Take Two for August 20, 2013

Tech industry slump negatively affecting US stocks


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A person looks at an iPhone 5 during the opening of a new Apple store on November 15, 2012 in Saint-Herblain, western France.

Back in 2007, Apple released the iPhone and kicked off a new era for the tech sector. Smartphone sales skyrocketed and so did sales for all the technology that went along with them. 

As the rest of the economy struggled, the tech world continued to perform. However, over the past year, sales of consumer electronics started to slow. Companies like Google and Apple have posted less than stellar earnings.

But it's not only consumer electronics. Last Thursday, tech giant CISCO Systems announced that it was going to cut 4,000 jobs.

For more on what this says about the tech sector, we're joined by Patrick Moorhead, principal analyst at Moor Insights and Strategies.

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