Serious manipulation, if you ask me. They tank the whole
market because somebody made a negative comment about a year
old company. The lemming principle at its best.
NEW YORK (Reuters) - Stocks sank on Thursday, led by a drop of more than 1 percent in the Nasdaq, as a downbeat brokerage comment on Chinese Internet company Baidu.com Inc.(BIDU.O) unnerved investors after record highs earlier in the day.
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Earlier, a higher profit outlook from Wal-Mart Stores Inc (WMT.N) had helped the Dow and S&P reach all-time highs.
Baidu.com, China's top Web search firm, lost 10 percent to $308.78 on Nasdaq after JPMorgan Chase & Co. predicted Baidu's third-quarter revenue will be slightly lower than estimated.
The research note undermined confidence that had driven the Nasdaq higher for four days to its best level in 6 1/2 years on the view that there will be strength in technology earnings despite the late summer credit squeeze.
Investors sold the best performers in the previous month's tech rally, pushing iPod maker Apple Inc (AAPL.O) down 2.7 percent to $162.23 and driving Blackberry producer Research In Motion Ltd. (RIM.TO)(RIMM.O) down 5 percent to $111.
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