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Stock Prices Plummet Amid Concerns Over Corporate Profits in Technology Sector

Strategic Insights

— 1 min read

Concerns over corporate profits in the technology sector sent stock prices tumbling, with the Dow Jones Industrials falling 218.68 to 9,671.83 on the New York Stock Exchange. The NASDAQ composite index plunged 73.10 points to 2322.84, while the Amex composite index slipped 14.04 to close at 703.32. The sharp decline was fueled by revenue concerns plaguing technology shares, with names like America Online, Yahoo, and Amazon.com taking a hit.

Key Takeaways:

  • The Dow Jones Industrials fell 218.68 to 9,671.83 on the New York Stock Exchange, marking a significant decline in stock prices.
  • The NASDAQ composite index plunged 73.10 points to 2322.84, with a 2:1 ratio of NYSE declines to advances.
  • Revenue concerns plagued technology shares, with America Online, Yahoo, and Amazon.com seeing significant declines.
  • Micron Electronics reported second-quarter earnings of 7 cents per share, in line with analysts' expectations, but its stock fell 3/8 to 11 7/16.
  • Oil shares fell despite OPEC's decision to cut oil production by 2.1 million barrels per day.
  • Wal-Mart faced a lawsuit from Ragdoll Productions and its American licensing agent, itsy bitsy Entertainment Co., alleging infringement on the "Teletubbies" brand.

Statistics:

  • The Dow Jones Industrials fell 218.68 to 9,671.83.
  • The NASDAQ composite index plunged 73.10 points to 2322.84.
  • NYSE declines led advances 2,337 to 660.
  • The 30-year Treasury bond closed at 95 21/32, up from late Monday's 95 13/32.
  • The bond's yield was 5.55 percent, down from late Monday's 5.57 percent.

Sources:

  • UPI (March 23)
  • COMTEX (http://www.comtexnews.com)

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