It’s being called Black Monday. #BlackMonday for the social media set.
Either way, Silicon Valley spent Monday watching the market whiplash, especially closely because tech stocks were caught up in some of the most roller coaster selling ever seen.
Netflix, for example: Remember how market pundits said the company’s 7-1 stock split would calm down those gut-wrenching moves? Not Monday. Netflix traded at $85 a share in the morning, then zoomed back to $109 before you could stream an episode of “Orange is the New Black.” That’s a range of $24 a share … in a morning.
Apple, too, was all over the place, and this is one of the Valley’s more mature stocks. It opened at $92 a share. Then, as the market improved, and word got out that Apple CEO Tim Cook sent an email to CNBC’s Jim Cramer about strength in the Chinese market, Apple shares zoomed to $108. Shares around $104 in the last half-hour of trading.
Both Netflix and Apple ended up down for the day, but it could have been worse. It’s been a Black Monday – it’s also been a Comeback Monday.
Scott follows stocks on Twitter: @scottbudman
