Amazon, Yahoo Lead Tech Stocks Lower

Seagate (NYSE: STX), Yahoo (NASDAQ: YHOO) and Amazon (NASDAQ: AMZN) led stocks lower on Monday, as the market continued to fall ahead of the release of fourth-quarter earnings reports.

Seagate shares plunged 15.6% after the company replaced CEO William Watkins with Chairman Stephen Luczo and said it will lay off 10% of its workforce.

Amazon and Yahoo fell nearly 7% each on AmTech Research downgrades on worries about falling consumer spending and online ad sales. AmTech also downgraded Dell (NASDAQ: DELL) today.

And shares of Satyam (NYSE: SAY) reopened on the NYSE five days after being halted for an accounting scandal. The stock ended the day down 84% to $1.46, but that was well off its worst levels, as hopes for a rescue from the Indian government encouraged bargain hunters.

IBM (NYSE: IBM) was a rare winner, tacking on 1% ahead of its Jan. 20 earnings report.

Aladdin Knowledge Systems (NASDAQ: ALDN) was up 14% on a private equity buyout.

Level 3 (NASDAQ: LVLT) was down 18% following a 13% advance on Friday.

The Nasdaq fell 32 to 1538, the S&P 500 tumbled 20 to 870, and the Dow fell 125 to 8473. Volume rose to 5.32 billion shares on the NYSE, but declined to 1.82 billion on the Nasdaq. Decliners led by a 29-9 margin on the NYSE, and 21-7 on the Nasdaq. Downside volume was 89% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 10-61 on the NYSE, and 4-43 on the Nasdaq.

News Around the Web