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DAX Falls As US Tech Earnings Disappoint
(RTTNews) - German stocks fell notably on Friday as investors reacted to disappointing earnings results from U.S. tech companies.
Amazon offered a gloomy view of its financial future and Apple signaled slower growth ahead while Intel announced lower-than-expected earnings guidance for the full fiscal.
The benchmark DAX was down 123 points, or 0.9 percent, at 13,088 after closing 0.1 percent higher the previous day.
Tech stocks fell, with Infineon Technologies falling more than 3 percent.
Porsche AG tumbled 3.2 percent despite the luxury carmaker reporting higher operating profit and sales in its first nine months of fiscal 2022. Further, the company confirmed its fiscal 2022 targets.
Volkswagen gave up nearly 3 percent after saying it expected deliveries to be around the same as last year.
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