By Jennifer Booton, MarketWatch
Google shares close at 14-month low
NEW YORK (MarketWatch) -- Shares of Google Inc. led tech stocks
lower Tuesday, closing at a 14-month low following a price target
cut at J.P. Morgan Chase that questioned the viability of its
fundamentals.
Google's (GOOGL) stock closed down 3.4% to $498.16, its lowest
close since October 2013. J.P. Morgan analyst Doug Anmuth cut his
estimates on Google and lowered his price target to $600, although
a broader market selloff pushed tech stocks lower across the
board.
Twitter Inc. (TWTR) closed down 4.6%, Apple Inc. (AAPL) down
1.4%, Yelp Inc. (YELP) down 6% and Amazon.com Inc. (AMZN) down
3.6%.
Yahoo Inc. (YHOO) fell 1.9% to $48.85, while Facebook Inc. (FB)
closed down 3% to $74.69.
Oracle Corp. (ORCL) , which is scheduled to report
second-quarter earnings after the bell on Wednesday, ended the
session down 1.2% to $40.63.
Plunging oil prices and a declining ruble played a part in
Tuesday's stock-market declines. In other tech news, Apple
reportedly halted online sales in Russia, citing "extreme" ruble
fluctuations.
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