The shake-out on Wall Street continued on Monday, with Nasdaq stocks taking the brunt of the selling. Over the past three trading sessions, the Nasdaq has plunged 177 points, or more than 4 percent. Big name Internet and social media stocks led the downturn, but the damage was widespread.
The Dow Jones industrial average (^DJI) fell 167 points, the Nasdaq composite (^IXIC) slid 48 and the Standard & Poor's 500 index (^GPSC) lost 20 points.
Let's check some of the big name losers on the Nasdaq.
Apple (AAPL) lost 1.5 percent, LinkedIn (LNKD) dropped 3.5 percent and Pandora Media (P) fell 5 percent despite an upgrade by Wedbush Securities. Pandora shares have now tumbled by 27 percent over the past month.
But Facebook (FB) and Netflix (NFLX) turned around in the final hour to post modest gains.
Online travel companies Priceline (PCLN), Expedia (EXPE) and TripAdvisor (TRIP) all continued to decline. And Tesla Motors (TSLA) lost another 2 percent.
But biotechs avoided the heavy selling today. Biogen Idec (BIIB) actually turned higher. And some of the money flowing out of Internet stocks moved into "old" tech companies. %VIRTUAL-article-sponsoredlinks%IBM (IBM), Intel (INTC) and Cisco Systems (CSCO) all gained about 1 percent.
Among other blue chips, Walt Disney (DIS) fell 1.5 percent despite a strong opening weekend for "Captain America: The Winter Soldier."
Pfizer (PFE) fell 3 percent. It reported generally positive results for a new breast cancer drug, but there was disappointment the findings were not even better.
And Procter & Gamble (PG) gained 1 percent after increasing its dividend.
There weren't many gainers, but big name food companies were among them: Kellogg (K), General Mills (GIS), Kraft (KRFT) and Coca-Cola (KO) all gained more than 1 percent.
Elsewhere, 3-D printers are malfunctioning. Stratasys (SSYS) lost 7 percent. Over the past three months it's lost nearly a quarter of its value.
World Wrestling Entertainment (WWE) got pinned, losing 15 percent even though the company says it is on target for 1 million subscribers this year.
Buffalo Wild Wings (BWLD) fell 2 percent even though it expects to do big business for tonight's NCAA championship game.
And the health technology firm Questcor (QCOR) jumped 19 percent agreeing to be acquired by Mallinckrodt (MNK) for $5.6 billion.
What to Watch Tuesday:
The Labor Department releases job openings and labor turnover survey for February at 10 a.m. Eastern time.
These major companies are scheduled to report quarterly corporate earnings:
After Market: Internet High-Flyers Continue Their 3-Day Dive
The 1099 forms you received from brokerages and other financial institutions might not be the last ones they send. It's common for them to issue corrected versions a little later. Consider getting your tax return ready to go, then waiting until close to April 15 before submitting it. That way, you can incorporate any last-minute changes and avoid having to file an amended return.
Pay attention to when you sell any holding, because the capital gains tax rates differ for long-term and short-term holdings. Short-term capital gains are taxed at your ordinary income tax rate, which could top 30 percent. Long-term gains (those held for more than a year) get preferential rates, which are zero percent for those in low-income brackets and 15 percent for most of us.
If you own underwater stocks, consider selling them for a loss. You can use those losses to offset gains from other sales, reducing your taxes owed. You can always buy back the asset later, if you still believe in it -- just be sure to wait for 31 days to pass, to observe the "wash sale rule."
If you're planning to sell one or more holdings that will give you a really big gain, submit an amended W-4 form to increase your withholding, or send the IRS an estimated tax payment. Underpaying your taxes significantly during the year can lead to a penalty at tax time. You may be protected by a "safe harbor" provision, though, which can save you from having to jump through those hoops.
If you're planning to buy shares of a mutual fund, determine when it will distribute its dividends. Many funds do so near the end of the year, and when that happens, the fund's share price will drop by the amount of the distribution -- which is taxable to shareholders. It's better to just wait until after that payout to buy in.
Mutual funds with high turnover ratios (reflecting a lot of buying and selling in a fund) have expenses for these trades. It's worth favoring funds with low turnover ratios, especially index funds and index-tracking ETFs, which simply hold onto the mix of securities in a given index, without a lot of trading activity. (Index funds generally outperform their higher-turnover counterparts, too.)
Boost the power of your Individual Retirement Accounts by making your annual contributions early in the year, giving the funds more time to grow. Over decades, it can make a significant difference.