Virtually all major technology companies lost ground Monday as the broader market slumped for the second consecutive day in the wake of Britain's "Brexit" vote last week.
The Dow Jones Industrial Average dropped by 1.5% Monday. The S&P 500 lost 1.8% and the tech-heavy Nasdaq Composite Index shed 2.4%.
Shares of Apple (AAPL) - Get Report closed at $92.07, a decline of 1.4%, amid concerns that Britain's vote on Thursday to exit the European Union raises more concerns about slowing iPhone sales, wrote TheStreet's Rachel Graf in this report.
Laura Martin, an analyst with Needham, warned: "The U.K. might negatively impact Apple's earnings since new phones sold are the primary driver of stock price," according to a report in Barron's. "Europeans could delay upgrading their iPhones by 12 months if the U.K. and/or the EU go into recession."
"Netflix is also at risk because all of their growth story and capital investment is offshore," wrote Martin, according to the Barron'sreport. "Because Netflix trades at 82x 2016E EBITDA, as profit estimates fall owing to European demand slowing or currency translation issues, this has a heightened negative impact on Netflix's ￼valuation. Netflix can move down 15% in a day when they underdeliver estimates."
Check out TheStreet'sfull report on Netflix Monday.
Facebook (FB) - Get Report is also vulnerable to changes in Britain and the rest of Europe. Martin noted that Facebook generated about 24% of its revenue in Europe last year. Read this analysis by TheStreet's Lindsay Rittenhouse on how Facebook could be affected by "Brexit." Facebook shares closed at $108.97, a drop of 2.8%.
Shares of Alphabet (GOOGL) - Get Report closed Monday at $681.14, a decline of less than 1%. Amazon (AMZN) - Get Report dropped by 1.1%, finishing the day at $691.36. Oracle closed at $38.49, down 1.9%, and Intel (INTC) - Get Report ended the day at $30.71, a decline of 2.7%
Twitter, meanwhile, announced a feature Monday "that will let users add stickers to their photos," Recodereported. "If you click on a sticker in someone else's photo, you'll be transported to a timeline full of more photos that include that same sticker," the technology news site said.
Apple, Facebook, Alphabet and Twitter are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, FB, GOOGL or TWTR? Learn more now.
Shares of HP Enterprise (HPE) - Get Report lost 5.3% of their value Monday, closing at $17.20. But "Brexit" wasn't to blame. The company, which was created after the original Hewlett-Packard was split into two, announced some management and organizational changes that were not well received on Wall Street.
CEO Meg Whitman also announced that Martin Fink, chief technology officer and head of Hewlett Packard Labs, will retire at the end of the year. Read TheStreet'sreport.
Privately held Uber is partnering with Pandora Media (P) to embed the online radio service into its app for drivers, Reutersreported. "The move puts Pandora front and center for Uber's 450,000 active drivers in the United States," the news service said.
Shares of Pandora closed at $11.49, a decline of 2.1%.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.