TAG | US bailout failure hits consumer-oriented tech stocks hardest |
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| by Stephen Withers | |
| Tuesday, 30 September 2008 | |
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As Davey Winder reported for iTWire, the stock market fell by $US1.2 trillion dollars, with the tech sector dipping by just under 9 percent compared with 7 percent for the more general Dow Jones Industrial Average. Hmm... it seems that public opinion had been mobilised to oppose President Bush's bailout plan. So rather than see the government spend $700 billion, they saw the shares that back their retirement funds and their kids' college funds drop by $1200 billion. Does that sound like a good deal to you? Someone's benefiting from all this, but you can bet it isn't Mr and Ms America. But back to the tech sector. Let's look at how four prominent but very different tech companies - Apple, Google, IBM and Microsoft have fared. Apple went from an closing price of $US128.24 on Friday to $US104.23 in after-hours trade on Monday, a drop of almost 19 percent. Please read on for the rest of the figures. |
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