Midday stock check: VMWare tumbling

Bay Area companies are on a rough ride in the market today, with VMWare (VMW) plummeting almost 13 percent in midafternoon trading and both Cisco Sytems, Inc. (CSCO) and Oracle Corp. (ORCL) falling almost 10 percent.

On the upside, The Gap, Inc. (GPS) posted an uptick of more than 5 percent, followed by PG&E (PCG), which was up more than 3 percent. 

The market continued to plunge after Federal Reserve Chairman Ben Bernanke warned he expects a raft of economic troubles will cause business growth to slow . Reuters reported that a lackluster forecast from Cisco Systems Inc. made investors wary of technology stocks, according to the Associated Press.

The Dow insutrial average had dropped more than 130 points by midafternoon, with the Nasdaq down more than 75 points/ The S&P 500 dropped almost 14 points.

Just Posted

New Chinatown station to be named for Rose Pak, but opponents vow to keep fighting

Debate over power broker’s legacy exposes deep rifts in Chinese community

City shutting down long-term mental health beds to expand hospital Navigation Center

The City is preparing to close dozens of permanent, residential treatment beds… Continue reading

Elected officials, community groups oppose housing development on Redwood City salt pond site

A group of elected officials and community organizations from across the Bay… Continue reading

Hundreds of guns come in to California from Nevada. Lawmakers want to stop it

Two dozen California legislators on Wednesday asked their counterparts in the neighboring state to meet this fall to discuss strengthening restrictions on firearms.

Trump wants to lift restrictions on how long it can hold migrant families

The Trump administration is moving to end a court settlement limiting its ability to hold migrants.

Most Read