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Tech Stocks Hammered Hard

by Tim Stevens on September 30, 2008 at 02:18 PM

Tech Stocks Hammered Hard
Yes, it was a rough day all-round for the markets yesterday, and with the repercussions spanning the globe overnight, we're not too optimistic that it'll be a much better day today. But, while bank- and investment-related stocks were the story of the day, tech stocks were some of the biggest losers, with Apple, Google, and Yahoo all getting hit particularly hard.

Apple was the worst, dropping almost 18-percent in a single day, erasing over a year's worth of gains. Google meanwhile, which was already getting beaten up by traders, dropped another 12-percent, while Yahoo was down 10-percent to just under $16 per-share. That last one is particularly painful for the company that recently fought off a $30+ per-share buyout from Microsoft, believing that the offer significantly undervalued its holdings. We're thinking that was a really, really bad move. [From: Venturebeat]

Tags: apple, breaking news, BreakingNews, economy, google, stocks, wall street, WallStreet, yahoo

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