Bezos pushes tech stocks down with his own spending
Add BT as a preferred source[SAN FRANCISCO] Amazon.com Inc's Jeff Bezos scared off investors across the technology landscape after announcing intentions to continue his spending spree.
Amazon shares fell almost 10 per cent on Friday, leading an industrywide plunge that pushed Facebook Inc, Twitter Inc, Netflix Inc and LinkedIn Corp each down more than 5 per cent. They all gained at least 59 per cent in 2013, double the increase in the Standard & Poor's 500 Index.
"You've seen a prick in the bubble of some of these tech stocks," said Pat Becker Jr, a fund manager at Becker Capital Management in Portland, Oregon, which oversees US$3.1 billion. "It's been a momentum-driven market in some names and that momentum has ceased."
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