Tuesday, September 30, 2008

'No' vote on $700b bailout impacts tech stocks bigtime

The US House of Representitives 'no' vote on the proposed $700b bailout of Wall Street has as expected impacted the stock market - with tech stocks also vulnerable.

Lets have a look at what the last day has done to the value of some of the biggies.

Yahoo! - down 10.6% (market cap $23.4b)
Google - down 9.5% (market cap $122.6b)
Microsoft - down 8.39% (market cap $229b)
Research In Motion - down 11.07% (market cap $35.58)
Apple - down 17.4% (market cap $93.8b)
Time Warner - down 8.8% (market cap $46.3b)

That's in excess of $55b USD wiped off the value of the above 6 companies in 1 day. The fun starts locally in a few minutes

3 comments:

Aaron said...

From timesonline.co.uk

"American taxpayers, who will elect a new president in five weeks’ time, have hated the bailout from the beginning. Already struggling with rising unemployment, collapsing property prices and the rising cost of living, many resented having to bail out Wall Street bankers. The plan would have cost each taxpayer more than $5,000."

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article4848747.ece

tom said...

This doesn't bode well for anyone

Ruud said...

granted,

some companies didn't play nice but don't you think that not bailing them out would have far worse consequences? What I found a bit extra ordinary about this is that the political safety right before an election is regarded as more important. Most of the no votes came from the republican party, the party who organized the plan in the first place... it will be amended slightly and will go through on thursday or otherwise monday, but yes that doesn't help your 55 billion wipeout :).... That is a full day's work...