Perhaps it’s due to profit taking ahead of earnings season. Or maybe investors became scared early this morning when Samsung said that it expects its Q2 earnings to come in far below analyst expectations due to weakening demand for its mobile products. Whatever the reason, or reasons, traders pummeled tech stocks today in the second day of declines after the market hit an all-time high last week. The tech-heavy NASDAQ fell 1.4% while the Dow Jones Industrial Average was -0.7% to 16,907 after crossing the 17,000 mark for the first time last week. The Dow Jones U.S. Media Index slipped 1.1%. Among the tech companies we watch, Pandora was -7.3% followed by Twitter (-7.0%), Facebook (-3.9%), Netflix (-3.4%), Amazon (-2.9%), Yahoo (-2.8%), and AOL (-2.5%).
Tech Stocks Slammed On Weak Day For The Market
What's Hot on Deadline
Latest Business News
- Indie Producers Say They're Getting Shortchanged By California's Tax Incentives Program
- ‘American Psycho’ Will Close On Broadway Before The Tony Awards At $8.8M Loss
- Viacom’s Battle With Sumner Redstone Could Hurt Credit, S&P Says
- Court Sets June Date For Philippe Dauman’s Case Against Sumner Redstone
- Lionsgate Joins Fox, Par & Uni In Nixing Exhibitor Clearance Requests: What Does This Mean For The Biz?
- Viacom Renews And Expands Carriage Deal With Cox Communications