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Midday Nasdaq Drops on Weak Tech Stocks


Microsoft's weak performance honors the 25th anniversary of Black Monday.

MINYANVILLE ORIGINAL The Nasdaq Composite Index (INDEXNASDAQ:.IXIC) fell 2.26% to 3,003.58 as of 2:45 p.m. EDT today after a weak tech sector dragged the average down.

Apple (NASDAQ:AAPL) fell 2.63% to $615.99 on news that iPhone 5 sales may in fact be weaker than expected. Fellow tech giant Microsoft (NASDAQ:MSFT) fell 3.14% to $28.57 as its low earnings report dragged the rest of the market down with it.

E*TRADE (NASDAQ:ETFC) dropped 10.88% to $8.40 per share after its earnings missed estimates despite using the magnificent Pete Holmes in its ad campaign. Clearwire Corporation (NASDAQ:CLWR) continued its slide, dropping 11.82% to $1.79 as Sprint's (NYSE:S) takeover continued to wobble. Marvell Technology (NASDAQ:MRVL) popped and dropped after analysts strengthened their Buy rating; the stock fell 13.14% to $7.66 on high volume.

Some good news came for Riverbed Technology (NASDAQ:RVBD), though, which rose 10.62% to $22.91 after a strong earnings report and an even more optimistic fourth-quarter earnings forecast.
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