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Tech Down, But Not By Much, As Investors Chase Momentum -- Tech Roundup

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07/07/2020 | 05:23pm EDT

Shares of technology companies fell, but not by as much as the broad market, as investors chased momentum in the sector.

Shares of Tesla rose to record levels around $1400, up almost threefold from March lows, after analysts at brokerage Morgan Stanley boosted their target for the electric-car maker's shares to reflect an increased number of expected car deliveries.

U.S. employers added more than 200,000 information-technology workers in June, the sharpest pace of growth since hiring was derailed by the Covid-19 outbreak, according to IT trade group CompTIA.

"In recent weeks, there have been a number of positive near-term chip data points," including stronger than anticipated May semiconductor sales, said analysts at brokerage Nomura Securities, in a research note.

"However, with the continuing Covid-19 issues worldwide and ongoing U.S. trade action against China, we think there remains uncertainty as to how chip end-market demand, memory pricing, and chip manufacturer capex might trend through the rest of 2020."

The Chinese maker of TikTok, the popular short-video platform, said Tuesday it would pull its app out of Hong Kong amid concerns about a new national-security law, its second market exit in as many weeks, as Secretary of State Mike Pompeo hinted the Trump administration was considering limiting U.S. users' access to the app.

The developments underscored the geopolitical challenges facing the first global social-media sensation to emerge from China. Last week, India, one of TikTok's largest markets by users, banned the app as part of an escalating border dispute between Beijing and New Delhi.

 

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY 0.23% 52.3 Delayed Quote.2.31%
NOMURA CO., LTD. -0.53% 744 End-of-day quote.-48.87%
NOMURA HOLDINGS, INC. 0.06% 537.8 End-of-day quote.-4.54%
TESLA, INC. 1.83% 1650.71 Delayed Quote.294.60%
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