bailoutbeating

Deep Decline for Data Center Stocks

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Today’s numbers from Wall Street are grim. The Dow lost a record 777 points (7 percent) after the House of Representatives rejected the financial bailout package. The S&P 500 slid 8.8 percent, and the NASDAQ lost 200 points, shedding more than 9 percent of its value. As bad as those numbers were, the daily percentage losses were even steeper for many shares of companies in the data center sector. Here’s a look at the day’s damage:

Level 3 is likely getting particular attention due to its debt load. As we noted this morning, the company says it has $666 million in cash and cash equivalents and has no debt coming due until a $362 million payment in Sept. 2009.

About the Author

Rich Miller is the founder and editor at large of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.

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