The InformationWeek 100 fell a whopping 3.6%, and the Nasdaq Composite was down 2.2%.
Technology stocks got hit hard Tuesday amid news of rising oil prices and some disappointing earnings news.
Chipmaker Conexant warned investors that its shrinking market share and weak wireless-LAN sales would cause the company to fall short of its earlier third-quarter estimates. Also, storage-software maker Veritas lost more than a third of its stock value, falling $9.55, to $17, after the company warned its second-quarter profit would be lower than earlier guidance suggested. Other big tech losers Tuesday included Applied Micro Circuits and Siebel Systems.
Our InformationWeek 100 fell fully 3.6%, or 11.18 points, to 302.28. The Nasdaq fell 43.23 points, or 2.2%, to close at 1,963.43. The Dow fell 63.49 points, or 0.6%, to 10,219.34, and the S&P 500 fell 0.8%, or 9.2%, to 1,116.19.
The Nasdaq-100 tracking stock fell 8 cents, or 2.2%, to $36.82 on very heavy volume of nearly 128 million shares.
See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.
. We've got a management crisis right now, and we've also got an engagement crisis. Could the two be linked? Tune in for the next installment of IT Life Radio, Wednesday May 20th at 3PM ET to find out.