Why Megacap Stocks Netflix, Salesforce, and Adobe All Fell More Than 5% Today
In case you haven't heard, the bottom fell out of the Nasdaq today. In the final half hour of trading, the tech-heavy index looks likely to close down at least 5% -- and perhaps even lower than that. Indeed, three of the biggest megacap tech stocks are already down more than 5%, with shares of Netflix (NASDAQ: NFLX) off 5.1%, and both salesforce.com (NYSE: CRM) and Adobe Systems (NASDAQ: ADBE) falling 5.7%. When you consider that each of these tech giants weighs in at a market capitalization north of $200 billion, that means that the value of each stock has just shrunk by more than $10 billion. Each.
Scariest of all, there appears to be no reason for the sell-off.
Image source: Getty Images.
Source Fool.com
