What: A number of Australia's most popular tech stocks have been caught on the market's chopping board today after the US tech-heavy NASDAQ toppled 1.35% overnight. While the Dow Jones and S&P 500 indexes also dropped 0.7% each, the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) has endured one of its worst days this year, plunging 61.6 points or 1.1%.
While it is impossible to say why this happened, it is possible investors are taking their profits ahead of the earnings season.
So What: After companies like Amazon.com, Google, Twitter and Facebook all plummeted between 2% and 7% overnight, a number of key Australian tech stocks have also experienced the market's wrath first-hand. Take a look at some of these stock movements today:
- Webjet Limited (ASX: WEB) is down 9.5%.
- XERO FPO NZ (ASX: XRO) has dropped 3.6%.
- SEEK Limited (ASX: SEK) down 2.6%.
- Veda Group Ltd (ASX: VED) is down 1.9%.
- REA Group Limited (ASX: REA) has fallen 2.7%.
- Carsales.com Ltd (ASX: CRZ) has crashed 2.8%.
Now What: Days like these can be incredibly nerve-wracking for investors as they watch their portfolios plunge in value. However, it does give others a fantastic opportunity to buy quality companies on the cheap! The stocks that have particularly caught my eye today are Webjet, Carsales.com and Veda Group. As I've said before, I already own shares in Veda Group but am strongly considering buying more!
