Technology stocks tumbled overnight amid a gloomy financial outlook and uncertainty caused by a weak US economy and fears over the European debt crisis.
Google, Apple and IBM all saw millions wiped off their share prices. Google fell 23.65 points, Apple 15.20 and IBM 7.35 as investors reacted to an uncertain future and left the stock markets in turmoil.
Cisco (-0.67), Microsoft (-0.98), Intel (-0.96) and HP (-1.74) were all down as Silicon Valley failed to retain its allure, many fearing an imminent double-dip recession.
LinkedIn, one of new darlings of the stock market, saw its share price fall 10.13 points on the same day that it announced a 120 per cent year-over-year rise in second-quarter revenues to $121m.
Fears of technology bubble like that seen in the early 2000s are rife as valuations for sites like LinkedIn, Groupon and Twitter appear to vastly outweigh their revenue generating potential.
However, it seems that the entire technology sector is now having to prepare for a rocky road ahead as the world's economic markets fluctuate wildly.
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