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EPS100Momentum (71.73)

Bloomberg guest says China stocks meltdown

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October 11, 2007 – Comments (2)

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
Click here for more stories by Robert Holmes

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.

2 Comments – Post Your Own

#1) On October 11, 2007 at 4:20 PM, gopirque (54.08) wrote:

I'm not going to cry wolf yet (China Bubble Burst), but after yesterday's "pop" in a couple of my stocks, today was quite the shock.

After the good news about SEED, I did alot of further research on them last night before taking the plunge, trying to anticipate the second "pop" and getting in before it got too expesive...got caught with my hand in the cookie jar instead.  

Luckily, I have enough confidence that I'll double down when the time is right...but what happened today?!?! 

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#2) On October 11, 2007 at 10:04 PM, EPS100Momentum (71.73) wrote:

Let me explain what happened, The market got nervous ahead of next week's Earnings reports which will be in full swing.

If individual companies don't raise guidance going forward they will be in for a big fall especially after a 3 week Rally.

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