Netflix, Microsoft hit as global markets dive – USA TODAY
Some big names in tech — Apple, Microsoft, Facebook, and Netflix — sold off sharply Friday afternoon as the Dow tumbled 531 points and dropped into correction territory on concerns about a slowing Chinese economy.
Perhaps most dramatic has been Apple’s (AAPL) fall from its pedestal, punished by worries about demand from China, its biggest market outside of the U.S. Shares closed down 6% Friday at $105.76 per share, skidding from an all-time high of $134.54 in April.
Netflix (NFLX) was feeling the pain, too. Shares of the streaming entertainment company ended the day down nearly 8% at about $104, which compares to its record high of about $129.29 that it clocked earlier this month.
The tech-heavy Nasdaq composite index tumbled 3.5% to 4,706, leading it into correction territory, which is generally defined as a 10% move off a high.
Microsoft (MSFT) has been up and down since the release of Windows 10, but shares ended Friday down 5.7%.
But here is something to Tweet about: Twitter (TWTR), which hit an all time low Thursday after breaching its IPO price of $26, was surprisingly among tech’s few green spots during Friday’s volatile regular trading hours. Company shares were up nearly 2% during the afternoon, but fell back to red by market close, sending it to a new low of $25.51 per share.
Hewlett-Packard (HPQ) and Salesforce.com (CRM) were among the other bright spots. Hewlett-Packard, which rose more than 2% intraday, is on the brink of splitting into two companies this quarter. Bloomberg reported that Salesforce.com, which rose 3% Friday afternoon, was approached by a potential, unnamed, suitor. Salesforce.com closed up nearly 2%, while Hewlett-Packard was slightly up at the end of the trading day.
According to preliminary calculations, the Dow Jones industrial was down 531 points, or 3.1% , to 16,460, a day after the blue-chip index tumbled 358 points in its biggest point plunge since Nov. 9, 2011. Friday’s losses sent the blue-chip index down 10% from its May 19 record closing high of 18,312.39.
Follow USA TODAY reporter Trisha Thadani on Twitter: @TrishaThadani