International Investing

Huge contract on valuation since the start of the decade with no floor:

Microsoft Corp. shares haven’t been as cheap since 1986, the year Bill Gates took what would become the world’s largest software maker public. Nokia Oyj is trading at its least expensive level since surpassing Motorola Inc. as the biggest producer of mobile phones in 1998.

Despite the fastest estimated earnings growth of any U.S. group except banks, technology stocks were hurt the most in the global stock market tumble that sent shares to their worst January in at least three decades. Computer and software-related companies in the MSCI World Index were valued at 20.8 times profit on Feb. 6, the lowest ever and down from 91.1 at the start of the decade.