Unlike the Dow and S&P 500, the Nasdaq is currently in the red.
Advanced Micro Devices slashed its revenue expectations for the third quarter to 4% – 6% down from a previous estimate of 10%. It also it expects third quarter gross margin to be between 44% – 45%, down from previous expectations of 47%.
The stock is off nearly 14% and has dragged down semiconductor industry, which in turn is weighing on the Nasdaq which is down about 0.7%.
Netflix is also down 10.6% as it continues to take a whack for splitting its DVD and streaming businesses. There’s also chatter that Microsoft plans to offer online pay television from Comcast on the Xbox.
Here’s a look at some other big names that are selling-off:
- Sina Corp: -10.3%
- Baidu Inc.: -9.7%
- Micron Technology: -4.1%
- Yahoo: -3.5%
- SanDisk Corp: -2.9%
- Amazon: -2.9%
- NVIDIA: -1.7%
Here are some non-tech names that are also down:
- Wynn Resorts: -6.9%
- Green Mountain Coffee Roasters: -6.4%
- Lululemon Athletica: -3.5%
- Chipotle: -2.8%
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