Shares in a number of leading NASDAQ and Dow Jones PC vendors dropped yesterday, as market analyst UBS cuts growth predictions from 12 per cent to 9.8 per cent.A reduction in growth forecasts was enough to spark a broad sell-off of shares. Despite a recent recovery in share prices after announcing planned job cuts, HP saw its stock drop by 6.1 per cent to $40.40, prompting fears of further job cuts. Meanwhile, Dell suffered yet another blow to its share prices as they dropped by 4.1 per cent to a one year low of $14.63.
Meanwhile Apple’s share woes continue as they also hit a one year low, dropping by 8.5 per cent to $88.84, fuelled by speculation over the health of CEO Steve Jobs and concerns over US consumers’ disposable incomes.
UBS analyst Maynard Um, who was responsible for the adjustments, commented: “Although we believe there will be a material impact to consumer spending from the recent economic turmoil, not surprisingly, enterprise spending appears to be slightly more severe.”
Source: Forbes
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