NEW YORK (TheStreet) -- Apple (AAPL) - Get Report tanked in a massive market downturn, officially entering into bear territory. Netflix (NFLX) - Get Report plunged as media-related stocks took a battering, with the video streaming company leading the downturn. Microsoft (MSFT) - Get Report fell sharply after it closed its Nokia (NOK) - Get Report-acquired sites and cut jobs.
Apple plummeted 6.1% to close at $105.76.
Apple tumbled 20.3% below its record close of $133 a share in February, officially placing it in a bear market, according to a MarketWatchreport. When a company falls 20% or more from a noteworthy peak, market experts consider the stock entering a bear market, according to the report. In Apple's case, its entry into a bear market Friday marks the first time that has happened in the more than two years.
Even before its plunge on Friday, the iconic computer maker was already showing a technical sign of stress known as a "death cross," leading some investors to predict Apple could see greater losses, according to MarketWatch. Apple fell 27% over a four-month period the last time it faced a "death cross."
Netflix tanked 7.6% to finish the day at $103.96.
The video streaming company took a one-two punch over the past two days, in which it has lost a total of 14.8%. Its dramatic fall comes as a number of media companies took a hit, although Business Insider noted Netflix took the brunt of that beating.
The media sector fell out of favor as earnings reports came in that demonstrated users were continuing their move away from traditional media and favoring digital media.
Microsoft plunged 5.7% to close at $43.07.
The software giant plunged following its announcement it would close its cellphone development unit, acquired from Nokia, that is located in Salo, Finland. It also cut more than 2,300 jobs.
In 2013, Microsoft announced it would acquire Nokia's mobile device business in a deal valued at $5.23 billion, as well as an additional $2.28 billion to license Nokia's patents for 10 years.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.