Tech Stocks Tank on Economic Crisis, S&P Downgrade

I'll bet Facebook and Zynga are glad they haven't gone public yet.

LNKD

is among the many tech companies taking significant losses following today's

. As of this writing, the popular social networking has been hit by an 18% decline. Granted, LinkedIn was downgraded on Friday by both

Morgan Stanley

and

Evercore Partners

. But that didn't stop Bank of America from increasing its price target on the

very same day

. J.P Morgan awarded LinkedIn with a

price target increase

of its own. But at a trading price of roughly $76, LinkedIn is unlikely to reach the $108 PT that Bank of America anticipated. Youku.com

YOKU

, which has been

running into trouble

after its F1 was amended last week, is down 6%. The perpetually imperiled Research in Motion

RIMM

has been reduced by approximately 6% as well. AOL

AOL

, a company with employees that like to

burn a little money

, is faced with a decline of nearly 4%. Electronic Arts

ERTS

, which

launched a new service

and

appointed a new COO

last week, is taking a small hit today with more than 7% dropping off its shares. After

beating analyst estimates

last week, you might have thought that Activision

ATVI

could weather this storm. But that isn't the case, as the company is down roughly 3.4%. THQ

THQI

, which suffered a

major sell-off

earlier this year, has lost another 7.5%. Investors that took

BMC's recommendation

to hold on to shares of Take-Two Interactive

TTWO

might be frustrated by the firm's loss of more than 7%. Meanwhile, Sony

SNE

, which made the

questionable choice

to delay the PS Vita

until 2012

, is taking a hit in the neighborhood of 3.7%. Heavy hitters like Google

GOOG

and Microsoft

MSFT

are suffering as well, each dropping 3% and 2%, respectively. Cisco

CSCO

just lost a little over 5%. Apple

AAPL

, the can-do-no-wrong company (well,

not entirely

), is down nearly 4%. Chances are this decline has nothing to do with Operating Systems Solution, the latest company to

sue Apple

over patent infringement. Even companies that sell technology are taking a hit. Best Buy

BBY

, which seems to be in a battle

every week

, is down 4% today. Nearly 8% has been shed from GameStop's

GME

share price. Amazon

AMZN

, a company that's often viewed as an impervious entity, is down 4%. Of course, tech companies are far from the only ones that are suffering. Goldman Sachs

and JPMorgan Chase & Co.

JPM

are experiencing declines this afternoon. Citigroup

is having an especially bad day with a loss of more than 13%. Wells Fargo

WFC

has dropped nearly 6%.

This lawsuit

between American International Group

AIG

, which is down more than 9%, and Bank of America

BAC

, which is down a whopping 18%, is sure to make things worse.

Follow me @LouisBedigian

AAPLApple Inc

$204.471.91%

Edge Rankings

Momentum39.35

Growth32.87

Quality79.52

Value9.03

Price Trend

Short

Medium

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AIGAmerican International Group Inc

$87.342.25%

AMZNAmazon.com Inc

$213.752.81%

BACBank of America Corp

CSCOCisco Systems Inc

$66.422.79%

EAElectronic Arts Inc

GSThe Goldman Sachs Group Inc

$614.001.34%

JPMJPMorgan Chase & Co

$265.331.29%

MSFTMicrosoft Corp

$470.380.58%

TTWOTake-Two Interactive Software Inc

$232.720.73%

WFCWells Fargo & Co

$76.201.74%

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