TECH STOCKS: Techs Head South In Broad Market Sell-off

Date : 05/25/2010 @ 10:15AM
Source : Dow Jones News
Stock : Autodesk, Inc. (MM) (ADSK)
Quote : 88.58  0.17 (0.19%) @ 8:00PM

TECH STOCKS: Techs Head South In Broad Market Sell-off

Autodesk, Inc. (MM) (NASDAQ:ADSK)
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By Benjamin Pimentel

Technology stocks fell sharply Tuesday, swept along in a broader market retreat triggered by financial worries in Europe and Asia.

The Nasdaq Composite Index (RIXF) tumbled nearly 3% to 2,152 shortly after the open of trading, putting the tech benchmark more than 5% lower for the year to date.

The Morgan Stanley High Tech 35 Index (MSH) also fell, down more than 2%, while the Philadelphia Semiconductor Index (SOX) tumbled more than 3%.

Leading the decline were some of the tech industry's biggest players, including blue chips Intel Corp. (INTC), Cisco Systems (CSCO) and Hewlett-Packard (HPQ).

Shares of Oracle Corp. (ORCL), Microsoft (MSFT) and Google Inc. (GOOG) all moved down more than 2%, while Yahoo Inc. (YHOO) fell more than 3%.

Worse still, Autodesk Inc. (ADSK) and Baidu Inc. (BIDU) both dropped more than 4%.

The Dow Jones Industrial Average (DJI) lost more than 200 points as investors rattled by tensions on the Korean peninsula and the financial crisis in Europe decided to sell out of positions.

 
 



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