CNN: “Nasdaq set to tumble, dragged down by Amazon”
By admin_45 in IN THE NEWS
Excerpt from CNN's latest article quoting DataTrek Research's Nick Colas:
.... "A variety of fears have sent stocks into a tailspin this month. The Nasdaq is on track for its worst month since November 2008.
Although Amazon reported record profit, the weaker-than-expected revenue and outlook underscores concerns that investors got too euphoric about highflying stocks.
"The sentiment in tech is remarkably poor," said Nicholas Colas, co-founder of DataTrek Research.
"Technology was priced for perfection. But we live in an imperfect and increasingly unpredictable world."
Not all tech results were disappointing though. Intel (INTC) recorded stellar chip sales and upgraded its outlook on Thursday. Shares of the chip giant rose in premarket trading"....
Read the whole article here on CNN Business!
