NEW YORK ( TheStreet) -- If you've been waiting to buy into the big tech stocks, you may not have to wait much longer. After Wednesday's almost 2% decline in the Nasdaq 100, which fell to an intraday low of 3,186, it has corrected almost 4% from its 52-week high of nearly 3,307.
Wednesday we saw Apple (AAPL) hit a new 52-week low, down over 6% to $398.11. Apple releases its earnings report next Tuesday, April 23, after the markets close. It may be the most anticipated earnings release in the company's recent history.
Since MSFT inked a patent licensing deal with the parent company of Foxconn,
Hon Hai, GOOG shares have been under pressure. Hon Hai is a contract manufacturer that makes most of the Android and Chrome devices, including the smartphones and tablets. That's not good news for Google shares, which corrected as much as 1.6% Wednesday to as low as $778.10 before closing at $782.56.
GOOG is the company that created and developed Android and Chrome platforms, which it offers for free to smartphone manufacturers. To make money GOOG pins its hopes on the online advertising traffic generated by its rapidly growing user base. Google has become the most successful competitor in the mobile device market as a result. MSFT has also been in the fray, hoping to compete. Using its huge portfolio of patents and extensive experience, MSFT has made forays into both the smartphone and tablet markets. That's one of the reasons Google purchased Motorola Mobility in 2011 to expand its patent portfolios. The result has been a continuing battle over intellectual property in the mobile devices arena.
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