Tech stocks brief . .

Almost all technology stocks got hammered on Monday.

 Facebook (FB) lost 4% and Microsoft (MSFT)  fell 2%. Twitter (TWTR) lost 5% and was down 36% for the year.  Adobe Systems (ADBE) was off 5% on Monday and 20% for the year. The widespread tech crash is all the more surprising because almost everyone thought there was no bubble in the tech sector. Last year’s market for initial public offerings of tech companies was the slowest since 2009 (and performed poorly throughout the year), slightly more seasoned public tech companies appeared to have already crashed last spring and most of the big tech companies, such as Apple (AAPL), IBM (IBM) and Cisco Systems (CSCO), trailed the market and appeared undervalued by historical measures. Only the so-called FANG stocks — Facebook, Amazon (AMZN), Netflix (NFLX) and Google’s Alphabet (GOOGL) — did well, with an average return of 83% each in 2015.
And while many see it as a continuation of Friday’s rout sparked by LinkedIn’s (LNKD) weak outlook for the rest of the year, the damage has been piling up for weeks. Investors are fleeing almost all tech names over concerns about the slowing global economy in general and a reassessment of the potential growth of online and “cloud” markets more specifically. They’re all down in 2016, as well. After its 5% Monday drop, Facebook was still best of the bunch, showing a modest 5% loss for the year. Amazon was also down 3% on Monday but carries a crushing 28% loss for the year. Netflix was a rare gainer, up 1%, but still off 27% for the year. And Google was about unchanged on Monday and down 9% for the year.

Name Price Change % Change Last Update
16,014.38 -12.67 -0.08% Feb 9 4:37 PM EST
6,996.30 +71.99 +1.04% Feb 9 4:37 PM EST
626.77 +3.82 +0.61% Feb 9 4:37 PM EST
5,675.57 +19.63 +0.35% Feb 9 4:37 PM EST
18,892.19 -29.83 -0.16% Feb 9 4:36 PM EST