Tech share prices are tumbling: Netflix, Tesla, Microsoft, Google, Amazon, Apple and more stock fall amid China rout

 
Lynsey Barber
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Tech is taking a tumble (Source: Getty)

Tech stocks have not escaped the market rout that has seen billions wiped of global markets on the first major day of trading in 2016.

Tesla and Netflix both fell by more than seven per cent, with a downgrade for the movie streaming service by Baird, while the electric car company yesterday delivered sales figures at the low end of estimates/

Down more than three per cent were Google, Microsoft, Twitter and Facebook, while Yahoo fell by more than five per cent. Tech giant Apple fell by as much as two per cent.

Even Amazon, which celebrated a stellar Christmas season taking it to new highs before the new year fell by more than five per cent.

US indexes tumbled by around two per cent on Monday following weak economic data from China, including the tech heavy Nasdaq.

Baird downgraded Netflix to neutral lowering its price target to $115 from $128. Meanwhile, Tesla said it delivered 17,400 in the fourth quarter of 2015, only 208 of them its new Model X crossover. Guidance had been for between 17,000 and 19,000.

Microsoft failed to defy wider market conditions even after announcing that 200m devices are now running Windows 10, the fastest ever rate of adoption for any of its operating systems.

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