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Tech Down As Rotation Out Of Sector Continues -- Tech Roundup

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09/11/2020 | 06:11pm EDT

Shares of technology companies fell as a rotation out of the sector continued.

The technology sector of the Standard & Poor's 500 rallied out of correction territory on Wednesday, only to slide back into the zone -- more than 10% from its Sept. 2 peak -- on Thursday and Friday.

"The late sell-off in tech stocks on Thursday came just as the sector appeared to be finding its feet again and served as a warning that one week of sharp declines doesn't necessarily mean the correction is complete," said Craig Erlam, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.

Shares of Facebook, Amazon.com, Apple, Microsoft, Netflix and Google parent Alphabet defied financial gravity for months, rising at eye-popping rates.

Investors in the "mega cap" companies have seen a sharp correction in recent weeks, and jittery price action Friday suggests anxiety that momentum could work against the companies on the way down.

Electric-truck startup Nikola shares fell again Friday, even as the company denied allegations of fraud outlined in a report published this week by short seller Hindenburg Research. Nikola had been flying high after a report that General Motors agreed to take a stake in the company.

Oracle shares gave back early gains despite a report of stronger-than-anticipated earnings from the business software maker.

Chewy shares fell sharply as the online pet-supply retailer's second-quarter sales growth was not quite as robust as investors had anticipated.

Like video-conferencing concern Zoom Video Communications and productivity software Slack Technologies, Chewy's business was thought to have been tailored toward "stay-at-home" lifestyle trends. Shares of all three have fallen sharply in early September.

 

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


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.98% 1584.29 Delayed Quote.21.92%
APPLE INC. 0.01% 115.05 Delayed Quote.56.70%
CHEWY, INC. -0.22% 63.49 Delayed Quote.119.41%
FACEBOOK INC -2.70% 277.11 Delayed Quote.38.75%
GENERAL MOTORS COMPANY -2.74% 35.82 Delayed Quote.0.63%
MICROSOFT CORPORATION -2.84% 210.08 Delayed Quote.37.11%
NETFLIX, INC. -0.01% 488.24 Delayed Quote.50.90%
NIKOLA CORPORATION -7.23% 20.91 Delayed Quote.118.41%
SLACK TECHNOLOGIES, INC. -3.51% 27.75 Delayed Quote.27.94%
ZOOM VIDEO COMMUNICATIONS, INC. 1.23% 517.79 Delayed Quote.651.79%
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