The Nasdaq 100 was down 0.55% at the close on Friday, and has remained flat year-to-date. The Technology Select Sector Index (IXT) was down 0.53%.
There have been concerns about enterprise demand following Intel’s (INTC) earnings, which missed EPS estimates. The company has a flat outlook for the year, reflecting concerns about the enterprise segment.
The decline in the Nasdaq was primarily led by Intel’s stock price decline of 3.6%. The concerns over enterprise demand also caused Microsoft’s (MSFT) share value to go down 1.38%.
By Bill Maurer: As summer temperatures continue to rise, the stock market continues to push through earnings season. One of the hottest sectors this time around is the social media space. A number of better than expected reports from these names have pushed these stocks sharply higher in a short period of time. Many of these names have become overheated, and it seems like a giant bubble is forming.
By Michael Johnston:Global X became the latest issuer to offer an ETF targeting a segment of the global technology industry this week, rolling out the first ETF to specifically target the social media industry. The new Global X Social Media Index ETF (SOCL) will seek to replicate the Solactive Social Media Index, a benchmark that includes companies engaged in various aspects of the rapidly-expanding social media industry.
Owing to the incessant improvements and advancements in technology, the arena of social media has surpassed all expectations. Advent of the World Wide Web has facilitated information sharing through social media networking platforms, including Facebook Inc (FB), Google Inc (GOOG), Google+, Instagram, and LinkedIn Corp (LNKD).
Bruised, bloodied and left for dead. That’s the only way you could describe social media stocks after investors started selling back in September.
But all that could change in just a few short days. More on this idea in just a second…
During his visit to officially announce the new accelerator space open, the Deputy Prime Minister, Nick Clegg, said he had seen some “amazing examples” of young people turning great ideas into companies promoting social change.