The tech sell-off is accelerating. It may be that Intel (INTC) got downgraded or that Motorola (MOT) may have had a weak Q4.
But, the problem is probably worse than that. Tech was supposed to be the market’s Hans Brinker, the boy who saved Holland by putting his finger in the dike.
The stocks in tech firms that have had poor results recently are taking the worst of it. They can’t handle much exposure to a bad economy. That is driving down AMD (AMD) 6.5% to a new low of $6.26. Motorola (MOT) is off almost 7% near its 52-week low at $14.91. News around Wall St. is that the big handset company only sold 40 million units in the fourth quarter.
Microsoft (MSFT), Cisco (CSCO), Apple (AAPL) and Oracle (ORCL) are at least fighting back. They are trading off 2% to 3%, but are closer to their 52-week highs than most shares.
The stragglers are getting picked off one at a time.
Douglas A. McIntyre
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