After Market: Tech Stocks See Worst Day Since 2011

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Uh-oh. That two-day rebound this week may have been a head fake.

On Monday, the market chatter was about a significant sell-off, maybe even a serious correction. But some of that fear was apparently washed away when stocks bounced back on Tuesday and Wednesday. Well, the fear is back.

The Dow Jones industrial average (^DJI) tumbled 267 points, the Nasdaq composite (^IXIC) plunged 129 and the Standard & Poor's 500 index (^GPSC) dropped 39 points. It's the Nasdaq's biggest point loss in more than a year.

Anything related to health care -- especially biotechs -- got clobbered.

A closely watched biotech index slid 5.5 percent. Amgen (AMGN), Celgene (CELG) and Gilead (GILD) all fell by 5 percent or more.
We mention Celgene often; it's extremely volatile. Look at the chart: over the past three months, the stock has lost 17 percent.

Even big drug stocks took a hit. Pfizer (PFE), Johnson & Johnson (JNJ), Merck (MRK), Bristol-Myers Squibb (BMY) and Eli Lilly (LLY) all fell about 2 percent.

Internet and social media stocks also resumed their decline. Google (GOOG) and Amazon.com (AMZN) both down more than 4 percent. Netflix (NFLX) and Facebook (FB) fell 5 percent. LinkedIn (LNKD) lost 3.5 percent. Pandora Media (P) slid 10.5 percent.

EBay (EBAY) fell 3 percent after activist investor Carl Icahn withdrew his proposal for the company to spin off its PayPal unit.

Many old tech stocks also lost ground. Microsoft (MSFT) fell 2.5 percent and Intel (INTC) lost 2 percent.

Financial stocks were also hard hit. American Express (AXP), Visa (V) and JPMorgan Chase (JPM) all lost about 3 percent. Ally Financial picked the wrong day to go public. Its IPO fell 4 percent from its $25 offering price.

Other big movers:
  • Bed, Bath & Beyond (BBBY) lost 6 percent as net fell short of expectations.
  • PriceSmart (PSMT) dropped 12 percent even though earnings were in line.
  • The big loser was the network security firm Imperva (IMPV). It tumbled 44 percent after slashing its outlook.
We did find a few winners:
  • Rite Aid (RAD) gained 8.5 percent as earnings easily beat expectations.
  • And Ruby Tuesday (RT) rose 12 percent. Its loss wasn't as steep as expected.
-Produced by Drew Trachtenberg.

What to Watch Friday:
  • The Group of 20 finance ministers and central bank chiefs meet in Washington.
  • The Labor Department releases producer prices for March at 8:30 a.m. Eastern Time.
  • The University of Michigan releases its preliminary survey of consumer sentiment for April at 9:55 a.m.
These major companies are scheduled to report quarterly financial results:
  • JPMorgan Chase (JPM)
  • Wells Fargo (WFC)

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pdbliz

GAS PRICES GOING OVER THE ROOF.!!!!!!!! People use to blame BUSH,,,said,,,Bush was a oil man,,,,,WELL,,,,,,,OBAMA HAS NO OIL....SO NOW,WHAT.!!!!!

BLAME BUSH AGAIN.!!!! BUSH IS GONE PEOPLE,,,,OBAMA HAS TO TAKE ALL BLAME OR CREDIT.!!!
BUT,,WILL OBAMA STEP UP TO THE PLATE.???????

April 11 2014 at 6:16 AM Report abuse -2 rate up rate down Reply
pdbliz

minus,,,,plus,,,,does not bother me.......THE TRUTH IS THE TRUTH.!!!!!

THE WORSE IS YET TO COME,,,,,AND,,,GOVERMENT HAS ITS HANDS IN IT.!!!!
KEEP AN EYE ON THE DOLLAR.!!!!!

April 11 2014 at 6:14 AM Report abuse -2 rate up rate down Reply
YourFtr

Was going to go into the market; however I will wait for the 1987 style crash.......
and buy low........

April 10 2014 at 11:44 PM Report abuse rate up rate down Reply
pdbliz

ALL,,,UNDER CONTROL OF THE GOVERMENT.!!!!!
WE HAVE NOT SEE THE WORSE YET.!!!!!! WAIT TILL 2016.!!!!!!

April 10 2014 at 10:32 PM Report abuse -2 rate up rate down Reply
aguilamnstr

17 trillion in debt. About the amount spent on the war on poverty with handouts since l.b.j. Started buying democrat votes. The poverty rate remains the same with dependency on govt. handouts at all time high. Less people working paying taxes to support government programs. Dollar will soon be hyper inflated against world currencies and commodities. What is there to be bullish about? The trading controlled by computer programs and your investments are being stolen.

April 10 2014 at 10:12 PM Report abuse -2 rate up rate down Reply
1 reply to aguilamnstr's comment
pdbliz

I am so glad someone else can see this.!!!!!!


AMERICA IS STUPID,,,,,,,AND,,,BLIND.!!!

April 10 2014 at 10:30 PM Report abuse -2 rate up rate down Reply
vlady1000

I just heard a terrible day in the market, too bad. Well, I have to go to the mailbox and get my rent checks.

April 10 2014 at 8:53 PM Report abuse -4 rate up rate down Reply
jamesons22

The real question should be ? Show me the Stock that makes money every quarter... over and over .. and beats estimates over and over .......... if none can be named ... you take every dime off the table ..... we dont want any of that dream talk ( might, could , should , may , explode, rally, soar etc .... ) just the proof in the pudding .... today was that TEST .......and many on top of many FAILED ... today was Fund Managers saying .......... We are way to extended with ( SUB PAR SECURITIES ) ! They also tried to beat up on Gold ..... but it stood strong ,,,,,,, Gold is telling us that it has HUGE SUPPORT ...at these levels .... we also broke key support levels in the S+P and others .... Remember who used the word OVERSOLD 2 days ago ... Art Cashin the Pro tape reader ..... and I mean PRO .. he was smart enough to see approaching storm clouds and not skip the ( Real ) talk .. and go to the prepared script Producer ESCAPE fluff nicey talk ( smoke ) describing the new Fed intervention....... the results speak Volumes ! we will test and go lower ... like I said before ..... their is no place to enter ... everything is was to expensive and along with expensive goes ( MAJOR RISK ) not being able to recover your losses ....... they really never mention that REALITY .. that has bankrupted Millions of Innocents !

April 10 2014 at 8:33 PM Report abuse -4 rate up rate down Reply
SPQR

Another recession would put everyone over the edge ! Restaurants have increased business but that is about it. Americans who bought homes in 2006 wailed and screamed that they wanted their homes to be worth more than they paid for them and they have inched back up again to unaffordable prices, amazing how that happened. The homes were never worth that much back in 2006 or even earlier. Homes will not sell at present prices which will continue to dampen any future expectations for growth in the future. By avoiding a depression, it only postponed the inevitable 2nd recession or depression. Everyone should have stayed out of the market.hold on to your seats because it is going to be a very rough ride.

April 10 2014 at 6:54 PM Report abuse +2 rate up rate down Reply
Frank

The markets should stand on their own merit. Time to stop pumping in the insane amount of $$$.

April 10 2014 at 6:50 PM Report abuse +3 rate up rate down Reply
1 reply to Frank's comment
worried man

According to Bernacke we would have been in a depression and there would have been breadlines and tent cities in major metropolitan cities. However, time will tell if he did the right thing. The people demanded what he did. Maybe a depression was just what the US needed

April 10 2014 at 9:44 PM Report abuse rate up rate down Reply
Ken and Joan

This is what happens when "lets pass this . Then we will worry about it later" . Comes into play.

April 10 2014 at 6:12 PM Report abuse -1 rate up rate down Reply
1 reply to Ken and Joan's comment
drpmindmender

Of course, today's sell-off gained all kinds of momentum after the House passed the Ryan budget....

...Coincidence?

April 10 2014 at 7:38 PM Report abuse +1 rate up rate down Reply
1 reply to drpmindmender's comment
elendil3136

No.

April 10 2014 at 9:24 PM Report abuse rate up rate down