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Apple, Microsoft Take A Hit As Nasdaq Posts Major Slide

Technology stocks have led the Nasdaq tech-laden share index to its biggest two-day slide since December, with the top of the crop leading way down, down, down, as Coles would say.

Apple shares slid seven percent to $145.42, followed by other tech leaders including Microsoft and Alphabet.

AMD shares lost six percent of their value while technology-linked crypto-currencies such as Bitcoin also plummeted and Facebook, Amazon and Netflix were also under pressure.

The run on Apple followed two negative reports on the iPhone maker: one from Mizuho Securities, which cut its rating to “neutral” from “buy”. Mizuho said Apple stock had outperformed on a year-to-date basis and it believed enthusiasm around the upcoming product cycle would stay at current levels.

Despite the recent decline, Apple shares are still up more than 23 percent for the year, closing yesterday at US$145.42, down $3.56 on the day but still not dramatically below the 12-month high of $156.65.

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