Technology stocks were hit hard on Thursday, after Google disappointed investors with earnings results that were prematurely released during the trading day.
Google’s stock dropped 8 percent – the company’s worst day since – to close at $695 after the Internet giant’s third-quarter results showed earnings and revenue fell short of forecasts. Trading of the stock was halted at 12:50 p.m. Trading resumed at 3:20 p.m.
“It’s a huge impact on the market, and especially the tech stocks,” said Paul Nolte, managing director at Dearborn Partners in Chicago, reuters.com reported. “What happened to Google is a continuation in the tech sector of some very poor earnings numbers. But we’re not seeing the same lack of performance across the board from other sectors.”
