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Tech Flat As Investors Hedge On Growth -- Tech Roundup

11/23/2020 | 05:31pm EST

Shares of technology companies were more or less flat as investors rotated out of the sector into more cyclical sectors such as industrial and materials.

Returns on the tech sector had far surpassed those on the broad market during the pits of the pandemic, as investors observed their ability to continue growing revenue as people worked and studied from home.

But the advent of vaccines has caused a flight from digital investments and a rotation into areas that had lagged during the early days of the pandemic. Shares of Zoom Video Communications, which thrived on demand for remote offices and remote schooling, were among the fallers Monday.

Google is laying the groundwork for a fiber-optic network that for the first time will connect through historical enemies Saudi Arabia and Israel while opening a new corridor for global internet traffic, according to people familiar with the plans.

CoStar Group, one of the world's largest providers of commercial real-estate information and analytics agreed to buy residential-focused peer Homesnap for $250 million.

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

(END) Dow Jones Newswires

11-23-20 1730ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.45% 1892.56 Delayed Quote.7.98%
COSTAR GROUP CO., LTD. -9.90% 18.65 End-of-day quote.-9.33%
COSTAR GROUP, INC. -1.74% 896.05 Delayed Quote.-3.05%
ZOOM VIDEO COMMUNICATIONS, INC. 0.15% 383.4 Delayed Quote.13.66%
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