Google Inc (NASDAQ:GOOG), Apple Inc. (NASDAQ:AAPL) Weighs Tech - Nokia (NYSE:NOK), Advanced Micro (NYSE:AMD), Clearwire Corporation (CLWR), MM

The broader markets are tumbling on the last trading session, which erased its entire week of gain as the DOW’s 3 components Microsoft, General Electric and McDonalds tumbled on lackluster earnings. The tech sector is the worst performer with Apple Inc.(NASDAQ:AAPL) and Google Inc(NASDAQ:GOOG) continued to tumble after yesterday’s fall. The NASDAQ Composite (INDEXNASDAQ:.IXIC) plunged -66.04 (-2.15%) to 3,006.83.

Shares of Google Inc(NASDAQ:GOOG) gapped up this morning and rose as much as 1.80% to $706.70, however the stock quickly resumed downtrend and was recently down 2.50% to $67..16 after breaking yesterday’s low of $775.

On Thursday, shares of GOOG ended lower 8% on earnings drama which was largely missed analysts’ target and the company pre-released its earnings in afternoon session by mistake, which halted the stock for 2.50 hours. The company, which had been showing a revenue growth of 20% over the past few quarters, posted 19% adjusted revenue growth as the average price of per click declined by 15%, over showing a 33% jump in ads volume.

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This morning, analyst at Bank of America/Merrill Lynch (BAC) downgraded the stock to neutral with a price target of $745, as margins have been lower.

On the other hand, analyst at Kim Forrest of Fort Pitt Capital remarked that the company’s recent miss could be telling a larger story about the mobile space.

The company has put the blame on R.R. Donnelley & Sons, a financial printing company for the premature release of results that revealed a shortfall in profits.

Apple Inc.(NASDAQ:AAPL) is another stock which is down 2.50% after tumbling 1.75% in yesterday’s session. The stock has been falling amid growing captious among investors that the company may not be able to meet analysts target in next week’s earnings after the various tech bellwethers failed to meet analysts’ target. The company is also projected to provide very conservative guidance.

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The another concern lingering is that the company’s supply crunch for recently launched iPhone 5 may limit the company’s profit in the latest quarter as well as upcoming quarters.

An analyst at BMO reduced its iphone estimate by 4 million to 46 million, stating supply constraints. The supply shortage is not the new problem for the company as the demand for iPhone is much larger than supply.

Yesterday’s fall was further sparked after Verizon (NYSE:VZ) commented that they saw supply crunch in the latest quarter. Following this, analyst at Jefferies & Co. reduced its projections r total iPhone 5 sales unit sales in the quarter to 5 million from 8 and 10 million.

Advanced Micro Devices, Inc.(NYSE:AMD) hits another low and is among the big losers with a fall of 17.50% to $2.19 as the company announced its plan to reduce its work force by 15% this year with an aim to save costs amid poor PC market condition. This morning analyst at Bernstein Research and FBR Capital Markets & Co. downgraded the stock to "Market Perform from "Outperform." Bernstein timed price target by $1.50 to $2.50, whole FBR Capital reduced PT by 40% to $3.

Nokia Corporation (ADR)(NYSE:NOK) is another stock within the tech sector which has been struggling to gain momentum despite a better than estimated earnings. The Finnish handset maker has to convince analysts and investors that it is capable of making inroads into the marketshare of Apple and Google before they can be induced to invest their faith and money into the Nokia stock.

Will NOK Hit $5 This Year? Find Out Here

Bernstein Research analyst Pierre Ferragu maintains his Underperform rating and $1.56 target price. “In the Smartphone market, characterized by ‘winner-take-all’ dynamics for ecosystems, we do not see material room for Windows Phone 8,” he writes. “Longer term, with a focus exclusively on this operating system and a dying feature phone market, Nokia is unlikely to drive more than 12 cents of earnings in 2015 after painful rounds of restructuring.

Clearwire Corporation(NASDAQ:CLWR) continued to move lower and plunged 10% after Sprint Nextel Corp. said it doesn’t have control of Clearwire Corp. despite its majority stake in the spectrum-rich Washington company.

On Thursday, Sprint boosted its stake in CLWR from 48 percent to 50.8 percent.

Millennial Media, Inc.(NYSE:MM) lost 5% after top rival Google said its mobile business (dominated by ads) is on an $8B/year run rate, but also reported a 15% Y/Y ad price decline that was likely influenced by mobile. Earlier this week, the CEO of Jumptap, another Millennial rival, said his company is considering an IPO or a sale - Millennial could be an option if the latter is the case.