More technology advertisers, including Netflix (Nasdaq: NFLX), Stamps.com (Nasdaq: STMP) and PolyCom (Nasdaq: PLCM) have withdrawn from the "Rush Limbaugh Show" after the host's derogatory remarks about a female Georgetown University law student.
More than 40 advertisers have bailed out of the nationally syndicated talk show, ranked No. 1, since Limbaugh insulted student Sandra Fluke last week, then apologized Monday.
The new tech-sector withdrawals join Carbonite (Nasdaq: CARB), the developer of PC backup systems; software management provider Citrix Systems (Nasdaq: CTXS) and online service provider AOL (NYSE: AOL).
Shares of all the tech-related companies that withdrew rose Wednesday, except for Citrix.
Other advertisers who withdrew sponsorship from the top-rated program syndicated by Premiere Networks, a unit of closely held Clear Channel, include Capital One (NYSE: COF), Deere (NYSE: DE), Allstate (NYSE: ALL) and Sears Holdings (NYSE: SHLD) as well as private ProFlowers, LegalZoom, Sleep Number and the Sleep Train.
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Once publicly traded, Clear Channel was taken private in a $20.6 billion buyout in 2008 led by Bain Capital and Thomas H. Lee Partners, two giants of the private equity sector. Republican presidential candidate Mitt Romney is the co-founder of Bain Capital and still receives funds from the company, although he doesn't participate in management.
Limbaugh, 61, has not endorsed a Republican contender yet, although he has frequently had Romney rival Newt Gingrich on his show for interviews.
Limbaugh has long boasted of his affection for technology, especially Apple (Nasdaq: AAPL) products. He has complained on the air that while he exclusively uses Macs, the Cupertino, Calif. company has never advertised on his program.