Tech stocks are getting whacked

Apple CEO Tim Cook
Getty/Justin Sullivan

Technology stocks are under pressure ahead of Monday’s opening bell. The early selling comes after Friday’s selling spilled over into both Asia and Europe on Monday. Additionally, Mizuho analyst Abhey Lamba lowered his price target for Apple from $160 to $150.

Here’s a look at some of the bigger names ahead of the opening bell:

On Friday, the tech-heavy Nasdaq hit a record high of 6,341 following a Goldman Sachs note declaring FAAMG as the new acronym for the most powerful tech stocks driving the market. “Indeed, the bigger story in our view is FAAMG – Facebook, Amazon, Apple, Microsoft and Alphabet – a group of five stocks which have been the key drivers of both the SPX & NDX returns year-to date,” Robert Boroujerdi and his colleagues wrote in a note.

According to the firm, that group of five stocks had added $660 billion in market value so far in 2017.

But then, Citron Research published a scathing white paper on the graphics-processing-unit manufacturer Nvidia, saying it had become “a casino stock” after soaring more than 16% last Mondahy through Thursday. Citron said shares would sink to $130 before hitting $180.

Also weighing on tech was a report from Bloomberg suggested the iPhone 8 wouldn’t be as fast as its rivals.

The Nasdaq closed down 1.8% on Friday.

Markets Insider