News of Microsoft’s loss in Federal Court yesterday sent stock prices on the Nasdaq tumbling, including several key technology and marketing stocks.
The Nasdaq lost more than 7 percent of its value during the day as traders anticipated the government winning its antitrust case by moving money from the technology heavy Nasdaq to the blue-chip Dow, which was up 300 points yesterday.
Among the key stocks affected were eBay, which dropped more than 32 points and lost 18 percent of its value. DoubleClick was down 13 5/8 losing more than 14 percent. ClickAction lost 18.39 percent of its value and finished more than 9 points lower. Yahoo dropped 11 1/4 and lost 6.56 percent of its value. Microsoft itself was down 15 3/8.
Some analysts said worries over Microsoft jilted an already jumpy Nasdaq, which has been volatile for the better part of the year. This may not improve as the trial will now move into its penalty phase where judge Thomas Penfield Jackson could levy serious penalties and curbs on Microsoft or even break up the company.
