TECH STOCKS: Taking It On The Chin - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Business & Finance
05:40 PM

TECH STOCKS: Taking It On The Chin

Major indexes fell thanks to a mix of profit-taking and disappointing news from companies reporting quarterly earnings.

The major indexes headed south Wednesday because of a mix of profit-taking, lower-than-hoped-for earnings reports, and a decision by the U.S. Senate not to pursue a bill to limit class-action lawsuits against businesses.

Tech issues took it on the chin., which on Tuesday beat analysts' expectations by a penny a share but narrowed its earnings forecast for next year, fell $5.32, or 9%, to $54.03; Red Hat fell 4%, or 54 cents, to $12.81; Advanced Micro Devices fell 2.3%, or 33 cents, to $13.96; Microsoft, which reports earnings Thursday, fell 1.6%, or 46 cents, to $28.89; and eBay fell 1.51%, or 85 cents, to $55.58. One winner was Lucent Technologies, which reported a quarterly profit for the first time since 2000 and rose 33 cents, or 13.5%, to close at $2.78.

For the day, the InformationWeek 100 fell 2.8%, or 8.54 points, to 291.64, and the Nasdaq index fell 2.2%, or 42.83 points, to 1,898.07. The Nasdaq-100 tracking stock fell 1.93%, or 68 cents, to $34.57, on volume of 86.7 million shares.

Less-tech-heavy indexes saw slightly smaller losses. The Dow fell 1.5%, or 149.40 points, to 9,598.24, and the S&P 500 fell 1.5%, or 15.67 points, to 1,030.36.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of IT & Cybersecurity Operations 2020
The State of IT & Cybersecurity Operations 2020
Download this report from InformationWeek, in partnership with Dark Reading, to learn more about how today's IT operations teams work with cybersecurity operations, what technologies they are using, and how they communicate and share responsibility--or create risk by failing to do so. Get it now!
10 Cyberattacks on the Rise During the Pandemic
Cynthia Harvey, Freelance Journalist, InformationWeek,  6/24/2020
IT Trade Shows Go Virtual: Your 2020 List of Events
Jessica Davis, Senior Editor, Enterprise Apps,  5/29/2020
Study: Cloud Migration Gaining Momentum
John Edwards, Technology Journalist & Author,  6/22/2020
Register for InformationWeek Newsletters
Current Issue
Key to Cloud Success: The Right Management
This IT Trend highlights some of the steps IT teams can take to keep their cloud environments running in a safe, efficient manner.
White Papers
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll