Bloomberg guest says China stocks meltdown
After BIDU downgraded in CHINA.
Earlier the Street.com was pondering what happened to the market:
Tech Downturn Sinks Stocks
By Robert Holmes
TheStreet.com Staff Reporter
10/11/2007 3:02 PM EDT
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Updated for 2:18 p.m. EDT
Stocks took a detour sharply lower Thursday afternoon as weakness in the tech sector sparked a selloff that sank the major averages.
The tech-heavy Nasdaq Composite rose by as many as 23 points earlier in the session before pulling back. Recently, it was down 26 points, or 0.9%, to 2786.
Among major tech names, Baidu.com (BIDU - Cramer's Take - Stockpickr - Rating), Akamai Technology (AKAM - Cramer's Take - Stockpickr - Rating), Infosys Technologies (INFY - Cramer's Take - Stockpickr - Rating) and SanDisk (SNDK - Cramer's Take - Stockpickr - Rating) dropped 4.5% or more.
Rumors were rampant as to what caused the selloff, but market participants were having trouble nailing down precisely what led to the tailspin that began around 2 p.m. EDT.