Big 4 tech stocks erasing a total of more than $190 billion in market cap

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A big reason why technology-heavy Nasdaq Composite COMP, -1.63% is dropping 1.5% in afternoon trading Thursday while the Dow Jones Industrial Average DJIA, +0.61% is rallying 292 points, or 0.9%, is the bad performance of the shares of the four biggest tech names. Of the four U.S. companies with market capitalizations of over $1 trillion, shares of Apple Inc. AAPL, -3.05% dropped 3.1%, Microsoft Corp. MSFT, -1.98% slid 1.9%, Alphabet Inc. GOOGL, -2.85% GOOG, -2.34% sank 2.9% and Amazon.com Inc. AMZN, -4.06% slid 4.1%. Based on the number of shares outstanding provided in the companies’ latest quarterly filings, the stock price declines are wiping out a total of about $191.3 billion in market capitalization. Keep in mind that the Nasdaq is a market-cap weighted index and the Dow is a price-weighted index. Of the Big 4 tech companies, only Apple and Microsoft are in the Dow. Microsoft’s stock is the 6th highest-priced Dow stock and Apple’s stock is 15th. Together, those stocks’ price drops are shaving about 60 points off the Dow’s price.

This article was originally published by Marketwatch.com. Read the original article here.

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