back to article PEAK TECHNOLOGY? Facebook, Amazon, Netflix, Google, Apple stocks hit the deck

Thursday was a rough day on Wall Street for many of the biggest names in the tech industry, as stocks dipped across the board. The Dow Jones Industrial Average fell by 2.06 per cent, and the Nasdaq 100 Index was down 2.8 per cent, on the day Facebook, Amazon, Netflix, Google, and Apple all saw their share prices dip – wiping $ …

  1. Ian Michael Gumby Silver badge
    Devil

    What goes up... must come down...

    Sorry, but all of the stocks have had really large pops in price over the past 2 years.

    So there's a correction.

    No need to go Chicken little ...

    1. Byz

      Re: What goes up... must come down...

      Indeed.

      It is due to the slowing of the Chinese economy all stocks around the word are suffering, not just the tech ones.

      So combined with European countries being in recession there are real concerns that this will hit the global economy.

      1. Mark 85 Silver badge

        Re: What goes up... must come down...

        The Chinese stocks have been rather wonky for last month or so. Plus devaluing their currency seems to be the trigger here. No one knows what's really going on there.... Is there something crumbling in the China markets, industries, etc. or is the government manipulating things for some advantage?

        And yes, the European countries are figuring into this also but again.. is there Chinese influence or is the problems in Greece spreading?

        It could just be something "simple" like a market correction is long overdue... not sure on that one, though and neither are the market pundits.

  2. John Smith 19 Gold badge
    Unhappy

    So what. Google saw it's price drop $19 at one point

    For 0.25secs.

    As anyone who's read Flash Boys will know. Then it returned to "normal."

    This is what happens when you have P/E ratios measured in centuries.

    This is a concern if you're pension fund invests in heavily in these companies, but as 2008 (and the previous financial crashes) should have taught them no market sector is bullet proof and tech companies whose major tangible assets are a big bunch of servers and some software makes them less bullet proof than others.

    Of course for those with the cash now is the time to buy, since none of these is really going out of business.

  3. Jason Hindle

    Meh - stocks are probably just overvalued

    Happens from time to time. Happened badly, at the turn of the century, when the tech crash/correction caused many stocks to be significantly under-valued. Some of us did pretty well out of that.

    It's the fundamentals that matter; not the hype of Wall Street and The City.

  4. Anonymous Coward
    Anonymous Coward

    Bonus - You lighter when you walk on glass.

    Its just as I predicted, the Five biggest tax avoiding companies are feeling the pinch. If you were to have a Star"bucks" coffee this morning then that would make Six. When you running around with dosh in your pocket that has not seen good old fashioned taxes paid then you can hop around on eggshells pretty easily, but not if someone dislikes that, your Narnia type pocket suddenly has an exit after all.

    Take the BBC during the election, blatantly tried to put down the Tories...Tories then fixed the BBC at the first opportunity. The big Five and now suffering with a slump that can only be assigned to...anti tax mechanisms. The USA have been minupilating the Dollar for months, making sure its deflated like the Yuan and then when they have just the right amount of stock orders, ramming up the price of the dollar again you squeeze every last cent. Could not have happened to a nicer bunch of companies.

    1. Steve Todd
      FAIL

      Re: Bonus - You lighter when you walk on glass.

      Erm, nothing to do with tax avoidance (and if you are going to play AC then you can't claim to have predicted it, we can't match you to a claim), ALL stocks are down due to uncertainties in the international markets, no matter how much tax the companies have (or have not) been paying.

  5. jake Silver badge

    No, not peak technology.

    Rather, peak hype. It's close. Not here quite yet, but close.

    Historical precedent? Sure ... Holland, tulips, and the mid 1630s. For more see "Orchidelirium".

    Try to find a copy of the 1841 book "Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay ...

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Biting the hand that feeds IT © 1998–2020