It’s no surprise that AMD’s stock is down over 6%.
Hector Ruiz, the former CEO, was linked to Galleon insider trading and thus, the market is responding appropriately. Giants Microsoft (MSFT), Oracle (ORCL), Adobe (ADBE), Computer Associates (CA), and Intuit (INTU) are all down.
Perhaps the only saving grace at the moment lies within IBM, which is trying hard to break even, and the telecom sector, which has been up since yesterday thanks to the likes of Verizon (VZ), Qualcomm (QCOM), AT&T (T), and Sprint (Q). Motorola (MOT) is up over two per cent, thanks in part to the upcoming Droid phone that will launch on Verizon next week.