Today was not very friendly to stocks in general, but momentum names like VMWare (VMW), Apple (AAPL), and Bidu.com (BIDU) are taking the biggest hits. Specifically, VMWare and Bidu were last off about 3.5%, while Apple had lost more than 2% in late Monday trading. These stocks have been bid up quite significantly this year, and with fears of a U.S. economic downturn, many investors are choosing to take these profits off the table. Overall, the tech-laden Nasdaq Composite (COMP - 2,590.3) has dipped below the 2,600 level and is off about 1.75% on the day, while the Technology Select Sector SPDR Fund (XLK) is trading below key support at the 26 level, shedding about 2% on the day.
However, Amazon.com managed to find some positive purchase, climbing about 0.6% after the company announced the Kindle, a new portable wireless reading device that can download books, magazines and newspapers. Amazon said the Kindle will initially cost $399 and will work with the company's online store to allow downloading of books for $9.99 each.
Elsewhere, shares of Hewlett-Packard have dipped more than 2% ahead of the company's fourth-quarter report slated for after the closing bell. Currently, analysts are expecting a profit of 82 cents per share on $27.39 billion in sales.