Several technology companies have been hit by falling shares after investors continued to express concern about the US sub-prime market with Apple's shares being amongst the hardest hit.
Apple, who more than other technology company tends to focus on luxury items such as iPods and Macs, is particularly vulnerable because unlike Microsoft who have a solid revenue stream from business, Intel who can rely on cheaper chips and IBM who have market proof income from its mainframe and server manufacturing, they don't have any other income to fall back on.
The concern is that as disposable income falls and people being to stop spending on luxuries, Apple will be particularly hard hit – something that is not helped by the fact that much of its current share price is built upon the assumption that its new luxury product, the iPhone, will sell extremely well.
Not all technology companies where hit as hard though with HP announcing growth of double figures year on year. As a result it saw its shares bucking market trends and managing to rise, closing up one per cent.