Midday Nasdaq Slumps on Weak Tech Earnings

By Jonah Loeb  OCT 22, 2012 3:08 PM

Apple is up ahead of the iPad Mini launch, though. Also, Monster Energy drinks might kill you.

 


MINYANVILLE ORIGINAL The Nasdaq Composite Index (INDEXNASDAQ:.IXIC) fell just 0.13% to 3,001.69 as of 3:00 p.m. EDT today after tech stocks continued to report weak earnings.
 
Facebook (NASDAQ:FB) rose 0.87% to $19.15 as its third-quarter earnings are widely expected to meet expectations, but Microsoft (NASDAQ:MSFT) fell 2.44% to $27.95 on a lack of investor confidence in the Windows 8 operating system, which is approaching its launch date.
 
Sirius XM Radio (NASDAQ:SIRI) also didn’t perform well, falling 1.88% to just $2.86 as it was issued a Buy rating earlier today. Another beleaguered stock, Clearwire (NASDAQ:CLWR), rose 6.49% to $1.97 as its earnings were steady despite widespread speculation over the company’s Sam-and-Diane act with Sprint (NYSE:S).
 
There was good news for Apple (NASDAQ:AAPL), which rose 2.79% to $626.92 ahead of the expected launch of the iPad Mini, which should be a contender for high holiday sales. And, in news that everyone somehow didn’t see coming, Monster Beverage (NASDAQ:MNST) dropped 17.23% to $44.26 on news that its products might just be linked to a few arrythmia-related deaths.
No positions in stocks mentioned.