials ($INDU) and Standard & Poor's 500 Index ($INX) dropped to two-month lows, CNBC reports, as investors worried the Fed was going to take its foot off the gas pedal.
"If the economy is unable to stand on its own and the Fed still wants to take away the punch bowl, that could spell more difficulty for the equity markets," said Michael Sheldon, chief market strategist at RDM Financial Group, the network reported.
Here are four other stocks getting hit hard:
Facebook (FB): Down 3.7% to $23.63.
Yahoo (YHOO): Down 4.2% to $24.13.
Hewlett-Packard (HPQ): Down 3.5% to $23.31.
Micron Technology (MU): Down 3.9% to $13.36.
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[BRIEFING.COM] The stock market continued its strong start to the week with a broad-based Tuesday rally that sent the S&P 500 higher by 0.5%. Nine of ten sectors registered gains while the benchmark index extended its week-to-date advance to 1.4%.
Equities received an opening boost from a pair of economic data points that crossed the wires this morning. An in-line CPI report suggested inflationary pressures remain contained, while a better than expected Housing Starts report ... More
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