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The Midday S&P 500 Is Down Due to Poorly Performing Tech Stocks

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Hewlett-Packard and Best Buy both fell today after disappointing earnings reports.

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MINYANVILLE ORIGINAL The S&P 500 (INDEXSP:.INX) is down .27% to 1,383.13 points as of 2.20 p.m. EST today. One major decliner is Best Buy Co Inc. (NYSE:BBY), which is down 13.09% to $11.95 per share after it reported lower-than-expected third-quarter earnings. Also down today is Hewlett-Packard (NYSE:HPQ), which fell 11.80% to $11.73 per share due to a mixed earnings report and an admission that a company it bought lied about its finances. On the other hand, PulteGroup (NYSE:PHM) is rising in the market, gaining 5.22% to $16.73 due to the increase in homebuilding after Hurricane Sandy and the increase of home values over the past year.
No positions in stocks mentioned.
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