Akamai Gets Hit By A Tsunami
Akamai Technologies Inc.(NASDAQ:AKAM) is declining sharply this morning after reporting earnings last night. Akamai stock has been one of the leaders in the Nasdaq 100 for several years now. The stock is trading lower by $6.20 to $41.80 a share. This is a 13.0 percent decline for the tech leader. The stock will have short term intra-day support around the $41.00 area. This stock is a falling knife today and could trade below that level if the overall market remain weak.
Akamai Technologies provides services for accelerating and improving the delivery of content and applications over the internet, therefore, today's decline could effect many other leading internet stocks. Traders and investors should watch for reactions in stocks such as Ebay Inc.(NASDAQ:EBAY), Google Inc.(NASDAQ:GOOG), and Best Buy Inc.(NYSE:BBY), and Sony Corp.(NYSE:SNE).