U.S. equities are struggling again on Tuesday as the hits just keep coming for the tech sector. Facebook Inc (NASDAQ:FB) is down another 4%, capping a near-7% loss on Monday, following reports of inappropriate data mining by outside political groups and a government investigation into the company’s practices. Twitter Inc (NYSE:TWTR) is getting hit by criticism from the Israeli government on security concerns.
FB shares have moved below their 200-day moving average, a level that hasn’t been violated since January 2017. Shares are not yet back to the levels they first reached last summer as the stock has faced down a number of negative headlines including charges of political weaponization, the departure of its chief security officer and now reports that the Federal Trade Commission has opened an investigation into the company’s use of personal data.
TWTR shares dropped more than 10% after Bloomberg reported that Israel is considering sanctions against the company for online incitement. Not only is the company dealing with these specific headline, but it also sees looming fears that tighter regulations are coming. FB officials are expected to brief various Congressional committees on Wednesday.
Tesla Inc (NASDAQ:TSLA) shares are on the verge of breaking down out of a multimonth consolidation range amid ongoing Model 3 production woes, executive departures and fresh worries about the future of autonomous vehicles after an Uber self-driving car killed a pedestrian.
Oracle Corporation (NYSE:ORCL) shares are down nearly 9% after reporting good quarterly results dragged down by weak forward guidance. Quarterly earnings rose 20% from last year to 83 cents per share on a 5.4% growth in revenue. Cloud revenue increased 32% to $1.6 billion.
Also, there is a nagging worry that the company waited too long to embrace the cloud, giving companies like Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) an early lead and discouraging customers to change platforms.
Article printed from InvestorPlace Media, https://investorplace.com/2018/03/4-big-cap-tech-stocks-getting-slammed/.