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Technology Stocks Lose Grounds On Global Sell-Off, Some Hitting New 52-Week Low
By: iStockAnalyst   Monday, October 06, 2008 2:13 PM
Symbols: AAPL, CSCO, CTSH, EBAY, GOOG, INFY, LRCX, RMBS, SINA, TWX, YHOO

(NYSE: TWC) are in grid lock over a new retransmission contract issue. On Monday, the Lin TV pulled down the signals of 15 stations in 11 markets from Time Warner Cable systems that eventually affected 2.7 million subscribers. At 11:10am ET, shares of the firm tumbled by 48 cents or 3.96 percent to $11.64. The stock hit a fresh 52-week low at $11.64 from the previous low of $12.05.

Yahoo! Inc (NASDAQ GS: YHOO):

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Shares of Yahoo declined by 53 cents or 3.31 percent at $15.47 in late morning trading session on Monday. The stock hit a fresh 52-week low at $15.17 from the previous low of $15.54. It has traded as high as $34.08. The shares declined following reports that Sanford Bernstein analyst Jeffrey Lindsay slashed price target on Yahoo to $21 from $24 on Monday. The analyst cited the delay of its controversial search-advertising deal with Google Inc (NASDAQ: GOOG).

Google Inc (NASDAQ GS: GOOG):

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Shares of Google also declined on reports that Yahoo has confirmed it will delay its controversial the Internet search pioneer. Yahoo indicated that it will postpone the partnership until U.S. regulators finish the antitrust review on whether the deal will hurt competition. At 11:36am ET, shares of the firm were trading down by as much as $17.48 or 4.52 percent at $369.43, after it hit a new 52-week low at $366.50 from the previous low of $380.71 on Monday.

Ebay Inc (NASDAQ GS: EBAY):

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Shares of eBay hit a six year low as it announced its plans to reduce its workforce by 10 percent worldwide, including laying off 1,000 employees. The firm issued third quarter profit warning as its revenue could hit the low end of its previous forecast of $2.1 billion and $2.15 billion. The company also said it has acquired two new businesses: Online payments business Bill Me Later for $945 million and Denmark-based online classifieds destination dba.dk and the automobile Web site bilbasen.dk for around $390 million. Shares of the firm declined more than 7 percent to $17.47 on Monday morning, which is also its new 52-week low from the previous low of $18.93. At 11:47am ET, shares of the firm were trading down by $1.22 or 6.44 percent at $17.72.

Lam Research Corporation (NASDAQ GS: LRCX):

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Lam Research moved down as global markets were hit by a new wave of negative sentiment, sparking sell-off.


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