Momentum Stocks Get Crushed (EQIX, FFIV, RAX, CRM)

While it may not be reflected in the broader tape, momentum investors and traders are pulling in their horns today as a number of leading momentum tech stocks are under heavy pressure today.

This aggressive downside action appears to have been triggered by slightly lower guidance from Equinix, Inc. (Nasdaq: EQIX) after the close. Shares of EQIX have fallen 34 percent today and multiple bounce attempts have failed.

In addition to Equinix, another momentum favorite, F5 Networks, Inc. (Nasdaq: FFIV), is down 10 percent after a downgrade a Gleacher & Co, which said a takeover seems unlikely.

The carnage in the two have spread to other tech momentum favorites as evident by the:

• 14 percent drop in Rackspace Hosting, Inc (NYSE: RAX)
  
• 13 percent drop in Salesforce.com (NYSE: CRM)
  
• 12 percent drop in SAVVIS (Nasdaq: SVVS)
  
• 11 percent drop in Citrix Systems (Nasdaq: CTXS)
  
• 8 percent drop in VirnetX Holding Corp (VHC)
  
• 8 percent dorp in Red Hat, Inc. (NYSE: RHT)
  
• 8 percent drop in Akamai (Nasdaq: AKAM)
  
• 8 percent drop in Tibco Software (Nasdaq: TIBX)
  
• 7 percent in Riverbed Technology (Nasdaq: RVBD)
  
• 4 percent drop in Netflix (Nasdaq: NFLX)

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