Wall Street Aftermath: Google, Yahoo, Microsoft FallBy: WebProNews Staff - January 22, 2008
The three-quarters of a basis point rate cut by the Federal Reserve sent the markets into turmoil, and not even a midday upswing could keep a trio of Internet powers from finishing down on the day.
Stock prices dropped for the three companies, as much of the tech sector endured a pummeling in trading today.
Google can forget about talk of $700 or more per share for the moment. A $584.35 close represented a 2.65 percent drop that also took their market cap to nearly $183 billion. They announce Q4 2007 earnings on January 31st.
Yahoo suffered through another day of layoff rumors. Trading today dropped shares below $20, to $19.92 after reaching a 52-week low of $19.26 during the day. Yahoo reports Q4 2007 results on January 29th.
Microsoft has been trading in the $30s for so long, today’s results look like a blip on the radar. Shares of the company declined to $31.96 today. However, a Briefing.com note said DA Davidson upped its target for Microsoft to $40 from $35, and upgraded its rating from Neutral to Buy.