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Tech Rises Amid Stimulus Hopes, Micron Earnings -- Tech Roundup

12/01/2020 | 05:08pm EST

Shares of technology companies rallied amid hopes for a second round of coronavirus relief.

A group of lawmakers from both the House and Senate unveiled Tuesday morning a $908 billion aid proposal, seeking a middle ground between Democratic and Republican leaders' stances.

Micron Technology rallied, hitting the highest levels since 2000 after the memory-chip maker boosted its earnings projection.

Tesla shares added to gains after the electric-car maker's chief executive, Elon Musk, said he wasn't interested in a hostile buyout of any rival carmakers.

Shares of Zoom Video Communications plunged after the maker of "remote" work video software posted a downtick in profit margins that made analysts question its strategy of rapid growth among non-paying users.

House-sharing app Airbnb said it plans to sell 50 million shares in an initial public offering that could give the San Francisco company a valuation of as much as $35 billion.

Salesforce.com agreed to buy workplace-collaboration software pioneer Slack Technologies for $27.7 billion in a deal that would turn the combined company into one of the biggest players in the competitive business-software market.

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

(END) Dow Jones Newswires

12-01-20 1707ET

Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. 0.81% 181.87 Delayed Quote.23.89%
MICRON TECHNOLOGY, INC. -3.21% 82.28 Delayed Quote.9.44%
SLACK TECHNOLOGIES, INC. 0.54% 42.65 Delayed Quote.0.97%
TESLA, INC. 0.20% 846.64 Delayed Quote.19.98%
ZOOM VIDEO COMMUNICATIONS, INC. 0.15% 383.4 Delayed Quote.13.66%
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