DXC, CDW Caught In Tech Stock Selloff

The stock market's worst day since the financial crisis snared several major channel company stocks.

Several channel companies were among the hardest hit stocks in the tech industry Monday as the Dow suffered its biggest single-day slide since the 2008 financial crisis.

Global systems integrator and solution provider DXC Technology saw the tech industry's largest stock price decline, by percentage, on Monday. DXC's stock price plummeted 17.8 percent to close at $15.64 a share, erasing $860 million from the company's market capitalization. DXC's market cap stood at $3.97 billion at the close on Monday, down from $4.83 billion on Friday.

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A month ago, DXC said it was making progress on identifying and solving issues it has had with its largest customers, while reporting sales and earnings declines in its latest quarter.

Solution provider CDW also saw a sizable stock drop on Monday, percentage-wise, but took an even larger hit to its market cap by shedding nearly $2 billion in value. CDW's stock price dropped 11.9 percent to close at $98.21 a share, bringing the company's market cap to $14.1 billion from $16.03 billion on Friday.

At IT distributor Synnex, meanwhile, shares plunged 12.7 percent to close at $106.65 on Monday. Synnex's market cap lost $790 million in value to close at $5.49 billion, down from $6.28 billion on Friday.

Global stock markets cratered on Monday, with the Dow down 7.79 percent, the Nasdaq down 7.29 percent and the S&P 500 off by 7.6 percent at the close of regular trading. On top of fears over the uncertainties around the coronavirus outbreak, investors also reportedly reacted to sliding oil prices.

The Dow's 2,013-point drop and the S&P 500's shedding of 225 points made it the worst day for both since 2008, according to CNBC.

Elsewhere in the tech industry, major players were not spared on Monday, despite the greater focus on oil- and travel-related stock selling.

Large stock drops came at companies including Apple (7.9 percent), Dell Technologies (8.5 percent), Nutanix (13.6 percent), Hewlett Packard Enterprise (7.1 percent), HP Inc. (11.4 percent), Intel (8.8 percent), IBM (7.8 percent) and Microsoft (6.8 percent).