Tech Winners & Losers: Google
Tech stocks were getting trounced again on Tuesday, sinking with the rest of the market as fears among investors persist.
The Nasdaq lost 45 points, or 2.8%, to 1571 in recent trading.
Shares of Google (GOOG) slipped 3.3% to $308.13 after Goldman Sachs chopped its target price to $475 from $520 based on lower expectations for the fourth quarter.
The firm maintained its buy rating on the company, but was cautious in view of the deteriorating economy. Recent negative trends at other Internet companies like eBay (EBAY) and Amazon (AMZN) also point to potential weakness.Shares of Nokia (NOK) tumbled 7.8% to $13.69 after the company said it still expects its joint venture with Siemens (SI) to result in the elimination of 9,000 jobs . Nokia noted that it has already eliminated 6,000 jobs since May 2007, after the creation of the joint venture. Sirius XM's (SIRI)shares fell 6.9% to 25 cents after the satellite radio company exceeded revenue estimates on Wall Street but posted a drop in net subscribers . Sirius XM said it ended the third quarter with 18.9 million subscribers, up 17% from the same quarter a year ago. But its net subscriber additions slipped to 344,100, down from 839,750 a year earlier. Vodaphone (VOD) shares were climbing 6.9% to $17.92 in recent trading after the company reported an increase in first-half adjusted operating profit of 10.5% to 5.8 billion pounds ($9.05 billion). Revenue grew 17% in the same period, but Vodaphone lowered its full-year guidance to range between 38.8 billion pounds to 39.7 billion pounds. In July, Vodafone said it expected full-year revenue near the bottom of 39.9 billion pounds to 40.7 billion pounds.
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