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Tech Down Ahead of Consumer-Price Data -- Tech Roundup

12/09/2022 | 05:47pm EST

Shares of technology companies slipped ahead of key consumer-price inflation data.

A weak reading of consumer-price inflation triggered a rally last month, and there will likely be a similarly dramatic reaction to next week's report, said Quincy Krosby, chief global strategist at brokerage LPL Financial.

"The November CPI report should be on the softer side," said economists at brokerage Bank of America Global Research, in a note to clients. "Energy prices likely provided some relief in November owing to a decline in gasoline ... shelter inflation should remain sticky high despite ongoing moderation in asking rents that won't be captured in CPI until sometime next year."

The Federal Trade Commission's suit to block Microsoft's $75 billion purchase of Activision Blizzard has left the videogame developer in limbo, The Wall Street Journal reported. The FTC's apparent zeal to prevent consolidation of big tech companies could have ramifications for valuations in the sector, said one strategist.

"One of the things when you look at the smaller companies, embedded in their value, is that they will be taken over," said Krosby.

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

(END) Dow Jones Newswires

12-09-22 1746ET

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. -4.86% 71.58 Delayed Quote.-1.71%
BANK OF AMERICA CORPORATION -0.16% 36.37 Delayed Quote.9.99%
MICROSOFT CORPORATION -0.61% 256.77 Delayed Quote.7.73%
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