Another tough day for tech stocks?

Google goofs, giving guidance then taking it back. Wouldn’t be a big deal for most companies, but when you multiply minute differences in expectations by 72 (Google’s recent trailing P/E multiple) they add up.

More relevant to the broader tech universe, distributor Tech Data (TECD) announced results for the fourth quarter. Overall, sales declined 1.3 percent year/year. On a regional basis, North America sales were up a respectable 7.7 percent, while sales in Europe, the Middle East and Africa (EMEA) were down 7.2% due to unfavorable exchange rates. On a local currency basis, sales were up a meager 2.7 percent.

Making matters worse, TECD issued guidance that fell far short of previous expectations. They now expect revenue to be in the range of $4.85-$4.95 million, about 5 percent less than consensus estimates and a 4 percent decline from the previous year results.

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