Business & Tech
LinkedIn Loses Almost 10 Percent After Largest Stock Sell Off Since 2008
Local public companies declined as the market reacted to global economic uncertainties.
The Dow Jones Industrial Averge fell 513 points today as investors demonstrated their lack of faith in the global economy and European debt markets. The 4.3 percent decrease to 11,11,383.61 marked the largest point drop since Oct. 2008 and the biggest percentage since Feb. 2009.
The tech-heavy fell Nasdaq followed suit with a lost of 5.1 percent to 136.68 and the S&P 500 shed 4.8 percent or 60.20 points.
The value of Mountain View companies also took a beating.
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Up in North Bayshore, the New York Stock Exchange listed LinkedIn (LNKD) decreased $10.13 to $95.52 per share for a loss of 9.59 percent.
Google (GOOG) shares, which hit a day's high of $598.85, fell $23.65 or 3.93 percent. Google trades on the Nasdaq.
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Also on the Nasdaq, Intuit (INTU) dropped $1.52 to $44.39 for a 3.31 percent decrease.
The Ellis Street giant and Nasdaq listed, Symantec (SYMC) lost 6.29 percent of value or $1.15 to settle at $17.12 a share.
Another big sell-off occurred for Conceptus (CPTS), a bio-medical company which created a permanent birth control located on Evelyn Avenue and listed on the Nasdaq, lost almost a dollar. Its shares fell $0.98 to $10.57 for a loss of 8.48 percent.
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