Tech stocks had a bad month in October

2 min read

The stock market for top tech companies is in shambles. Amazon.com Inc (AMZN.O) and Google parent Alphabet Inc (GOOGL.O) have suffered battering over the last month on Wall Street after being on top for the past year. Amazon’s stock is down 23% in October alone. Shares of Facebook closed on Tuesday up 2.9 percent at $fv146.22.

Monday was a tumultuous day for tech stocks broadly as the news that IBM agreed to buy cloud software distributor Red Hat for $34 billion, 63 percent premium shocked everyone. Red Hat surged on the news, while IBM was down 4.1 percent. Facebook, Amazon shares have been affected badly which is a stark contrast to the past four years.

Baidu, Alibaba and Tencent (B-A-T) is down!

A blog post written by Michael. K. Spencer, blockchain consultant, compares the stocks of top tech companies, with the current stock market trends of the world. Particularly, China’s stocks that have been on the fall, thanks to the trade war between America and China. It makes for an interesting read! China’s largest technology companies Baidu, Alibaba and Tencent; also known as the BATs have lost around $165 billion in value year-to-date. U.S.-listed Alibaba and Baidu are caught up in the broader sell-off in Chinese stocks because of the U.S.-China trade war. Tencent, on the other hand, is down because the Chinese government has raised concerns about eye problems citing video games as one of the causes. Tencent, that makes a huge amount of money from games has taken a hit because of this decision.