Tech Selloff Shows Market Wanted More Than a Quarter Point

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 |  Includes: AAPL, AMAT, BBRY, BIDU, CSCO, DELL, GOOG, INTC, MSFT, VMW
by: Eric Savitz

Tuesday’s stock market story is pretty simple. Stocks did little in the morning. Then the Fed cut short-term rates by a quarter point. But the market wanted a half-point rate cut. So investors sold off. Ergo, the Nasdaq Composite, which had rallied 7%, or 178 points, since dropping to 2540.99 at the November 26 close, is now down almost 58 points, or 2.1%, at 2661.13.

Ergo, most tech stocks are now flashing red. Examples:

  • Cisco (NASDAQ:CSCO), which was up more than a point earlier, is now down 53 cents, or 1.9%, at $28.19.
  • Intel (NASDAQ:INTC) has reversed course, and is now down 68 cents, or 2.5%, at $27.10.
  • Microsoft (NASDAQ:MSFT) is off 67 cents, or 1.9%, at $34.09.
  • Apple (NASDAQ:AAPL), which earlier today hit a new all-time high, is now down $4.75, or 2.5%, at $189.46.
  • Dell (NASDAQ:DELL) is down 74 cents, or 2.9%, at $24.47.
  • Research In Motion (RIMM) is down $4.18, or 4.1%, at $98.20.
  • Applied Materials (NASDAQ:AMAT) is down 47 cents, or 2.5%, at $18.17.
  • Google (GGOG) is down $12.70, or 1.7%, at $706.12.
  • Baidu (NASDAQ:BIDU) is down $13.31, or 3.4%, at $383.99.
  • VMware (NYSE:VMW) is up (?!) $2.33 or 2.5%, at $95.78.