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Tech Down After Broadcom Warning -- Tech Roundup

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06/14/2019 | 05:14pm EDT

Shares of technology companies fell after a warning from one major chip maker underscored the threat of Chinese-U.S. tensions on the technology supply chain. Shares of Broadcom fell after the chip maker cut its sales projection for the year. The Philadelphia Semiconductor index, or SOX, fell sharply after the warning. Shares of Apple, a major Broadcom customer, fell amid fears that the Broadcom warning reflected weakness in iPhone demand. Online pet-products seller Chewy posted strong gains in its market debut Friday, reflecting continued strength in initial public offerings of e-commerce companies despite some high-profile stumbles among consumer-technology firms. Chewy's stock opened at $36 a share, up 64% from its IPO price of $22 a share. The owner of dating app Bumble said it plans to spend $100 million creating an array of new dating apps, part of an expansion and revamp of the privately held holding company that also owns Lumen, a dating app for over 50s, and gay-dating app Chappy.

-Rob Curran, rob.curran@dowjones.com

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