Apple's New Products Fail to Impress Investors

Tech stocks fell Tuesday as concerns about an economic slowdown and a decline in consumer spending intensified. The Nasdaq composite index was off 60.71 points, or 2.45%, closing at 2,417.59.

Apple(AAPL Quote) stock fell $11.83, or 6.6%, as investors were unimpressed with CEO Steve Jobs' latest offerings at Macworld Expo in San Francisco.

As expected, the company unveiled a new lightweight laptop and a video rental service through its iTunes store. Analysts said the company failed to reveal anything approaching last year's iPhone, which triggered a 12% bounce in the stock price in the three days following the debut.

Applied Materials(AMAT Quote) rose 11 cents, or 0.65%, to $16.95 after the Santa Clara, Calif.-based company announced a reorganization plan that will reduce its workforce by 7%, or about 1,000 jobs. The company said the move would save $150 million annually and result in a charge of $20 million in the first quarter.

Fair Issac(FIC Quote) was hit hard after it warned investors that would miss first-quarter estimates.

In recent trading the stock fell $5.43, or more than 19%, to $22.91. The company said its earnings would be 6 cents to 8 cents below analysts estimates of 45 cents a share. It also said it was expecting a revenue shortfall of $5 million to $7 million.

Intel(INTC Quote) was down 14% to $19.54 in after-hours trading following a disappointing fourth-quarter earnings report.

The chipmaker reported $2.27 billion in net income, or 38 cents a share, for the quarter, compared with $1.5 billion, or 26 cents a share, in the year-ago period. On average, analysts expected 40 cents a share.

Despite a 10% year-over-year increase, the company's revenue for the quarter fell short of analysts' expectations. The company reported $10.7 billion in revenue, while the average analyst expectation was $10.84 billion.

Oracle(ORCL Quote) was down 75 cents, or 3.4%, to $21.31 in recent trading. According to a SEC filing on Monday, CEO Larry Ellison exercised options on 2 million shares of common stock under a prearranged trading plan.