Tech stocks are getting whacked again

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Tech stocks are getting whacked again

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Apple CEO Tim Cook

Technology stocks are under pressure ahead of Monday’s opening bell.

The early selling comes after a decline on Friday spilled over into both Asia and Europe on Monday. Additionally, Mizuho analyst Abhey Lamba lowered his price target for Apple from $160 to $150. 

Here’s a look at some of the bigger names ahead of the opening bell:

• Alphabet -0.7% at $963.60
• Apple -1.9% at $146.17
• Amazon -1.1% at $967.25
• Facebook -1.3% at $147.72
• Microsoft -1% at $69.62
• Nvidia -2.9% at $145.26
• Tesla -1.6% at $351.47

The tech-heavy Nasdaq Composite actually hit a record on Friday — before reversing directions later — after Goldman Sachs declared FAAMG as the new acronym for the most powerful tech stocks driving the market. 

“Indeed, the bigger story in our view is FAAMG — Facebook, Amazon, Apple, Microsoft and Alphabet — a group of five stocks which have been the key drivers of both the SPX & NDX returns year-to-date,” Robert Boroujerdi and his colleagues wrote in a note.

According to the firm, that group of five stocks had added $660 billion in market value so far in 2017.

Then, Citron Research published a scathing white paper on the graphics-processing-unit manufacturer Nvidia, saying it had become “a casino stock” after soaring more than 16% last Monday through Thursday. Citron said shares would sink to $130 before hitting $180.

Also weighing on tech was a report from Bloomberg suggesting that Apple’s iPhone 8 wouldn’t be as fast as its rivals. 

The Nasdaq ultimately closed down 1.8% on Friday. 

Markets Insider

 

 

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