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It appears that the economic crisis down Wall Street is having its toll on the tech companies as well. Be it Apple whose stock shares have taken a plunge by 16% and have been valued at $110 a share compared to the $200 tag they had been carrying for quite some time. Google on the other hand has fallen down the $400 mark for the first time ever since 2006.
It’s interesting to note that for Google the market opened up at around $420 a share and within 24 hours the prices had taken a significant 8% drop to hover around $390 a share. The current ratings are almost half of what they had been i November last year, when Google’s share price soared at $747. The picture of the day shows a downside and the tech world taking a bash as well.
What about Yahoo? Yahoo hit the record low on stocks earlier this month and somehow has managed to push itself up to $18 a share. One wonders if the story had been similar had Yahoo not rejected Microsoft’s $31 a share offer for a buy out. Despite numerous offerings to raise the bar higher to around $34 a share, Yahoo appeared to turn a deaf ear to Microsoft, eventually slipping down to this. Microsoft on the other hand has somehow managed to keep the fall tight by dropping mildly with 2.7%. Perhaps the steadiness in stocks had given Microsoft the idea of buying a merger of Yahoo/AOL.
With the entire market being pushed down to the lowest, the giants in their business have taken the brunt ( I would count Yahoo out, for it had been in this situation for far too long). Let’s how much more will the current economic crisis hit each one of them. It has definitely eaten up the world market.
