Apple down 17.9 per cent, while Microsoft, HP, Dell, RIM, Google also see falls

Tech shares slide on consumer concerns

Tech firms, for the first time, last night showed signs that they are not immune from the current credit crisis after several vendors saw their shares fall dramatically as a result of Congress failing to approve the US’ bail out plan.

Apple was hit hardest, with its shares closing down 17.9 per cent ($22.98), after analysts downgraded the vendor’s stock from even-weight to overweight. The reason behind the move was largely seen as investors questioning the firm’s ability to continue growing against the background of declining consumer spending.

Other major names impacted by concerns over consumer spending were HP (down 1.9 per cent), Dell (down 4.3 per cent), RIM (down 3.3 per cent), Google (down 11.6 per cent), Microsoft (down 8.7 per cent) and IBM (down 4.3 per cent).

Source: Reuters

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