Tech stocks took a precipitous fall along with the wider market Tuesday as investors weighed a slip in consumer confidence.
The Conference Board said its Consumer Confidence Index slid to a reading of 105 in August, from a revised 111.9 in July. A representative sample of 5,000 U.S. households cited softening business conditions brought on by volatile financial markets and continued credit concerns as reasons.
Among tech stocks, Maxim Integrated Products(MXIM Quote) fell 5.5% after being downgraded by Banc of America Securities to neutral from buy. The company has delayed filing some financial reports while it investigates possible stock option backdating, putting it at risk of being delisted from the Nasdaq. Shares fell $1.73 to $29.39 ...
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