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Bear Bites Nasdaq as Tech Companies Take a Plunge.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, July, 2000 by Marshall, Matt
Jul. 29--The bear that mauled technology stocks last spring loped back into town this week. And it was hungry.
The tech-filled Nasdaq composite index fell 4.7 percent Friday -- a bloody end to the market's worst week since mid-April. Summer is often a lousy time for tech stocks as money managers go on vacation, but over the last five days, the Nasdaq has fallen 10.5 percent as investors also decided that the outlook for company profits isn't as good as they hoped.
Silicon Valley's largest tech companies were among those badly clawed, including Cisco Systems Inc., Intel Corp. and Yahoo Inc., all of which plunged more than 5 percent Friday.
The Nasdaq "is just getting smushed," said Ken Sheinberg, head of listed trading at SG Cowen Securities....
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