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Tech Up Amid Deal Activity - Tech Roundup

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06/01/2020 | 05:08pm EDT

Technology stocks rose amid deal activity.

U.S. videogame company Zynga said Monday agreed to buy Turkish mobile-game studio Peak, known for its puzzle games, for $1.8 billion.

Tesla shares neared all-time highs after the company's chief executive, Elon Musk, pulled off a coup as his SpaceX company engineered the first successful launch of a manned U.S. space mission in roughly a decade, using the Falcon 9 rocket.

The importance of the "Musk DNA" to the Tesla brand means "the historic success of SpaceX" was "another major shot in the arm to the Tesla brand," said analysts at brokerage Wedbush, as reported earlier.

One brokerage said the rapid growth of online megastore Amazon.com and other Internet commerce companies is likely to continue.

"2020 is setting up to be an e-commerce inflection year as the combination of shelter-in place, lower spend on experiences (dining out, bars, travel, etc) and government stimulus have driven dollars online," said analysts at brokerage Morgan Stanley, in a note to clients.

Nasdaq-listed mobile-gaming group NetEase began taking investor orders for a multibillion-dollar Hong Kong share sale, as momentum builds for U.S.-listed Chinese companies to obtain secondary listings closer to home.

 

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

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.91% 6.64 Delayed Quote.20.73%
JUST GROUP PLC -4.49% 48.9 Delayed Quote.-38.10%
MORGAN STANLEY 0.38% 47.79 Delayed Quote.-6.51%
NASDAQ COMP. 0.52% 10207.628547 Delayed Quote.13.76%
TESLA, INC. 7.95% 1208.66 Delayed Quote.188.93%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
WILL GROUP, INC. 0.32% 636 End-of-day quote.-49.20%
ZYNGA INC. -2.36% 9.53 Delayed Quote.55.72%
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