Tech Stocks Tumble As European Debt Crisis Worsens

The Dow Jones dropped more than 350 points, and the S&P 500 and Nasdaq were both off more than 3 percent at press time. Italy's financial plight, which follows debt crises and international bailouts of Greece, Ireland and Portugal, has triggered further global market concerns and economic skepticism.

Oracle, HP, Dell and AMD stocks had all fallen more than 5 percent Wednesday afternoon before market close. Other technology stocks fared much worse; Adobe Systems, which earlier in the day announced a major restructuring and cut 750 jobs, saw its stock plummet nearly 8 percent.

Channel stocks have also suffered from the news coming out of Europe. Arrow Electronics stock price fell more than 5 percent, as did the stock of fellow enterprise distributor Avnet. VAR500 stalwart Insight Enterprises' stock dropped nearly 8 percent, while Computer Sciences Corp. (CSC) saw its stock price crash more than 14 percent.

Not all channel stocks were in the red Wednesday, however. PC Mall, for example, was up more than 2.75 percent, while government solution provider GTSI saw its price jump more than 2 percent as well.