It was a bloody day for technology stocks on Wall Street, as investors punished the entire sector after Google and Microsoft both delivered disappointing earnings results.
Microsoft (MSFT) took the worst beating, plunging more than 11% -- its worst one-day drop since January 2009. The company badly missed Wall Street's profit forecasts after taking a huge write-down on its Surface tablet last quarter.
That bad news as was a hot topic among traders on StockTwits, with some speculating that more pain is on the way for Microsoft.
And the calls for ousting Microsoft CEO Steve Ballmer grew louder once again.
But some traders remained optimistic, noting that Surface sales could improve as Microsoft releases updated versions.
Other pinned their hopes on the company's Xbox One video game console.
Google (GOOG) shares were also lower Friday, but investors weren't nearly as frustrated with the search giant's miss. The stock declined less than 2%. In fact, after hitting a three-week low within the first 15 minutes of trading, the stock began to trim its losses.
In fact, Apple (AAPL), which reports earning next week, was down more than 1%, as it declined alongside the rest of the tech sector.
While the comparisons between Google and Apple mostly came down in favor of Google, one trader suggested that perhaps Google investors should take a lesson from Apple's recent slide. The stock dropped a whopping 45% from the all-time high in September through mid-April. Apple shares have since begun to recover, but remain a sizable 40% below the record high.
Advanced Micro Devices became the latest victim of the sluggish PC market Friday, after the chipmaker warned that third-quarter revenue could decline 10% from the previous quarter.
AMD's shares tumbled 14% following the warning.
The gloomy projection comes as the company faces "weaker than expected demand across all product lines caused by the challenging macroeconomic environment," and is far worse than what the company's management was originally expecting. In July, AMD said it MOREHibah Yousuf - Oct 12, 2012 5:40 PM ET
Running the fiscally challenged state of California might have been an easier task for Meg Whitman than trying to turn around Hewlett-Packard.
That's what she would be doing right now if she hadn't lost the Golden State gubernatorial race to Jerry Brown in 2010. Alas, she has to "settle" for the more lucrative but arguably more thankless job as CEO of troubled HP.
Hewlett-Packard (HPQ) shares are down nearly 25% this year, MOREPaul R. La Monica - Jun 27, 2012 1:00 PM ET
#StupidStock Move of the day! $NVDA up 7% on $MSFT Surface tablet inclusion? Yes, it's good. But what if Surface is more Kin/Zune than Xbox?
— Paul R. La Monica (@LaMonicaBuzz) June 19, 2012
On the Surface, Microsoft's (MSFT) new tablet is a boon for graphics chipmaker Nvidia (NVDA). But I'm a little surprised the stock is up this much on the news. Considering that we don't yet know when the Surface MOREPaul R. La Monica - Jun 19, 2012 3:03 PM ET
|United Airlines reaches settlement with passenger who was dragged off plane|
|Trump can't stop U.S. jobs from leaving|
|Toyota recalls 228,000 Tacoma trucks|
|Exxon released 10 million pounds of air pollution in Texas|
|Uber's top self-driving car executive steps aside amid lawsuit|