Tech stocks at lowest levels in seven years
Monday, April 29, 2013 4:08 PM
U.S. technology stocks have fallen to the cheapest levels in at least seven years and are vulnerable to more losses as analysts reduce second-quarter profit estimates, Bloomberg reported. Earnings at computer companies will fall 5.5 percent in the three months through June as consumers and government agencies cut spending, according to more than 2,000-analyst estimates tracked by Bloomberg. The group, led by Apple Inc. and International Business Machines Corp., trades at 13 times projected profit, the lowest level compared with the Standard & Poor's 500 index since Bloomberg began compiling the data in 2006. Read more.