(By Mayur Pahilajani - iStockAnalyst Writer)

New York, NY - After the bell, stocks on Wall Street continue to decline on Friday. Some of the major stocks hit a new low on weakening earnings outlook; declining oil prices; slumping housing sector; lowering investor confidence; and dropping consumer and business spending. The shares on Wall Street are victim of global sell off as investors continued dumping equities in Asia and European markets. Here are some of the industry giants that are trading down.

Microsoft Corporation (NASDAQ GS: MSFT):

The software giant was trading sharply lower on Friday, down by $1.10 or 4.93 percent to $21.20 at 11:02am ET in New York. The stock hit a new 52-week low at $20.65 from the previous low of $22.07. It has traded as high as $37.50 in the last 52 weeks. Some of the market analysts still on Wall Street have a "Buy" rating on the company as the company may pull up more sales from emerging markets during the holiday season.  

Intel Corporation (NASDAQ GS: INTC):

The chip giant was downgraded by on Friday to "Sell" from "Buy" rating by analyst Vijay Rakesh of ThinkPanure, citing fading sales leading to slowdown in its growth. Intel is likely to report lower sales in the third quarter. At 11:15am ET, shares of the firm were trading lower by 77 cents or 4.97 percent at $14.83, after hitting a low of $15.80. The company, which is a big competitor of Advanced Micro Devices (AMD), has a dividend yield of 3.54 percent.

Exxon Mobil Corp. (NYSE: XOM):

Exxon Mobil Corp. (XOM) stayed down after the bell, trading shraply low by 10.74 percent or $7.30 to $60.70 at 11:12 a.m. ET. on Friday, following its fall to 52-week low of $58.30 from its previous low of $67.47. The firm declined on dropping oil prices. Oil rates plunged by as much as $4.59, or 5.3 percent in New York to $82 a barrel, heading for its largest weekly drop recorded since December 2004.