Most Nasdaq stocks tumbled today, as the index fell more than 1% for just the second time in the past six weeks.
Not surprisingly, Apple (AAPL) and Google (GOOG) were the main culprits. The two tech stocks that comprise roughly 44% of the entire Nasdaq fell a combined 23 points today, accounting for the vast majority of the index’s slide.
Apple alone fell nearly 18 points, a 2.6% drop-off, after reaching an all-time high last week. Google pulled back a bit after breaking the $700-a-share mark last week for the first time in nearly five years.
Here were three other Nasdaq stocks that had rough starts to the week:
- Intel (INTC): The chip-making giant was down close to 4% today after lowering its revenue forecast for the current quarter. The rise of smartphones and electronic tablets is hurting Intel’s earnings, as the company does not yet provide services for mobile platforms.
- Cisco Systems (CSCO): Cisco pulled back 2.1% today after popping 5% at the end of last week. The decline seemed like more of a correction than anything after the initial fervor over the company upped its dividend 75% on Friday.
- Priceline.com (PCLN): This also looks like a correction. Priceline shares fell 2.1% today after the stock jumped 4.5% at the end of last week. The stock is still up 25% this year, so today’s pullback is just a blip on the radar screen.
Like Apple and Google, however, it seems that today’s down day for Nasdaq stocks can largely be chalked up as a broad correction for an index that reached a 12-year high late last week.
More From Wyatt Investment Research