Tech Stocks Continue To Slide Amid Global Selloff
Apple Inc.'s (AAPL) - Get Report European suppliers nursed heavy losses in early Monday trading as tech stocks continued to extend declines amid a global sector sell-off sparked by Friday's pullback on Wall Street.
Switzerland's AMS AG (AMSSY) , a maker of optical sensors for Apple's iPhones, slumped 5.6% in Zurich, the biggest fall since early April, to change hands at Sfr64.95. Italy's STMicroelectronics NV (STM) - Get Report, which provides the phone's accelerometers, gyroscopes and motion sensors, fell more than 6% to change hands at €14.58 in Milan.
Shares in ASML NV (ASML) - Get Report, Europe's largest supplier to computer chip makers, fell just under 4% to €115.25 and Germany's Dialog Semiconductor, which provides power management systems for Apple, was down 4.06% to change hands at €41.65.
The Stoxx Europe 600 Technology Index was marked 2.48% lower in the opening 45 minutes of trading and quoted at 426.83 points, trimming the year-to-date gain to 15.7%.
Apple shares fell 3.88% to $148.98, after a Goldman Sachs note said that low volatility in Facebook (FB) - Get Report , Amazon (AMZN) - Get Report , Microsoft (MSFT) - Get Report and Google's parent Alphabet (GOOGL) - Get Report may be blinding investors to risks including regulation and cyclicality.
Imagination Technologies (IGNMF) , a British designer of graphical processing units used in smartphones, dropped 0.83% in the first hour of trading Monday. The stock has lost 54% over the past three months after Apple, its largest customer, said it would stop using its technology within 15 to 24 months.
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This article was written by a staff member of TheStreet.
