Tech stocks lose safe harbor status, slip in 3Q

One of the hardest-hit companies was Internet search leader Google Inc., whose shares have endured their toughest year since the company went public in 2004. Recently investors have punished Google on worries that shriveling advertising budgets will hurt Google's ability to keep up its rapid growth.

Google's stock fell 24 percent for the July-September period. That makes it the second-toughest quarter for Google's stock after the January-March period of this year.

So far this calendar year, Google's stock is down 42 percent, falling from above $690 per share at the start of January to close at $400.52 on Tuesday.

The stock initially closed at $341.43, which would have been Google's lowest levels since mid-2006, but Nasdaq later said in a statement that it was canceling some "erroneous orders" from another market center that caused Google's stock price to precipitously drop minutes before the market closed.

The decline has vaporized $90 billion in shareholder wealth, leaving Google with a market value of $126 billion.

The quarter was also rough for Apple Inc. The iPod and Macintosh maker's shares fell 32 percent during the period, wiping out $47 billion in shareholder wealth, on concerns that slowing consumer spending is hurting the PC business, particularly the pricier models that are Apple's specialty.

The stock hit a new 52-week low Monday at $100.59. The stock regained some ground Tuesday, closing up 8 percent at $113.66.

Intel Corp., the world's largest semiconductor company, got its sails trimmed during the third quarter on fears that dampened purchases of PCs would reduce demand for Intel's chips. Its shares fell 13 percent during the period, chopping $16 billion from Intel's market value.

Some tech stocks were bright spots, however.